It is time to ask ourselves 'are crypto bubbles bursting?'.

The rise of [Bitcoin](/coins/btc) (BTC -0.62%), [Ethereum](/coins/eth) (ETH -1.23%),[ Dogecoin](/coins/doge) (DOGE 4.64%), and some other digital currencies has prepared the way for once-in-a-lifetime profits. For example, when Bitcoin topped $64,800 a token in mid-April, a $155 investment at $1 would have been worth nearly $1 million.

However, cryptocurrency has plummeted in value during the last two weeks. Some could call this a natural retracement following a monster run upward. Still, I'd like to refer to it as a popping bubble.

While many people feel that digital currencies are the best thing since the invention of chocolate, I believe the crypto market is collapsing for several reasons.

## Some Governments Aren't Okay with Cryptocurrency

The crypto bubble is bursting because some countries are concerned about cryptocurrencies undermining their central bank-backed currencies. For example, China sent the cryptocurrency market into a tailspin last week when it announced that its banks and online payment channels would no longer be able to provide any cryptocurrency-related services.

However, it's worth noting that a significant amount of Bitcoin mining occurs in China. In this regard, China is far from alone. For example, Turkey recently passed legislation prohibiting the use of cryptocurrency for payment. Meanwhile, digital currencies are illegal in Bolivia, Ecuador, Nigeria, and Algeria. As a result of this trend, the global use case for cryptocurrency is becoming increasingly unlikely.

## Centralisation is Still an Issue

One of the goals of cryptocurrencies is decentralisation. This was done to ensure that a network is not controlled by a single person or a small group. However, according to BitInfoCharts.com, ownership of Bitcoin and Dogecoin is relatively consolidated. For example, only 2,155 addresses control roughly 42% of all Bitcoin, and only 99 addresses control 66.6% of Dogecoin. As a result, people may recognize that these financial experiments aren't as decentralized as they should be.

## The Real-World Utility is Minimal

A severe drawback of digital currency is that it is practically useless outside of a cryptocurrency exchange. Even though many well-known corporations or organisations have accepted Bitcoin or Dogecoin, the total number of businesses accepting either is still insignificant.

## There is No Entry Barrier

My main issue with cryptocurrency, aside from its lack of utility, is that there is no entry barrier. Anyone with a computer or an innate desire to code can create a blockchain and, possibly, a tethered token. [CoinMarketCap](https://coinmarketcap.com/) claims to have a database of around 10,000 different cryptocurrencies. While many aren't actively traded, the number of potential competitors to Bitcoin, Dogecoin, and Ethereum is staggering, with many more on the way. In short, the crypto sector is constantly being diluted by an infinite number of competitors.

## There is No Identifiable Real-World Correlation

Another concern with crypto is that there are no obvious real-world correlations. For example, we know that gold and the US dollar have an inverse relationship. Gold is more likely to rise when the value of the dollar falls. This is a long-term relationship that has formed.

Bitcoin, Ethereum, and Dogecoin do not have these correlations. Crypto enthusiasts want to emphasize how crypto is a hedge against inflation. Still, they forget that the value of Bitcoin has fluctuated depending on how quickly or slowly the money supply expanded. Because cryptocurrency has no physical connections, it is fueled by emotion and technical analysis.

## Over Leveraging Can Be Haunting the Crypto Market

Customers at some of the most well-known cryptocurrency exchanges will be able to multiply their account equity by 50 to 125 times. While this level of leverage is common in forex, where currencies move in fractions of a cent, it is absurd for cryptocurrency, which can swing 3% in seconds. According to data from Bybt.com via Bloomberg, approximately 887,000 accounts representing $9.4 billion in total crypto assets were liquidated on May 19 due to leverage-based margin calls. It doesn't take much for the crypto market to go south rapidly because of this tremendous leverage.

## Investors Always Overhype New Tech

Finally, investors usually overestimate new technology uptake. Even though many people are enthusiastic about blockchain, it has been more than a half-decade, and the euphoria has yet to translate into actual enterprise use. Every next big-thing technology, including cryptocurrency, requires time to mature.


Are Crypto Bubbles Bursting? They May Be...

Founded in 2000, LimeWire was a peer-to-peer (P2P) file-sharing program that enabled its customers to download and upload files through their laptop/computer desktop software.

It evolved to become one of the most recognized file-sharing programs worldwide. The software was downloaded on 18% of all active desktops. The software was operational on systems that had Windows, macOS, Solaris, or Linux installed.

