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Bitcoin can effectively prolong its bull run in two ways, but they are both bearish

Bitcoin can effectively prolong its bull run in two ways, but they are both bearish

In the cryptocurrency market, there is an ironic pattern to how prices rise and drop. Digital currencies like Bitcoin may sometimes need to take an unconventional path in order to recoup and hit new price spots. If the bull run is to continue for much longer, then this could be the pathway the flagship cryptocurrency […]

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Bitcoin can effectively prolong its bull run in two ways, but they are both bearish

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In the cryptocurrency market, there is an ironic pattern to how prices rise and drop. Digital currencies like Bitcoin may sometimes need to take an unconventional path in order to recoup and hit new price spots. If the bull run is to continue for much longer, then this could be the pathway the flagship cryptocurrency takes in the weeks ahead.

The bearish takeover still plagues the Bitcoin market

Bitcoin traded below $50,000 for the first time since the 5th of March. Two major events have been associated with this dip.

The first was centered around rumors that the United States Treasury is preparing massive charges on a large number of financial institutions for cryptocurrency resulting in money laundering activities, Bitcoin instantly responded with a 20% overnight drop, as weak hands pioneered a massive selloff. The second event that analysts’ have pointed to as a possible cause of the continuous downtrend is the news of the U.S president reportedly planning to tax some of America’s wealthiest residents.

Bitcoin Price Dip Buyers Assert Presence By Stashing Billions On Exchanges
BTCUSD Chart By TradingView

Trader explains how Bitcoin can easily bounce back

Crypto analyst and trader known as Rekt Capital has chimed in on the bearish saga, asserting that Bitcoin can bounce back in the near term. Ironically, the dip is a blessing in disguise when Rekt’s points are considered, as the asset may need to consolidate for a long period of time or take a deep dive to the lower support levels, in order to bounce back with full force, to new highs.

According to Rekt

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“The two most effective ways for BTC to prolong the amount of time it spends in a Bull Run is either via extended consolidation. Or via deep corrections.”

Other analysts are nodding to Rekt’s take as they share similar opinions, while they urge traders to consider buying the dip, as weak hands are constantly falling prey to long-term holders who see every price dip as an opportunity to accumulate.

Similarly, Oliver von Landsberg-Sadie, the CEO of BCB Group has a positive message for worried investors. Speaking to Coindesk, he explains that the market will correct in the near term.

“While the shock may be sustained in stock markets, the nature of cryptocurrency will see straight through this dip.” He told Coindesk.

Additionally, he noted the distinction between the cryptocurrency market and the traditional market; Cryptocurrency investors are in the business of holding for a longer period of time.  

“The difference between cryptocurrency and any other market is that we’re seeing more and more large-scale crypto buyers who simply have no intent on exiting the position.” He said.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/bitcoin-can-effectively-prolong-its-bull-run-in-two-ways-but-they-are-both-bearish/

Blockchain

El Salvador Considers Paying Workers Salaries in Bitcoin

The country of El Salvador considers paying the salaries of works in Bitcoin according to a recent report.

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Following the adoption of bitcoin as the country’s second legal tender, El Salvador’s government is discussing if companies would pay their employees in bitcoin.

  • In a tweet by a local radio station 107.7 Fuego on Tuesday (June 15, 2021), three government ministries were considering the possibility of companies’ workers receiving their wages in BTC. This was revealed by the Minister of Labor, Rolando Castro.
  • According to Castro, the decision to pay salaries in bitcoin will come after the bitcoin’s legal tender status becomes law. The Ministry of Labour is working with the Ministries of the Economy Finance to analyze the decision.
  • As reported by CryptoPotato earlier in June, a supermajority of El Salvador’s Congress voted in favor of President Nayib Bukele’s bitcoin plan. Even Google search for “El Salvador” reached an all-time high (ATH) following the announcement.
  • While the country’s decision to adopt bitcoin has seen high praise from BTC enthusiasts and the crypto community, the bitcoin move has raised concerns, especially from global financial institutions.
  • However, El Salvador continues to forge ahead with its bitcoin ambitions despite skepticisms. Recently, the Central American Bank for Economic Integration (CABEI) announced that it would offer technical assistance to the El Salvadoran government in the implementation of BTC as a legal tender. The government is also planning to mine bitcoin with energy from volcanoes.
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Source: https://cryptopotato.com/el-salvador-considers-paying-workers-salaries-in-bitcoin/

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Blockchain

Rep. Maxine Waters Announces a Task Force to Study Crypto and CBDCs

Rep. Maxine Waters announced a taskforce on Financial Technology that will study crypto and CDBCs an their impact in the US politics.

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America is not lagging behind in the crypto race. During the last hearing of the U.S. House Committee on Financial Service, Rep. Maxine Waters (D) announced the creation of a working group aimed at studying and regulating the crypto industry.

