Rich Dad Poor Dad Author Predicts Bitcoin Is Entering Parabolic "Banana" Zone
Robert Kiyosaki, known for his pro-cryptocurrency stance, believes Bitcoin is about to take off and enter what some are calling the "banana zone."
The "Rich Dad Poor Dad" author explained his optimism about the asset's future in an X post on Wednesday. His enthusiasm stems from a prediction by former Goldman Sachs hedge fund manager Raoul Pal, who noted that the "banana zone" is a phase of exuberant and significant price growth for cryptocurrencies. Pal is credited with coining the term to describe periods of significant price gains.
Robert Kiyosaki Backs Raoul Pal's Bitcoin "Banana Zone" Prediction Kyosaki's comments come after Scott Melker recently interviewed Pal, who is known for his big picture analysis. Pal said that historically, investments like Bitcoin and other cryptocurrencies tend to do well in the last quarter of U.S. presidential election years.
"The back-end quarter of an election year is the real banana zone for all assets," Pal said. "It always is. So you know, by the fall, there's a good chance that things will completely tear apart. I mean, how long will it take for ETH, Bitcoin, and SOL to break through their recent highs?
In addition, Kiyosaki said that he agrees with Pal's views, given his solid Goldman Sachs background. The author also revealed that Pal convinced him to invest in Bitcoin. He then bought 30 Bitcoins when the asset was worth $6,000.
"Today, the price of these Bitcoins is about $60,000... I continue to buy Bitcoin... more every month," Kiyosaki said. "Thanks to Raoul's You Tube course... I understand why Bitcoin is entering the 'banana zone.'"
Mt. Gox Payout and Fed Nervousness
While Kiyosaki predicted an influx into the 'banana zone,' cryptocurrencies have been falling recently.
Bitcoin fell below $60,000 this week, one of the worst weekly drops in the crypto market this year. The plunge coincided with the announcement of a payout by the bankrupt Mt. Gox exchange. The Japanese exchange is expected to distribute more than $9 billion in Bitcoin and other assets by the end of October.
Investors in Bitcoin spot ETFs also showed negative sentiment. $BTC $ETH $SOL
Promising Alternative Meme Tokens for Potentially Huge Gains!
Traders seeking quick and substantial gains may want to consider new alternatives, especially tokens in presale. One promising token is PlayDoge (PLAY), an Ethereum-based cryptocurrency.
PlayDoge recently launched its presale and has raised $5,007,470 of a goal of $5,493,903.
The token has a maximum supply of 9.4 billion and the current presale price is $0.00511 per token. Current Status: $5.01 million raised Token Supply: 9.4 billion PLAY
More game details will be announced soon, but interested investors can join the presale on the PlayDoge website.
Investing early is advantageous as the presale price increases with each stage, potentially leading to substantial gains once the game is launched and listed on exchanges. $BTC $ETH $SOL
Man Sentenced to 2 Years in Prison for Identity Fraud in Crypto Exchange Registration!
An Australian man has been sentenced to two years in prison for cyber identity fraud, which involved the creation of online cryptocurrency accounts using forged documents.
On June 21, the Australian Federal Police (AFP) reported that a 31-year-old Australian man was sentenced in the Melbourne County Court.
Initially, the Australian federal government's cybercrime reporting website Report Cyber received a complaint from a victim in New South Wales about the unauthorized creation of a bank account.
An AFP investigation found that the perpetrator used a forged driver's license, along with the details of the real victim and his photo, to open accounts on two cryptocurrency exchanges.
Operation Stonefish Unveils Cybercrime Network
This arrest follows an international investigation into a website that sold fraudulent technology and facilitated the theft of victims totaling more than $670,000.
AFP launched Operation Stonefish in August 2022. Prior to this, the UK investigated a website that offered deception services for as little as $25.
After subscribing, the website allowed users to conduct fraudulent activities. These services included making robocalls, sending one-time passwords, and using other deceptive services to facilitate scams.
Analysis showed that Australia was a popular target for users of the site. Therefore, the two authorities worked together to identify victims of the site and potential users in Australia. This led to the arrest of two more people, according to another AFP report.
