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Bitcoin is now ‘legal tender’ in El Salvador

A Bitcoin bill aiming to make the world’s cryptocurrency classified as ‘legal tender’ has “a 100% chance” to passed by the Congress in El Salvador, President Nayib Bukele said today.

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A Bitcoin bill aiming to make the world’s cryptocurrency classified as ‘legal tender’ has “a 100% chance” to passed by the Congress in El Salvador, President Nayib Bukele said today.

Bukele’s party has 64 out of 84 seats and is going through the bill, but Bukele says he will sign off on the law “later tonight or first thing tomorrow.”

Going legal

“I’ve just sent the #BitcoinLaw to Congress,” President Bukele wrote earlier today, attaching a copy of the document (see below). He later discussed the bill in a public conversation with popular crypto fund manager Nic Carter in a Twitter ‘Spaces’ session attended by over 15,000 people.

El Salvador is a small nation in South America, known mainly for its coffee, tourism, and manufacturing industry. The past weekend, however, saw president Bukele publicly announce his intention to float a Bitcoin-friendly bill to Congress, one that sees the world’s largest cryptocurrency (by market cap) become ‘legal tender’ in the country.

Bitcoin: From magic money to serious money

‘Legal tender’ is any coin or banknote that can be accepted if offered in payment of a debt in a country. This is different from real estate or personal assets (they can’t be legally exchanged for goods and services).

Bitcoin, so far, has existed either as illegal magic internet money or as ‘property’ in the eyes of most jurisdictions. No country has accepted the currency as legal tender, but El Salvador has now changed that.

Merchants in the country can accept Bitcoin similar to how they accepted US dollars. As such, Bukele seems pumped on the promise of what the asset can do. “We not only want to support it [bitcoin], but we want to demonstrate that the world can benefit from it,” he said, adding, “El Salvador is not only a country anymore. It is a symbol of what bitcoin can do.”

Meanwhile, those interested in moving to the country can expect a bunch of other benefits. In a tweet earlier this week, Bukele said that there will now be capital gains tax for Bitcoin as it will be a legal currency, and that all crypto entrepreneurs would receive “immediate permanent residence.”

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Source: https://cryptoslate.com/bitcoin-is-now-legal-tender-in-el-salvador/

Blockchain

Yearn Finance (YFI) and Synthetix (SNX) Technical Analysis: What to Expect?

Synthetix and Yearn Finance are sinking. If $7 falls, SNX/USDT may halve to $4—or worse. Meanwhile, YFI/USDT is on the cusp of falling further to $26k.

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Synthetix and Yearn Finance are sinking. If $7 falls, SNX/USDT may halve to $4—or worse. Meanwhile, YFI/USDT is on the cusp of falling further to $26k.

Yearn Finance (YFI)

The automated aggregator allows DeFi investors to draw maximum yields from various protocols. YFI is central to the platform.

Past Performance of YFI

The YFI/USDT is still under the shadow of sellers who dominated in the second half of May 2021.

Bears are in control, and liquidation across the board may flatten out attempts to revive bulls.

Presently, YFI is down nine percent against the USD and ETH on the last trading day.

READ  BaFin Eases Licensing Process For Foreign Crypto Custodians 

Day-Ahead and what to Expect

The path of least resistance is southwards.

Although Ethereum’s fundamentals might rejuvenate YFI/USDT price action, candlestick arrangement, and BTC weakness combine to deflate optimistic bulls.

YFI bear bars are banding along with the lower BB, signaling selling pressure below $40k and the middle BB.

YFI/USDT Technical Analysis

YFI Price Daily Chart for June 22

Losses of June 21 were perpendicular, pointing to sellers’ convictions.

Accordingly, every high may present a selling opportunity for YFI/USDT bears, targeting $26k or May 2021 lows.

Unexpected gains from spot levels, preferably with high trading volumes, reversing June 21 losses may trigger a revival with targets at $40k for YFI.

Conversely, further dumps firmly place YFI/USDT price action to sellers.

Synthetix (SNX)

The decentralized derivatives trading DeFi protocol uses SNX as its token. In addition, the platform plans to adopt Optimism as its Layer-2 scaling option.

READ  COTI and Avalanche (AVAX) Technical Analysis: What to Expect?

Past Performance of SNX

SNX sellers have reversed over 80 percent of gains made during the steep increase from November 2020 to 2021 peaks of February 2021.

Losses may continue considering the state of price action, favoring sellers.