## How was LimeWire Used?

LimeWire was based on Gnutella, a network protocol enabling individual machines to function with each other. Using the software, users were allowed to download and upload a diverse number of file formats, comprising MP3 (for music), AVI/MPEG (video), JPG (images), and more.

Initially, the end-user had to install the software through its website or any third-party website (for example, CNET) to operate LimeWire. Then the user could proceed and open the file that launches the Installer Wizard. After installing the software, the user had to choose the local folder where they wanted to save the LimeWire files. Finally, the software would ask for user permission to bypass any firewall software.

Once the software is completely downloaded and launched on the desktop, users can download any file they need for their computer.

LimeWire was operational in its free version. If users want to boost download speeds and search results, and access tech support, they could upgrade to LimeWire Pro for an annual fee of $21.95. 

LimeWire was eventually closed down in October 2010 after a long-lasting legal battle with the Recording Industry Association of America (RIA+A).

## LimeWire - May Relaunch

The peer-to-peer file-sharing software LimeWire is relaunching as a music-centered [NFT ](/news/category/nft-news) marketplace.

The LimeWire website was taken over by Austrian brothers Paul and Julian Zehetmayr. They plan to enter the market for digital collectibles with an emphasis on entertainment content, music, and art.

With the relaunch of the renowned platform, followers and collectors will be able to purchase and barter items, for example, pre-release music, limited editions, demos, exclusive live performances, album artwork, and digital merchandise. The relaunched platform will also reportedly hit up to payment alternatives for NFTs, which are generally restricted to cryptocurrency, to authorize payment by credit cards.

The new platform, LimeWire GmbH, will reportedly present musicians with the opportunity to increase their revenue from their music than they would make on other mediums such as Spotify or Apple Music.

In May 2022, the launch is assigned to go forth with 10 recognized musicians supposedly already involved (they remain unnamed). After big names like H.E.R. and Wu-Tang Clan, members of the administration teams will also be entering the startup's boards as counselors this year.

It will be intriguing to witness how the upcoming version of LimeWire fares.

You can sign up for the upcoming LimeWire marketplace waitlist [here](https://limewire.com/waitlist).


LimeWire Could Return with NFT Focus 

This is the story of the bitcoin trader and the TV series Dragons' Den and how crypto scammers falsely used Dragons' Den as a front for a Bitcoin scam. 

There are 21 million [Bitcoin](/coins/btc) in existence, and, right now, 16.3 million have been mined and are being traded. It is widely believed that the last Bitcoin will be mined by 2140. This has made investors, enthusiasts, and others interested in the cryptocurrency.

Bitcoin is the world's most popular cryptocurrency; it is digital money to replace traditional currencies. All Bitcoin transactions are processed by a technology called blockchain, which is considered revolutionary and has the potential of changing economics and finance.

And now, Bitcoin scammers are eager to get a hold of any Bitcoin they can, and they can go to any lengths. A recent story to hit the news is how scammers used images of stars of the popular TV show Dragons' Den to lure victims into giving them the digital currency Bitcoin.
It was the story of Bitcoin trader Dragons Den and a scam to take investors' money.

These scammers use social media to post these stars' images and fake quotes to lure their victims into the con. Peter Jones and Deborah Meaden, both stars on the show, were among those whose images were used to lure unsuspecting victims.

Bitcoin trader platform claims that they offer automatic trading that helps customers make over $10,000 daily. Even claiming their customers work 20 minutes a day. Stars of Dragons' Den were a front for these outrageous claims. It was claimed that Jones invested £2 million for a 25% share, and it was falsely stated that Meaden invested £250 to test the service and made £100 in profits in eight minutes.

This isn't the first time scammers have pulled off scams like this, using pictures of famous people to lure people into making investments that are scams. Images of other Dragons' Den stars have been misused for scams like this.

In March of 2018, scammers used the faces of the stars on the Irish version of the show to promote their scam activities. These people use the faces of famous people or business magnates to lure victims because they are influential and can easily convince victims and people into making investments. The faces of business leaders Elon Musk and Bill Gates were used to scam victims in 2020.

## Dragon Den Denied Any Involvement

Dragons' Den strenuously denied involvement in this scam. Meaden herself said it's essential to do a thorough check before making online transactions because online fraud is rampant and sophisticated.

Does it sound like it might be too good to be true? Then it probably is. Online crypto scams are everywhere now and it's advisable to take care before committing to any investment online, especially where outrageous profits are promised.


Bitcoin Trader, Dragons' Den Scam. A Warning

What is the 'crypto com card'? [Crypto.com](https://crypto.com/) Visa cardholders can enjoy up to 10% additional rewards at more than 10,000 merchants in the United States.