“As Cryptocurrencies grow exponentially, I have organized a working group of Democratic members to engage with regulators and experts to do a deep dive on this poorly understood and minimally regulated industry. Today we continue this discussion by considering Central Bank Digital Currencies, which are being created by governments around the world, and which the Federeal Reserve is actively reviewing.”

CBDCs and Crypto Need More Study Before Being Regulated

Waters explained that CBDCs have the ability to improve the country’s financial system through technological innovation but stressed that an in-depth study of the topic is needed for them to be differentiated from common cryptocurrencies.

Waters has been a vocal crypto skeptic for a long time and has already used her influence to slow down the previous administration’s progress on this issue.

In late 2020, after Joe Biden’s victory, Waters signed a letter requesting the new president to rescind the regulations issued by the Office of the Comptroller of the Currency focused on regulating banks and their relationships with crypto and stablecoins in general.

According to Waters, the OCC had overstepped its powers when issuing its interpretations, allowing banks to hold stablecoins in their reserves. Her petition also affected the OCC’s authority to continue granting banking licenses to crypto businesses.


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Waters did not disclose who the other members of the task force would be or which institutions they would collaborate with.

Two Sides of One Coin

There are conflicting positions among U.S. policymakers when it comes to crypto regulations. The SEC recently left cryptocurrencies off its regulatory agenda for the next quarter, showing that there is no major concern about regulating the space.

However, the landscape is changing among lawmakers. While there are some pro-crypto voices in the Senate, like Cynthia Lummis, there are also influential figures who are not very sympathetic to the decentralized world of cryptocurrencies.

In addition to Waters, Senators Elizabeth Warren and Roy Blunt recently criticized crypto, warning that cryptocurrencies have played a vital role in the boom of ransomware attacks, as well as helping with the worsening of the climate crisis.

The United States is also trying to move forward with the design and implementation of a possible digital dollar. The project hasn’t gained momentum yet, but it hasn’t been completely discarded either.

Much of the motivation for the industry’s growth is China’s progress in this area. In fact, working groups have already been created to study the impact that the DCEP, China’s digital currency, will have when it is implemented.

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Source: https://cryptopotato.com/maxine-waters-cryptocurrencies-cbdc-taskforce/

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Blockchain

Exodus: Chinese Bitcoin Miners Set Their Sights on Texas

The Bitcoin miner exodus from China is ramping up as the regime continues to clamp down on operations across the nation.

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Beijing is still issuing orders to shut down Bitcoin mining operations, and many of them are now seeking friendlier climes overseas to base their operations.

On Monday, CryptoPotato reported that Yunnan, the fourth-largest Bitcoin mining producer, had been targeted in the regime’s latest crackdown.

In what crypto industry observers are calling the “great mining migration,” many of these companies are looking towards North American, and specifically Texas, to base their mining facilities, according to a report by CNBC.

Everything is Bigger in Texas

Texas often has some of the world’s lowest energy prices, and its share of renewables is growing over time. Currently, Texas is the nation’s leader in wind-powered electricity generation, producing almost 30% of the U.S. total, according to the state comptroller.

The lone star state has a deregulated power grid that lets customers choose between power providers. Additionally, its political leaders and bankers are very pro-crypto, which makes it a dream destination for Bitcoin mina miners seeking a new home.


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Brandon Arvanaghi, previously a security engineer at crypto exchange Gemini, commented:

“You are going to see a dramatic shift over the next few months. We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible.”

Vice president of Hong Kong-headquartered mining pool Poolin, Alejandro De La Torre, is already planning an exit.

“We do not want to face every single year, some sort of new ban coming in China. So we’re trying to diversify our global mining hashrate, and that’s why we are moving to the United States and to Canada.”

Arvanaghi continued to explain why Texas could be the destination of choice, stating, “Texas not only has the cheapest electricity in the U.S. but some of the cheapest in the globe,” before adding, “It’s also very easy to start up a mining company … if you have $30 million, $40 million, you can be a premier miner in the United States.”

Bitcoin Hashrate Exodus

Castle Island Ventures partner Nic Carter said that given the drop in hashrate, “it appears likely that installations are being turned off throughout the country.” The analyst thinks that probably 50% to 60% of Bitcoin’s entire hashrate will ultimately leave China.

Current estimates suggest that its market dominance is between 55% and 65%, and it is already falling. The actual hashrate for the Bitcoin network is currently 114.5 EH/s, down 33% from its peak of 171.4 EH/s on May 13, according to Bitinfocharts.