SNX is down double-digits as of writing, falling 11 percent against the USD on the last trading day.

Meanwhile, trading volumes rose to $78 million, suggesting possible offloading.

Day-Ahead and what to Expect

SNX sellers, based on price action in the daily chart, are motoring ahead.

At spot rates, dips below $7 confirming June 21 draw-down may see another dump down towards $4—visible reaction points of November and December 2021.

SNX/USDT Technical Analysis

SNX Price Daily Chart for June 22

Confirmation of SNX/USDT bear bar of June 21 below $7 could cement sellers’ conviction.

READ  4 Reasons to Scrutinize BuyCrypto.today Before Using the Service

In that case, SNX prices may halve to $4.

Conversely, suppose prices find support at spot rates, reversing June 21 losses despite the intense selling pressure. In that case, SNX could lift off above $8 to $14 in the medium term.

#DeFi #SNX #SNX/USDT #Synthetix #Yearn.finance #YFI #YFI/USDT

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Source: https://www.cryptoknowmics.com/news/yearn-finance-yfi-and-synthetix-snx-technical-analysis-what-to-expect

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Dollar Remains Steady as Cryptocurrencies Continue to Decline

The dollar recorded a slight dip, while cryptocurrencies continued their downward slide as traders anticipated more hints from Fed chair Jerome Powell.

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The dollar recorded a slight dip and remained largely stable, while cryptocurrencies continued their downward slide as traders anticipated more hints from Fed chair Jerome Powell. Last week, investors across the world were left scrambling after a change in the central bank’s outlook for interest rate hikes.

Dollar Continues Its Steady Run As Cryptocurrencies Stumble After Fed Announcement

The greenback rose sharply in value after the Federal Reserve announced sooner-than-expected twin rate hikes in 2023. However, on Monday, it returned some of those gains when it lost 0.4% against Euro and 0.5% against Yen. 

On Friday, the index which tracks the dollar against six major currencies also fell by 0.2% to reach 92.074 from a peak of 92.405, a level that was last observed on April 13.

According to Imre Speizer, a currency analyst at Westpac, the drop in the greenback could be a temporary repositioning, before the currency is once again headed to the top. He said, “We’ve had a bit of a positioning cleanout – the whole world was mega short the U.S. dollar, and that’s in good part probably been cleaned out already – and now we take a wee breath before the next move up.”

Bitcoin and Ether Record Double-Digit Losses

Meanwhile, cryptocurrencies continued their downward trajectory as Fed expressed concerns over inflation. This development coupled with ominous reports from China relating to crypto mining caused the flagship digital asset to drop by 11%. 

Bitcoin’s rival Ether also fell by 15% and recorded its highest sell-off in a month. While both the digital currencies maintained prices above their May lows, the overall sentiment around them was sluggish.

Many experts were upbeat about a Bitcoin comeback earlier this month when the currency briefly soared above $40,000 — a level considered vital for the asset to stabilize. But BTC prices soon found themselves in the red and the currency has been on a downward trend since June 15.

The Fed announcement had taken both stock and crypto markets by surprise and triggered a wide sell-off that impacted even traditional assets like gold.

READ  Retail Use OF Bitcoin By Merchants Is On Rise: BitPay and Coinbase Data

#Bitcoin falls #Dollar #Federal Reserve Interest Rate #Rate Hike

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Source: https://www.cryptoknowmics.com/news/dollar-remains-steady-as-cryptocurrencies-continue-to-decline

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Chainlink (LINK) and AAVE Technical Analysis: What to Expect?

AAVE and Chainlink prices are bleeding. By taking the lead from the June 21 bear bar, AAVE/USDT and LINK/USDT risk crashing to $150 and $10, respectively.

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AAVE and Chainlink prices are bleeding as sellers double down. By taking the lead from the June 21 bear bar, AAVE/USDT and LINK/USDT risk crashing to $150 and $10, respectively.

Chainlink (LINK)

LINK is the token behind the world’s most adopted oracle service provider in crypto.

Past Performance of LINK

The crypto market brutality continues, and LINK is no exception.

June 21 bear candlestick defines price action this week.

As we advance, how prices react at spot levels would either see LINK/USDT dump or reverse sharp losses.

Presently, LINK is down 30 percent week-to-date and losing roughly six percent on the last trading day alone.

READ  Ripple Client TransferGo Hits Over $3 Billion in International Cash Flows

Day-Ahead and what to Expect

Reading from the daily chart, the middle BB is the primary liquidation line.