The month of March did not only see a recovery in the prices of cryptocurrencies but an increase in Crypto.com Visa card rewards. Crypto.com announced that residents of the US who are holders of their crypto debit cards could earn additional rewards of at most 10% in the novel token of the exchange CRO at more than 10,000 merchants.

Some of the top retailers' cardholders can access rewards from include, but are not limited to, Shake Shack. Sam's Club, Adidas, Office Depot, H&M, and Costco.

## Crypto.com Partners with Cardlytics

Crypto.com's partnership with Cardlytics, a digital advertising platform, made this possible.  

Per excerpts from a statement released by the Senior Vice President and General Manager of Crypto.com for North America, Joe Anzures, Crypto.com Visa cards remain the number one cash-back rewards crypto card in the market. The partnership with the digital advertising platform, Cardlytics will increase benefits for cardholders.

The Executive Vice President, Financial Institutions of Cardlytics, Farrell Hudzik, pointed out that providing meaningful rewards to the customers of Crypto.com brings them great excitement.

He further added that Cardlytics is thrilled to be a part of providing benefits to an emerging market filled with several hidden opportunities.  
Overall, this reward program will play an invaluable role in driving cryptocurrency adoption in the US.

Since the Crypto.com card is the first powered Visa crypto card, new benefits will unlock the potential of cryptocurrencies for residents in the world's financial capital. 

## What is Crypto.com Card?

Crypto.com card was first introduced in 2018 to allow crypto lovers to top up their cards with crypto and get up to 8% back on spending.
Crypto.com's Rewards Visa prepaid card is a series of cards that gives you more benefits depending on how much money you stake.
The card comes in tiers. The lowest is the Midnight Blue, followed by Ruby Steel, Jade Green/Royal Indigo, Frosted Rose Gold/Icy White, and 
Obsidian.

Every card comes with a staking requirement. Midnight Blue card users do not have to stake any amount. Ruby Steel cardholders must stake $400, and $4,000 is the minimum staking requirement for Jade Green/Royal Indigo holders.

If you want to be a Frosted Rose Gold/Icy White or Obsidian cardholder, you should be prepared to stake $40,000 and $400,000 respectively.
Crypto.com was founded in 2016. The platform is among the most prominent exchanges by trading volume. Crypto.com supports more than 140 cryptocurrencies and more than 200 markets and is accessed by residents in more than 90 countries.

### Conclusion

In addition to this, Crypto.com has one of the lowest trading fees in the space, is easy to use, secure, and has three-way accessibility (The Worldwide Web and apps on Android and iOS-powered smart devices).

For more Business news, see [here](/news/category/crypto-business-news).
 


Crypto.com Card Users CRO Rewards

If you only know one thing about Cameron Winklevoss, it might be that he was part of the team that created Facebook.
You may not know that his story didn't end when Facebook became a household name.

Cameron has continued to be a successful entrepreneur, and he has even ventured into the world of cryptocurrency. Here, we take a closer look at Cameron Winklevoss and his impressive career.

## Who are the Winklevoss twins, and what do they do?

Cameron and Tyler Winklevoss are identical twins who are perhaps best known for their role in the early days of Facebook.

The two were born in 1981 and raised in Greenwich, Connecticut. They attended Harvard University, where they studied economics. While at Harvard, they met Mark Zuckerberg, the founder of Facebook.

Cameron and Tyler eventually sued Zuckerberg, claiming that he had stolen their idea for a social networking site. An out-of-court settlement saw the twins receiving $65 million in cash and stock.

The twins have turned their attention to investing in Bitcoin and other cryptocurrencies in recent years. They are estimated to be worth billions of dollars after making wise investments in this fledgling industry.

What is the backstory to their legal battle with Facebook founder Mark Zuckerberg over the origins of Facebook?
Cameron and his brother, Tyler, first came up with the idea for Facebook while attending Harvard University. They asked Mark Zuckerberg, a fellow student, to help them develop the site.

However, after the site was running, Cameron and Tyler accused Zuckerberg of stealing their idea and taking credit for himself.

Despite the settlement mentioned earlier, Cameron asserts that he was wronged by Zuckerberg and that Facebook should have been his.

How did they eventually settle with Zuckerberg, and what did they receive in return?

After a lengthy legal battle, the two parties settled on a deal which included a seat on Facebook's board of directors.

The settlement also included a provision that granted them 1.2% of Facebook's shares. Today, Cameron and Tyler's stake in Facebook is worth billions of dollars.
What investments have the Winklevoss twins made since then, and how have they done so far?