Perpetrator prosecuted for identity fraud, among others
In November 2022, AFP officers searched the man's home in Bologna. They seized blank and forged driver's licenses, lost passports and cards in the name of others. In addition, on his computer, they found messages discussing identity crimes and creating false documents on an encrypted messaging platform.
Therefore, the perpetrator faces multiple charges under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and the Criminal Code. These include providing false information, dealing with the proceeds of crime and possessing false documents.
He was sentenced to two years in prison with a non-parole period of 10 months.$BTC $ETH $SOL
Seeing the price of cryptocurrencies plummet can be painful for investors. But it also presents potential opportunities for those with an appetite for it.
To determine whether “buying the dip” is worth it, let’s weigh the arguments for and against investing in crashing cryptocurrencies:
Arguments for Buying Crypto After a Crash
While it may seem counterintuitive to buy into one of the worst crypto projects, there are some potential benefits to getting involved:
Discounted Prices: The most obvious benefit is the opportunity to buy on the dip and accumulate at a discount. These fire sales can be excellent entry points for long-term believers in a project.
Taking Advantage of Panic Sellers: Crypto crashes are often exacerbated by panic selling by traders in an effort to escape further losses. Smart investors can counter these selloffs by buying tokens from “weak-handed” traders.
Dollar-cost Averaging: Finally, for those looking to build a position over time, aggressively buying into a crash can enable a more effective dollar-cost averaging strategy. This can lower an investor’s overall cost basis.
Arguments Against Buying Crypto After a Crash
Buying the dip may be tempting, but investors should carefully weigh the risks of investing in the biggest crypto losers:
Recovery Not Guaranteed: Just because a crypto plummets doesn’t mean it will bounce back. Many of the coins that sold off became perpetual losers with no recovery in sight.
Don’t Catch the Falling Knife: Trying to time the bottom during a crash is challenging — even for experienced traders. Cryptocurrencies could continue to spiral downward for a long time, causing further pain for dip buyers.
Further Downside Possible: Even the best long-term cryptocurrencies could face price declines. This selling pressure often leads to an abundance of supply, preventing a much-needed relief rally. $ETH $ETH $SOL
Even the hottest performers can turn into crypto losers overnight. With that in mind, here are the potential factors that could cause a coin’s price to plummet:
Security breaches and hacks: Nothing destroys confidence (and prices) more than a major exploit or hack. A classic example was the Mt. Gox hack in 2014, which caused the price of Bitcoin to plummet.
Negative media coverage: Unfavorable publicity surrounding a token’s team, product, or adoption can spook investors. Even if unproven, negative narratives can spread quickly and weigh heavily on sentiment.
Whales dumping holdings: When large investors (also known as whales) begin to sell off their holdings, prices can fall. This effect is amplified when multiple whales sell at the same time.
Macroeconomic factors: Broader economic factors, such as recessions, interest rate hikes, and regulatory crackdowns, can affect the price of even the best crypto projects.
Technical issues: Bugs, scalability issues, network outages — any major technical glitch can erode trust in a crypto project and its native token. If a project fails to deliver on its utility, investors will look elsewhere.
Competition: When better, faster, or cheaper alternatives emerge in a competitive industry like DeFi, investors may exit en masse for the “next big thing.” That’s why it’s critical to stay ahead of the curve.
Regulatory Crackdowns: Cryptocurrencies that violate securities laws often face massive sell-offs. A prime example is FTX Token (FTT), which plunged more than 80% after the FTX exchange collapsed amid allegations of mishandling customer funds.
Development Delays: Many of the biggest crypto losers were caused by development teams failing to deliver on their roadmaps and strategic goals.
Unrealistic Expectations: Too much hype and unrealistic expectations can sometimes set the stage for an inevitable price crash. No project can be called “the next Bitcoin” overnight.
Industry-Specific Challenges: Finally, some of the biggest crypto failures have dealt with specific headwinds.$BTC $ETH $SOL
Notcoin bulls are back in control as the cryptocurrency breaks north of its recent downtrend.
According to CoinMarketCap, NOT has gained 15% in the past 24 hours, climbing back to $0.020 per coin.