LINK/USDT prices are down below $20 as sellers double down, unwinding gains of May 24—canceling bullish prospects.

Confirmation of June 21 losses would see LINK chart in a new trajectory, placing sellers firmly in the driving seat.

LINK/USDT Technical Analysis

LINK Price Daily Chart for June 22

LINK prices are trending below the middle BB as bears press lower.

There might have been gains on the tail end of June 21. Still, confirmation of yesterday’s bar is enough to shock the market, forcing more sellers into action.

In that case, LINK/USDT prices may dump to the Q1 2021 lows of around $10.

AAVE

The CertiK-certified borrowing and lending DeFi protocol uses AAVE as its primary token.

READ  Bitcoin Holders Not Buzzed By Bitcoin’s 10000 USD Rally

Past Performance of AAVE

From the daily chart, AAVE is under immense pressure, trading within a bear breakout pattern. The immediate resistance and buy trigger line lie at $300.

At the time of writing, AAVE is down 12 percent against the USD.

Day-Ahead and what to Expect

In a bear breakout pattern, AAVE/USDT is free-falling.

Sellers are stepping up as fear grips the market.

Notably, AAVE bear bars—like June 21, for example—are banding along the lower BB. It, therefore, means the underlying sell momentum is stronger.

As such, every pullback could present a selling opportunity for aggressive traders.

AAVE/USDT Technical Analysis

AAVE Price Daily Chart for June 22

AAVE is free-falling in a sell breakout pattern to confirm the double-bar bear pattern of May 18 and 19.

Following June 21 high-volume sell bar, traders may unload on pullback targeting $150 in the immediate term.

READ  DappRadar Announced $5 million Raise in Series A Funding

Sharp gains unwinding June 21 losses may shift fortunes in favor of bulls. However, risk-averse traders should wait for conclusive gains above $300.

#AAVE #AAVE/USDT #Chainlink #DeFi #LINK #LINK USDT

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Source: https://www.cryptoknowmics.com/news/chainlink-link-and-aave-technical-analysis-what-to-expect

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Canadian Securities Regulator Takes Aim at Bybit Crypto Exchange

The Ontario Securities Commission (OSC) published a Statement of Allegations against Bybit for failing to comply with the Ontario securities law.

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The Ontario Securities Commission (OSC) published a Statement of Allegations against Bybit Fintech Limited (Bybit), a company incorporated in the British Virgin Islands for failing to comply with the Ontario securities law.

OSC Publishes a Statement of Allegations Against Bybit

Futures trading platform, Bybit was accused of operating an unregistered cryptocurrency trading platform in Ontario, according to a Statement of Allegations by the Ontario Securities Commission.

Bybit Fintech Ltd. is a company incorporated in the British Virgin Islands which operates a cryptocurrency platform.

On June 21, the Canadian securities regulator began proceedings against Bybit Fintech Limited for operating an unregistered crypto asset trading platform and encouraging Canadians to use the platform, and trade crypto asset products that are securities and derivatives.

READ  Ethereum Traders Transfers 1.2M ETH as Price Increases

Earlier this month, the regulator took similar enforcement action against another exchange, KuCoin, and also Poloniex during last month.

Both actions come after the OSC issued a notification on March 29 warning crypto-asset trading platforms that offer to trade in derivatives or securities in Ontario that they must contact OSC into compliance by April 19 or face potential regulatory action with the Ontario securities law.

Bybit Failed to Contact the OSC for Compliance

The commission alleges that Bybit failed to contact the OSC despite the public statement to begin compliance talks with regulators and has now added the platform to its investor warning list and set a hearing date of July 15.

At that hearing, the commission will consider Bybit to cease securities trading and be prohibited from acquiring securities “permanently or for such period as is specified by the Commission.”

READ  Tiger Global Management Invested $25M in CoinSwitch Kuber

This includes an administrative penalty of up to $1 million for breaching Ontario securities law and cover the costs of the commission’s investigation.

Alongside these enforcements, the commission has added 12 crypto trading platforms to its investor alert list since September.

The OSC took similar action in recent months against Polo Digital Assets, Ltd., operating as Poloniex, and Mek Global Limited, and PhoenixFin Pte Ltd., which are associated with KuCoin.

#Bybit #Canadian securities regulator #Crypto Exchange #Ontario Securities Commission #OSC

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Source: https://www.cryptoknowmics.com/news/canadian-securities-regulator-takes-aim-at-bybit-crypto-exchange

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