DeFi, celebrities charged and Kiss: Bad crypto news of the week

Check out this week’s Bad Crypto podcast.

So Bitcoin appears to end this week within tickling distance of $11,000. Experts suggest that the next test of upper level support will be at $11,100 before a move to $12,100. Statistician Willy Woo is optimistic. He thinks there’s little chance of a “catastrophic” dump.

Some Bitcoin though, can’t be dumped. More than a billion dollars’ worth of Bitcoin has now been tokenized to access DeFi protocols on the Ethereum network. That’s almost 100,000 Bitcoins and more than 12 percent of DeFi’s combined capitalization.

Those tokens have been having a difficult time lately. Almost all DeFi assets posted a loss recently, with some dropping as much as 50 percent. The market has now rebounded, rising by 19 percent in a single day.

But if you want to know where the market’s going—at least the Ethereum market—you might want to check the Polkadot price movements. Analysts have noticed that DOT’s price movements anticipate Ether’s by between fifteen minutes and four hours.

Those movements can help speculators make a lot of money but a Universal Basic Income can ensure that everyone has enough money. That’s what eToro is trying to create with its GoodDollar. The coin lets anyone claim a digital currency that they can convert to fiat.

But of course, coins and tokens aren’t just for spending. Russian pop singer Oleg Kenzov has demonstrated another real-world use for a blockchain by using the technology to transfer the digital rights for one of his songs.

Not every musician has been using blockchain technology properly though. The SEC has charged Rapper T.I. with promoting a fraudulent cryptocurrency offering. Brock Pierce was served legal documents for securities fraud as part of an action against Block.one. Pierce was taking part in his presidential campaign rally at the time. But Chef Nomi has returned $14 million of ETH to SushiSwap’s development fund. He had taken the funds from a $27 million kitty after giving control of the project to FTX exchange CEO, Sam Bankman-Fried.

Gene Simmons, lead singer of Kiss, has indicated that he’s working to make cryptocurrency more accessible. The glam rocker was replying to a long tweet thread from Cameron Winklevoss arguing that it must be easier for people to get hold of Ethereum and Bitcoin. “I will. I am,” was Simmons’s response.

Apple, though, is doing its bit to make things harder. Brian Armstrong, CEO of Coinbase, says that the tech company is preventing blockchain firms from letting iOS apps earn money using cryptocurrency and gain access to DeFi apps.

But even if you can’t earn crypto on your iPhone, you can enjoy the rewards of crypto trading. Aviatrade, an aircraft seller, is offering a private jet. The Gulfstream G650ER, a model favored by Jeff Bezos and Elon Musk, is available for $40 million worth of Bitcoin.

We also chatted with Pascal Lauria, CEO of CoinAnalyst an AI-based Big Data information and analysis platform for all cryptocurrencies and STOs/ICOs worldwide that enables any trader in the crypto asset sector and other industries to access a dashboard which monitors and analyses sentiment, trends, patterns, weak signals in real-time from the crypto and STO/ICO market.

The sooner BTC bursts that $11,000 ceiling the better.

Check out the audio version here: 

Joel Comm is an internet pioneer, New York Times best-selling author, futurist speaker and co-host of The Bad Crypto Podcast. That’s a fancy way of saying he writes words, says things and loves to play with cryptos.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.