The Telegram instant play-to-earn game based on the TON network is eyeing a quick retest of its all-time high near $0.030.
The prospect of a quick 50% gain means it’s hard to find the best cryptocurrency to buy right now.
Uniswap (UNI)
Leading decentralized exchange (DEX) Uniswap (UNI) was the leading performer on Friday, gaining 6% in 24 hours.
It last traded just below $10.60, according to CoinMarketCap.
UNI rebounded strongly above the $8.50 resistance zone and could test recent highs around $12 in the near term.
This could open the door for gold to rise to yearly highs around $17. The prospect of a quick 60% gain means UNI is a great candidate to be the best cryptocurrency to buy right now. But UNI should not be viewed as a quick investment. The cryptocurrency has huge potential thanks to the incredible exponential growth of its platform, especially L2 volumes.
TON
Toncoin (TON), associated with Telegram, powers the TON network and currently has unstoppable bullish momentum.
TON, currently the ninth-largest cryptocurrency by market cap, surged to a new high above $8.0 on Friday.
The cryptocurrency appears to be breaking out of a mid-term pennant structure.
It could soon reach $10, meaning investors who enter now will make a further quick profit of 25%. That’s why TON could be the best coin to buy today. $NOT $UNI $BTC
Donald Trump Vows to Become 'Crypto President' at Fundraiser
Former US President Donald Trump is stepping up his advocacy for cryptocurrencies, and now aims to become the "crypto president."
He made the remarks at a fundraiser in San Francisco hosted by Craft Ventures general partner David Sacks and tech billionaire Chamath Palihapitiya, Reuters recently reported.
During the event, Trump allegedly reiterated his commitment to cryptocurrencies, claiming that he is ready to promote the industry while warning Democrats against leaning toward heavy regulation.
The fundraiser was a huge boost to Donald Trump's advocacy efforts, which reportedly received $12 million in support ahead of the US presidential election. $BTC $ETH $SOL
The success of these meme coins is due to a variety of factors, including:
Celebrity Endorsements: High-profile endorsements from celebrities and influencers can significantly increase a coin’s visibility and legitimacy.
Viral marketing campaigns: Effective use of social media and viral marketing strategies can create buzz and attract new investors.
Community Engagement: The strong and passionate community behind a memecoin plays a vital role in its success.
Media coverage: Positive media coverage also contributes to the success of meme coins. News articles, blog posts and reports highlight the unique features, success stories and potential of memecoins to attract new investors. $BTC $ETH $SOL
Altcoins Gain, TON Gains 10% to Become the 10th Largest Cryptocurrency
The cryptocurrency market is abuzz as altcoins surge.
Telegram Open Network (TON) has seen impressive gains recently.
TON’s price has risen by more than 10% in the past 24 hours, propelling the cryptocurrency into the top 10 cryptocurrencies by market cap. This impressive achievement comes after a strong week for TON, which has seen its value increase by 15% in the past seven days. According to Coingecko, TON’s market cap is now close to $18 billion.
Bitcoin Nears All-Time Highs, Altcoins Gain
Binance Chain’s native token BNB has also experienced a sharp rise, rising by more than 11% in the past 24 hours to $690. This impressive rise has pushed BNB’s market cap back above the coveted $100 billion mark, a level not reached since early December 2021.
Solana (SOL) is trading at $173, up more than 5% in the past 24 hours. Avalanche (AVAX), Bitcoin Cash (BCH), and Uniswap (UNI) are up 4.3%. They are up 4.8% and 18.5% respectively in the past 24 hours.
While altcoins have stolen the limelight, leading cryptocurrency Bitcoin is not far behind. Bitcoin has also been steadily rising, reaching $71,000, close to its all-time high. The collective surge in the market suggests that the "altcoin season" may be resurgent, with altcoins outperforming Bitcoin.
On the other hand, the second-largest cryptocurrency Ethereum is stable at $3,785, down 2% in the past seven days. At the time of writing, Bitcoin is trading just above $71,000, up more than 3% in the past 24 hours. $BTC $ETH $NOT