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Source: https://cryptopotato.com/exodus-chinese-bitcoin-miners-set-their-sights-on-texas/

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Blockchain

Orion launches Orion Pool: Aggregating Swap Pools and CEXs into One Decentralized Platform

[PRESS RELEASE – Victoria, Seychelles, 15th June 2021] Orion Pool, Orion’s AMM solution, will be live on June 22nd, With the launch of Orion Pool, Orion Terminal becomes the only trading platform that allows decentralized access to both centralized exchanges and swap pools in one place, allowing traders a single portal for trading, staking, and […]

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[PRESS RELEASE – Victoria, Seychelles, 15th June 2021]

Orion Pool, Orion’s AMM solution, will be live on June 22nd, With the launch of Orion Pool, Orion Terminal becomes the only trading platform that allows decentralized access to both centralized exchanges and swap pools in one place, allowing traders a single portal for trading, staking, and governance voting. Orion will route all swap orders to the liquidity source with the best possible price, resulting in the most profitable price for trades. Meanwhile, traders will benefit from substantial arbitrage opportunities across centralized and decentralized liquidity sources.

Orion Protocol was born out of a goal to decentralize the major source of liquidity in the market: centralized exchange liquidity. For the first time, centralized exchange liquidity from the likes of Binance and KuCoin can be accessed in a decentralized manner, directly from traders’ wallets. Now, its mission has evolved: to aggregate the entire digital asset market into one decentralized platform.

Orion has developed its own AMM solution, Orion Pool, allowing assets to be traded on Orion Terminal via liquidity pools rather than a traditional market of buyers and sellers. Orion Pool will be fully integrated into the Terminal, allowing traders to benefit from a single UI for trading, staking, adding/removing liquidity, and governance voting. Additionally, Orion will soon be integrating leading swap pools like Uniswap, PancakeSwap, and SushiSwap to add significantly more liquidity to the Terminal.

Through this development, Orion Terminal is the only platform that allows decentralized access to both centralized exchanges and swap pools in one place. As usual, Orion will route all swap orders to the liquidity source with the best possible price: orders can even be split across multiple exchanges and liquidity sources to achieve the best possible price.

Every liquidity pool presents a substantial source of liquidity for arbitrage opportunities between centralized and decentralized liquidity sources. On top of the opportunity to capitalize on price discrepancy arising from different exchange order books aggregated into one place, Orion Protocol has built an arbitrage bot SDK, allowing arbitrage traders to easily configure their Uniswap arbitrage bots for Orion Pool.

Orion Pools

Orion Pool will launch with four ORN pools: ORN/ETH, ORN/USDT, ORN/BUSD, and ORN/BNB. We plan to grow our pools significantly – third-party projects will be able to self-list their token on Orion Pool paired with ORN, USDT, ETH, BNB, or BUSD. Any project can ‘self-list’ on Orion Pool. A significant number of third parties are lined up to self-list on Orion AMM Pool already – from million to billion-dollar market cap projects. This will enable liquidity for new assets and pairs to be added to the terminal – increasing assets and pairs exponentially.

Self listing on Orion Pool will enable global access of assets and visibility to a global audience, more complex order types than leading swaps (including limit orders), cross-trading against over 1,000 trading pairs via complex swap, unique arbitrage opportunities across decentralized and centralized liquidity sources, access to Orion’s partners, and co-marketing opportunities.

Orion Pool will be compatible with ETH and BSC. As more chains are integrated (with Cardano, Fantom, Polkadot, Avalanche, Elrond, and HECO soon to be integrated), this will expand to include their native assets.

Pool Rewards

Initially, Orion Pool will launch four ORN pools: ORN/ETH, ORN/USDT, ORN/BUSD, and ORN/BNB
Orion Pool is made up of Liquidity Providers + Governance Stakers.

Liquidity Providers receive Liquidity Mining rewards, spread across the multiple ORN pools. LPs provide 50:50 ORN and the matched asset.

Governance Stakers ‘vote’ on the pools to receive higher rewards. Liquidity Mining rewards will be spread between each pool according to the amount of votes they have, allowing ORN holders to determine the rate of rewards each pool receives.

On top of lucrative staking rewards, Orion Pool fees (0.3%) will be shared back to participants, with ⅔ going to Liquidity Providers and ⅓ going to Governance Stakers.

About Orion

Orion Protocol is building the decentralized gateway to the digital asset market. The layer 2 solution enables users to access to deep, cross-chain liquidity in one place – across DEXs, CEXs, and swap pools – providing traders access to the best price in the market directly from their wallets. Orion seeks to solve the fragmentation of crypto markets, NFTs marketplaces, and assets from traditional finance by eventually aggregating them into one place: Orion Terminal.

Orion is building over a dozen solutions for blockchains, exchanges, and crypto projects, resulting in over eighteen revenue streams on the protocol. The Orion ecosystem has been built with ORN holders in mind: every transaction across the multiple solutions on the protocol adds to Daily Protocol Volume, bringing lucrative rewards for stakers.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/orion-launches-orion-pool-aggregating-swap-pools-and-cexs-into-one-decentralized-platform/

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