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Bitcoin Adoption: Why Paraguay Could Follow In El Salvador’s Footsteps

The president of El Salvador Nayib Bukele will submit a bill to its National Congress to approve Bitcoin’s status as a legal tender. This announcement has traveled the world and before its implications could be processed, other nation-states hinted at the possibility of adopting the Bitcoin Standard. Yesterday June 6th, Carlos Antonio Rejala Helman, Paraguay’s […]

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The president of El Salvador Nayib Bukele will submit a bill to its National Congress to approve Bitcoin’s status as a legal tender. This announcement has traveled the world and before its implications could be processed, other nation-states hinted at the possibility of adopting the Bitcoin Standard.

Yesterday June 6th, Carlos Antonio Rejala Helman, Paraguay’s Deputy of the Nation, changed his Twitter handle profile picture for one with laser eyes. A signal used for Bitcoiners to show support and their expectation that the price will reach $100,000. Rejala said:

As I said some time ago, our country needs to move forward hand in hand with the new generation. The time has come, our time. This week we start with an important project to innovate Paraguay in front of the world! The real to the moon. BTC and PayPal.

No further details have been provided by the government official or any other public instances. In 2020, PayPal launched its crypto services and allowed its U.S. customer to buy, sell, and send Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

The company has been more involved in the crypto industry and has progressively expanded its services based on cryptocurrencies with a checkout option. In the future, they will let their consumers withdrawal their holdings to their private wallets.

Paraguay could be amongst the first countries in the region to benefit from PayPal’s crypto services expansion. The company is rumored to allow its international clients to progressively trade with Bitcoin and the other cryptocurrencies in the platform. This is yet to be confirmed by PayPal.

A Bitcoin Migration To El Salvador?

In the meantime, Bukele has been announcing more details about its strategy to attract crypto entrepreneurs and investors. In response to a tweet from Justin Sun, the President of El Salvador said that there will be no capital gains tax for Bitcoin holders in the country; the cryptocurrency will have legal tender status.

In addition, the country will grant permanent citizenship to all crypto entrepreneurs. Stephan Livera, a partner at Bitcoiner Ventures and a host of the Stephan Livera Podcast, said that people interested in earning BTC for their work could seek remotes jobs in El Salvador. Thus, as Bukele expects, the local economy could receive a boost. Livera said:

El Salvador Bitcoin legal tender news might be a good opportunity for people to go work remotely from El Salvador and stack sats that won’t have capital gains tax on disposal…

The adoption of BTC by El Salvador is a major moment in the cryptocurrency’s history. The president of this country has had a controversial ruling. This has led Alex Gladstein, Chief Strategy Officer at the Humans Right Foundation, to wonder if there are hidden motives behind Bukele’s decision.

Is Bukele doing this purely for narcissistic self-promotion, knowing that pushing Bitcoin will make him much more famous internationally? Or does he understand the deeper implications of his country being a geopolitical first mover? Of being the Saylor of nation-states? (…) my take is that it doesn’t really matter. In the end, A will likely lead him to realize B.

At the time of writing, BTC trades at $36,056 with sideways movement in the daily and 7-day charts. BTC seems to be stuck at current levels and could take time for it to resume its rally or trend further downwards.

Bitcoin BTC BTCUSD
BTC with sideways movement in the daily chart. Source: BTCUSD Tradingview

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/bitcoin-adoption-why-paraguay-could-follow-in-el-salvadors-footsteps/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-adoption-why-paraguay-could-follow-in-el-salvadors-footsteps

Blockchain

Here’s how Bitcoin’s impending death cross could be a contrarian buy signal

Bitcoin traders are sitting on their hands after spotting a death cross on the daily chart but could this be a buy signal for contrarian investors?

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Bitcoin’s (BTC) succession of sharp corrections from its all-time high at $64,900 has turned investor sentiment negative, at least for the short-term. While some analysts believe the bottom may have been hit, others are warning of a further fall due to the “Death Cross” pattern that, at the time of writing, is on the verge of completion. 

For new traders, the name death cross itself brings a lot of negativity and a feeling of impending doom. This sentiment can trigger selling panics, especially if the market has already been going through a bear phase prior to the pattern being spotted.

However, is a death cross something to be feared or is it a crystal ball that gives traders insight on when a plunge is imminent?

Let’s find out with the help of a few examples.

What is a death cross and how accurate is it?

The death cross forms when a faster period moving average, usually the 50-day simple moving average, crosses below the longer-term moving average, generally the 200-day SMA.

LTC/USD daily chart. Source: TradingView

The crossover is bearish as it shows that the uptrend has reversed direction. Large institutional investors generally do not buy in a falling market until a bottom is confirmed. Due to this, buying dries up and investors holding positions rush to the exit due to panic, exacerbating the decline.

Before looking at a few death cross examples in the crypto markets, let’s see how the pattern has affected the S&P 500 index between 1929 to 2019. According to Dorsey, Wright & Associates, LLC, the average fall after the formation of the death cross is 12.57% and the median fall is much lesser at 7.75%.

