Gene Simmons says he continues to carry Litecoin and 13 different cryptocurrencies
The legendary Kiss singer, Gene Simmons, says he continues to carry Litecoin and 13 different cryptocurrencies regardless of the latest market downturn. In his phrases, “And, I’ll proceed to hodl,” Simmons implies that he has not offered any of the belongings.
In 2021, Simmons spoke of his fondness for digital belongings in an interview with the American Songwriter information web site, the place he referred to cryptocurrency as a sport changer. He acknowledged then, “I am in it large. I’ve achieved very properly. I am deep in Bitcoin and Asyrium. There are different ones—there’s Zcash and Litecoin. There are fairly a couple of others.”
The legendary singer, popularly referred to as “The Demon,” grew to become focused on Dogecoin (DOGE) after WallStreetsBets took discover of the meme cryptocurrency. Following that, Simmons diversified his holdings to incorporate Bitcoin, Ethereum, Cardano, Binance Coin and Chainlink. Simmons additionally revealed an unnamed Litecoin funding.
Market downturn
The crypto market capitalization has dropped by greater than $1 trillion this yr because of a prolonged sell-off. The majority of the altcoins are presently down 60-90% from their beforehand set peaks. Bitcoin, the preferred cryptocurrency, is down over 70% from its all-time excessive of almost $69,000 in November.
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With rising rates of interest hurting the trade and its prospects, crypto started to fall late final yr on forecasts of a much less supportive Fed.
In accordance with on-chain analytics agency Glassnode, even long-term holders who’ve averted promoting till now are going through stress.
We have seen quite a lot of down cycles in crypto earlier than and whereas they’re by no means straightforward, this can be a interval of alternative. I am inspired by the shut collaboration we’re seeing this week and imagine the trade will emerge stronger than ever.
— Barry Silbert (@BarrySilbert) June 15, 2022
Grayscale founder Barry Silbert speaks on the latest market downturn: ”We have seen quite a lot of down cycles in crypto earlier than and whereas they’re by no means straightforward, this can be a interval of alternative. I am inspired by the shut collaboration we’re seeing this week and imagine the trade will emerge stronger than ever.”
