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| Labirin Bawah Tanah di Paris Disulap Jadi Tempat Pesta Pendukung Kripto |
A centuries-old underground labyrinth in Paris known as the Catacombs has been conjured and turned into a party place for crypto supporters.
The underground maze was turned into a neon-lit techno cavern and used by Ethereum and crypto advocates to party until 4am. They use the principle of "leave no traces" so everything is gone when the sun rises.
“This is very illegal but also very crypto,” said one of the approximately 100 party attendees, quoted by CNBC , Monday (7/25/2022). They declined to be named for fear of being told the Paris police.
The party participants admitted the trip to the party was the most ridiculous expedition. That's because the participants had to crawl under fences, through caves, along old railroad tracks, through thigh-high muddy water.
This party of crypto supporters is called EthCC. If in Bitcoin it is known as the Bitcoin Miami event which is usually visited by thousands of people. The EthCC event is just the opposite, they limit the number of tickets to 2,000 tickets. This is to keep the community small and intimate.
“They purposely kept it small and small, because they could easily sell more tickets,” said Samantha Yap, who helps coordinate EthCC.
This event comes at a difficult time for the crypto . Big names like Three Arrows Capital and lenders like Celsius and Voyager Digital have all filed for bankruptcy.
This Famous Investor Calls a Great Panic Will Hit the Crypto Industry
Previously, renowned investor and Shark Tank event host Kevin O'Leary warned of an impending "major panic event" in the crypto space. O'Leary shared his crypto views in an interview on his YouTube channel.
He was asked how far the price of bitcoin could go down and whether BTC could drop to USD 13,000 or around Rp. 194.7 million as some predicted. O'Leary replied that he did not know for sure the lowest point Bitcoin would reach.
"I can't believe we've seen the bottom line and I have a different view of it," O'Leary said.
Referring to his past experience, the Shark Tank star said another asset class he had invested in for decades hit rock bottom with an event. O'Leary called this event a “panic event”, and it will happen to all assets including crypto.
He considered, currently crypto has not entered the event which means it will come soon and crypto prices will still continue to fall.
"I haven't seen it in the crypto world, there hasn't been a big man going zero and I think it's still coming," O'Leary said.
He added that it is difficult to predict who will fail next because it will be due to influence and some kind of relationship in the partnership that they have not disclosed.
He said Voyager Digital, the crypto lender that filed for Chapter 11 bankruptcy, was too small to argue with.
Crypto Correction is Good for Industry
The Shark Tank star points out that the crypto market, including bitcoin, is almost cut in half by the total market cap, so he thinks crypto is heading down.
“I love big panic shows. That's always a great way to get down. Surrender, massive volume and total panic are always good buying opportunities,” explains O'Leary.
"I don't know who will collapse next. It could be tomorrow morning, it could be a month from now, but it will come," he continued.
Good for Industry
O'Leary said the current decline is a good thing for the crypto industry.
"This would be a great thing because it would remove all the bad and broken business models, big leverage, too risky speculation," he said.
Previously, the Shark Tank star had predicted trillions of dollars would flood the crypto industry from institutional investors once regulators adopted crypto policies.
He believes crypto will be the 12th sector of the S&P. In June, O'Leary revealed he held 32 positions in the digital asset space and had not sold anything despite the sluggish crypto market.
"I didn't sell anything. I believe long term, you just have to endure it. You have to understand you're going to get volatility, and some projects won't work."
FTX Ready to Help Digital Voyager Customers Affected by Bankruptcy
Previously, crypto exchange FTX announced on Friday, July 22, 2022, that it plans to offer Voyager Digital customers access to some of their funds.
This is the latest relief move by a cryptocurrency exchange led by Sam Bankman-Fried for the ailing crypto industry.
Under the plan, Alameda Ventures, a trading company co-founded by Bankman-Fried, will buy all of Voyager's digital assets and loan digital assets.
“Voyager customers can then receive a portion of those funds if they open an account on the FTX platform. Customers can also withdraw cash balances immediately or use them to make purchases on the FTX platform," the company said.
The FTX expects to close the deal in early August. Participation in the plan will be voluntary, the company added.
Voyager Digital filed for Chapter 11 bankruptcy earlier this month. In June, the company signed an agreement with Alameda Ventures for a revolving line of credit.
Crypto billionaire Bankman-Fried has become a white knight in the industry in recent weeks, having helped a string of bankrupt crypto companies.
As is known, the crypto industry is still in a gray zone, so few parties can help crypto companies when they go bankrupt. The company can only depend on other companies in the same industry.
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