However, if only the post-1950 period is considered, the average fall is less than 10.37% and the median is at 5.38%.

While those figures are not startling, especially for volatility-accustomed crypto traders, the bearish convergence of these two moving averages should not be taken lightly.

History shows that the death cross has resulted in a few instances of massive declines in the U.S. stock market indices.

After the death cross on June 19, 1930, the S&P 500 plummeted 78.84% before bottoming out on Sep. 15, 1932. The next terrible death cross came with a 53.44% correction that occurred from Dec. 19, 2007, to June 17, 2009.

This shows how in select instances, the death cross has been able to predict a sharp correction. However, two sharp declines of over 50% in a 90-year history suggests the pattern is not reliable enough to instil instant fear in traders.

Recent Bitcoin death crosses

As cryptocurrencies are still a nascent market, the available data is limited. Let’s review a few instances of the death cross and how it has affected Bitcoin.

BTC/USD daily chart. Source: TradingView

The most recent death cross occurred on March 26, 2020, when the BTC/USD pair closed at $6,758.18. However, this death cross turned out to be an excellent contrarian buy signal as the pair had already formed a bottom2 weeks back at $3,858 on March 13.

Before that, the pair had formed a death cross on Oct. 26, 2019, when the price closed at $9,259.78. By then, the pair had already corrected 33% from the high at $13,868.44 made on June 26, 2019.

After the cross, the pair bottomed out at $6,430 on Dec. 18, 2019, suffering a further 30% fall. From the high of $13,868.44 to the low at $6,430, the total decline was roughly 53%.

BTC/USD daily chart. Source: TradingView

In another scenario, Bitcoin’s roaring bull market topped out at $19,891.99 on Dec. 17, 2017, and the death cross formed on March 30, 2018, when the pair closed at $6,848.01. By then, the pair had already corrected over 65% from the then all-time high.

Thereafter, the selling continued and the bear market bottom formed at $3,128.89 on Dec. 15, 2018. This meant a further fall of about 54% from the death cross and a total drawdown of 84% from the all-time high.

The above instances show how the death cross occurs late in the bear market cycle and investors who wait for the pattern to form give a lot of profits back to the market. At the same time, initiating bearish bets may work for short-term traders but could prove detrimental for long-term investors.

Key takeaways

The examples show how the death cross is a lagging pattern, which forms when a large part of the decline has already occurred. Typically, long-term investors don’t need to panic if they spot the death cross on the daily charts but it is a signal to be more attentive to and perhaps prepare one’s portfolio for positioning for a variety of unanticipated outcomes.

Death crosses can also, at times, be used as a contrarian signal so when they are spotted traders should look for other indications of the chart to spot a possible bottom.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/here-s-how-bitcoin-s-impending-death-cross-could-be-a-contrarian-buy-signal

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Blockchain

Nvidia CEO: We’re “on the cusp of” a blockchain and NFT-enabled metaverse

Nvidia’s new Voyager campus is serving as a test ground for what it will look like when then Metaverse meets the physical world.

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One of the most powerful men in tech thinks that the metaverse — a term for a series of interlinked, persistent virtual worlds with self-contained economies — is just around the corner. 

One of the most exciting use cases for blockchain and NFTs, enthusiasts inspired by Neal Stephenson’s Snow Crash have long been hoping for a VR/AR world with a crypto-powered internal market. Now, however, Nvidia CEO Jensen Huang thinks the technology to make it happen is on our doorstep.

Speaking at the virtual Computex conference, Huang said that he “believe(s) we’re right on the cusp of” the metaverse and spoke glowingly of its potential, according to a transcript of a Q&A session he had with reporters — going as far as to say that users will one day use metaverses to “simulate the future.”

RELATED: Terra Virtua releases ‘Godzilla vs. Kong’ NFTs to coincide with movie release

“There will be AR versions, where the art that you have is a digital art. You own it using NFT. You’ll display that beautiful art, that’s one of a kind, and it’s completely digital. You’ll have our glasses on or your phone. You can see that it’s sitting right there, perfectly lit, and it belongs to you. We’ll see this overlay, a metaverse overlay if you will, into our physical world,” he said.

He noted that Nvidia is already using a VR version of Nvidia’s new office building to test these theories, a campus that the company has dubbed “Voyager.” Among the world’s largest manufacturers of GPUs, Nvidia used supercomputers to “simulate architecture” for Voyager, helping with design and ecological efficiency, and eventually the company will allow employees to attend work by wearing VR headsets from home and controlling robots to move about the physical office space, a joint VR/physical workplace hybrid.

“This building completely exists in VR. We designed it completely digitally. We’re going to build it out so that there will be a digital twin of this very physical building in VR. We’ll be able to simulate everything, train our robots in it. We can simulate how best to distribute the air conditioning to reduce the energy consumption […] We can simulate all of that in our digital twin, our building metaverse, before we deploy anything here in the physical world. We’ll be able to go in and out of it using VR and AR.”