The twins have been busy investing their fortune. In 2013, they invested $11 million in bitcoin, purchasing 1% of all outstanding bitcoins at the time. It proved a good investment, as the price of [Bitcoin](/news/category/bitcoin-news) has surged in recent years.

## What is their opinion on Bitcoin and other cryptocurrencies?

Cameron Winklevoss, one of the early investors in Bitcoin, believes that the cryptocurrency is still in its early stages and has much growth potential.

Cameron and his brother started investing in Bitcoin in 2012, when each Bitcoin was worth around $12. At that time, they bought about 1% of all the Bitcoins in circulation.

He believes that Bitcoin still has room to grow, citing its limited supply and increasing demand as two significant factors.

Cameron also points to the many big institutions now investing in Bitcoin, which he sees as a positive sign for cryptocurrency's future.

How has their experience as entrepreneurs shaped their views on business and life?

Cameron Winklevoss is one of the most famous entrepreneurs in the world. He has also started several other successful businesses.

Cameron has become an outspoken advocate for Bitcoin and other cryptocurrencies. He is now a partner at [Gemini,](https://www.gemini.com/) a cryptocurrency exchange.

In an interview, Cameron talked about how his entrepreneurial experiences have shaped his views on business and life in general.

He said that "entrepreneurship is all about making the impossible possible. It's about seeing opportunities where others see only risk".

Cameron also said that entrepreneurship taught him the importance of "thinking big" and taking risks. These lessons have helped him become a successful investor and businessman


Cameron Winklevoss: Facebook's “Other Half” 

## Are you using [Binance](https://www.binance.com/en) Bridge?

If you're a Binance user, then you know that their BNB tokens are essential to using the exchange. But what happens if you want to use those tokens on a different platform? 
Or what if you want to sell them for another currency?
That's where the Binance Bridge comes in. You can easily convert your BNB tokens into any other currency with this tool.

Here we discuss how to use the Binance bridge and explain why it's such an important tool for Binance users.

## What is the Binance Bridge?

It is a tool that allows users to convert their BNB tokens into any other currency easily. This can be helpful for two reasons.
To begin with, it allows users to use their BNB tokens on different platforms. It also provides a way to sell your BNB tokens for another currency.

## How to Use the Binance Bridge?

The Binance Bridge is easy to use. To convert your BNB tokens into another currency, all you need is the address of the destination wallet. Then, enter the amount of BNB tokens you want to convert and click "Convert." The Binance bridge will take care of the rest.

After a successful conversion, you can see the results in the "Transactions" tab on the top right corner. You will receive a confirmation email when the conversion is complete. The Binance Bridge supports multiple trading pairs and can be used to convert between any supported pair (such as BNB/[ETH](/news/category/ethereum-news-today) and BNB/[BTC](/news/category/bitcoin-news).

## How Do You Set Up a Bridge Binance?

Binance Bridge is a service that helps you easily connect your Binance account to another application. To set up Binance Bridge, log in to your Binance account and go to the settings page.

Then, click on the "API" tab and generate a new API key. Next, open the Binance Bridge application and input your Binance API key.
Finally, choose the Binance account you want to connect to and click "OK." That's it! Binance Bridge will now help you easily manage your Binance account from within another application.

## How Do We Bridge Binance to MetaMask?

To bridge Binance to MetaMask, you will first need to create a Binance account and to deposit some funds. Then, install the Binance Bridge extension into your MetaMask wallet.

Once you have installed the extension, you are able to connect your Binance account to your MetaMask wallet and use your Binance funds in MetaMask.
This will allow you to use your Binance funds to interact with decentralised applications (dApps) in MetaMask. To disconnect your Binance account from MetaMask, you simply remove the Binance Bridge extension from your MetaMask wallet.

## Conclusion

In addition to converting cryptocurrency from one wallet to another, the Binance Bridge app can be used to convert BNB tokens directly to fiat currency.
This way, users do not have to move their funds to another wallet and can enjoy the benefits of the platform with minimal hassle. 


Latest Moni

Crypto Business News | Page 14

Read the latest crypto business and market news from around the world.

Are Crypto Bubbles Bursting? They May Be...

LimeWire Could Return with NFT Focus

Bitcoin Trader, Dragons' Den Scam. A Warning

Crypto.com Card Users CRO Rewards

Cameron Winklevoss: Facebook's “Other Half”

Binance Bridge: Easily Convert BNB Tokens

Russia using crypto to bypass sanctions

Mark Cuban believes crypto bear market will reverse when apps become useful

Cryptogrind: Bitcoin Freelancing