Huang isn’t the only CEO who has weighed in on NFTs and the Metaverse as of late, though he’s certainly the most optimistic. In January Fortnite founder Tim Sweeney said that NFTs are the most “plausible” path towards a functioning metaverse, but for now they remain a “speculative mess.” 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/nvidia-ceo-we-re-on-the-cusp-of-a-blockchain-and-nft-enabled-metaverse

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Blockchain

Wisebitcoin Opens Aggregate Trading For STORJ Against USDT

[PRESS RELEASE – Please Read Disclaimer] Wisebitcoin listed the STORJ/USDT aggregate trading pair on June 3, 2021. With aggregated trading, instead of supporting deposits and withdrawals, Wisebitcoin uses an aggregate trading system that automatically takes buy and sell orders from its own users and places those orders on other exchanges. In this way, users can […]

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[PRESS RELEASE – Please Read Disclaimer]

Wisebitcoin listed the STORJ/USDT aggregate trading pair on June 3, 2021.

With aggregated trading, instead of supporting deposits and withdrawals, Wisebitcoin uses an aggregate trading system that automatically takes buy and sell orders from its own users and places those orders on other exchanges. In this way, users can rest assured that the assets or tokens that are purchased via aggregated trading are all real assets that are in full reserves.

Aggregate trading makes it easy for growing platforms such as Wisebitcoin to quickly provide users with access to new and popular crypto tokens and assets.

The local and external order matching mechanisms used in Wisebitcoin’s aggregate trading system provide transaction speeds and user experiences that are similar to those seen when placing orders for other trading pairs on Wisebitcoin.

To meet the deposit and withdrawal requirements of users, Wisebitcoin will evaluate the volume of its aggregate trading tokens to determine whether to dock with project wallets that contain a large number of tokens or assets.

By providing liquidity, fast transactions, low fees, and a clean, intuitive UI to traders, Wisebitcoin makes it easy to invest in the crypto space and to trade popular, high market cap tokens and assets. By adding aggregate trading for STORJ to the platform, Wisebitcoin opens the doors to investment in one of the most popular decentralized file sharing and storage projects seen in the last few years.

About STORJ

Storj delivers secure, private, reliable, affordable, and decentralized cloud object storage for developers. Storj’s Decentralized Cloud Storage (DCS) files are encrypted, broken into pieces, and then distributed across a global cloud network instead of being stored on a single, centralized server. This makes data breaches impossible, and default encryption comes standard for all files. A decentralized network of Storage Nodes also makes data always available when it is needed, and open-source, full-stack compatibility makes it easy to build on the network.

You can learn more about the project here and you can read the project whitepaper here.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/wisebitcoin-opens-aggregate-trading-for-storj-against-usdt/

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Blockchain

Wisebitcoin Opens Aggregate Trading For STORJ Against USDT

[PRESS RELEASE – Please Read Disclaimer] Wisebitcoin listed the STORJ/USDT aggregate trading pair on June 3, 2021. With aggregated trading, instead of supporting deposits and withdrawals, Wisebitcoin uses an aggregate trading system that automatically takes buy and sell orders from its own users and places those orders on other exchanges. In this way, users can […]

Published

on

[PRESS RELEASE – Please Read Disclaimer]

Wisebitcoin listed the STORJ/USDT aggregate trading pair on June 3, 2021.

With aggregated trading, instead of supporting deposits and withdrawals, Wisebitcoin uses an aggregate trading system that automatically takes buy and sell orders from its own users and places those orders on other exchanges. In this way, users can rest assured that the assets or tokens that are purchased via aggregated trading are all real assets that are in full reserves.

Aggregate trading makes it easy for growing platforms such as Wisebitcoin to quickly provide users with access to new and popular crypto tokens and assets.

The local and external order matching mechanisms used in Wisebitcoin’s aggregate trading system provide transaction speeds and user experiences that are similar to those seen when placing orders for other trading pairs on Wisebitcoin.

To meet the deposit and withdrawal requirements of users, Wisebitcoin will evaluate the volume of its aggregate trading tokens to determine whether to dock with project wallets that contain a large number of tokens or assets.

By providing liquidity, fast transactions, low fees, and a clean, intuitive UI to traders, Wisebitcoin makes it easy to invest in the crypto space and to trade popular, high market cap tokens and assets. By adding aggregate trading for STORJ to the platform, Wisebitcoin opens the doors to investment in one of the most popular decentralized file sharing and storage projects seen in the last few years.

About STORJ

Storj delivers secure, private, reliable, affordable, and decentralized cloud object storage for developers. Storj’s Decentralized Cloud Storage (DCS) files are encrypted, broken into pieces, and then distributed across a global cloud network instead of being stored on a single, centralized server. This makes data breaches impossible, and default encryption comes standard for all files. A decentralized network of Storage Nodes also makes data always available when it is needed, and open-source, full-stack compatibility makes it easy to build on the network.

You can learn more about the project here and you can read the project whitepaper here.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/wisebitcoin-opens-aggregate-trading-for-storj-against-usdt/

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