Connect with us

Blockchain

El Salvador plans to make bitcoin a legal tender 

El Salvador President Nayid Bukele plans to propose a bill that would make bitcoin a legal tender in the country.  Legal tender is something that is acknowledged by the law as an official mechanism for payment, such as the bills and coins printed by the central banks.  If President Bukele becomes successful with his plan, […]

The post El Salvador plans to make bitcoin a legal tender  appeared first on BitcoinerX.

Published

on

El Salvador President Nayid Bukele plans to propose a bill that would make bitcoin a legal tender in the country. 

Legal tender is something that is acknowledged by the law as an official mechanism for payment, such as the bills and coins printed by the central banks. 

If President Bukele becomes successful with his plan, El Salvador will become the first nation in Central America to recognize bitcoin as an official national currency. 

Advantages of a bitcoin country

According to the President, making Bitcoin as legal tender would “allow the financial inclusion of thousands of people who are outside the legal economy.” 

Bukele also added that the proposal is also aimed to create more jobs and flexible financial solutions for a country where 70% of the population does not have a bank account. 

The proposal is also meant to pull out, or at least, not make its economy’s growth too dependent on overseas remittance, which comprises 22% of the country’s GDP. 

Remittance plays a big part in its economy that, in 2020, a total of almost $6 billion were remitted to the country. 

On its way to congress

Bukele said that next week, he would be sending a bill to Congress that would propose to make bitcoin an official legal tender of the country. 

He made this announcement through a video message at “Bitcoin 2021,” the world’s biggest bitcoin event, which was held in Miami, Florida. 

The government is yet to provide details of the bill, but the legislation is expected to face little to no opposition at all since the parliament is dominated by Bukele’s allies. 

Bukele is optimistic that the bill, once approved, will make a big change in El Salvador. 

“Thanks to the use of Bitcoin, the amount received by more than a million low-income families increases by several billion dollars every year,” Bukele said.

Image courtesy of Cointelegraph News/YouTube

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinerx.com/blockchain/el-salvador-plans-to-make-bitcoin-a-legal-tender/

Blockchain

Every quad witching, this Chainlink price trend can be observed

LINK-powered projects have garnered support from several influencers since the last price rally. Trading at $21.39 level, the market capitalization was at $21.9 Billion level based on data from coinma

The post Every quad witching, this Chainlink price trend can be observed appeared first on AMBCrypto.

Published

on

LINK-powered projects have garnered support from several influencers since the last price rally. Trading at $21.39 level, the market capitalization was at $21.9 Billion level based on data from coinmarketcap.com. Based on previous instances, following quad witching, options expiration, LINK’s price rallies consistently every instance.

LINK price moves in this exact way every quad witching

LINK/USD Denominated Closing Price Coinmetrics | Source: Twitter

Based on the above chart from Coinmetrics, LINK’s price is not likely to recover until next week. The concentration by large HODLers is increasing, it has crossed 75% based on data from intotheblock. Besides, with the increase in concentration the percentage of HODLers profitable at the current price level. The percentage of profitable HODLers has increased consistently following a recovery from a dip.

This trend first emerged in the March of 2020, and then it went on for over a year, repetitively. This trend is centered around options expiration, though on-chain metrics suggested that the narrative was bullish based on active traders, and trade volume.

However, it’s interesting that despite new partnerships and updates, LINK’s price has dropped with other alts in the current crash. If the price drops further, it may drop below the psychologically important $20 level. The current price is still mid-way to the lowest that LINK’s price has been in the past 8 weeks. Since there is no hype around DeFi right now, LINK’s price was likely to continue dropping.

A drop in the overall TVL of DeFi is likely to lead to further consolidation in LINK. At the same time, ETH’s increasing strength, volatility, and price rally are likely to have a bullish impact on LINK’s price. LINK was undervalued at a time when sidechains are overvalued.

Traders who held LINK for less than 12 months may consider hedging their position to protect from the drop and consider accumulating as well, while LINK consolidates. It is a bullish narrative for LINK in the long-term since the recovery is expected to be strong, keeping with the trend. LINK is likely to follow, while ETH leads the second altcoin rally in 2021.


Subscribe to our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/every-quad-witching-this-chainlink-price-trend-can-be-observed

Continue Reading

Blockchain

Michael Burry Predicts Bitcoin Will Follow This Pattern, Has BTC Bottomed Out?

Bitcoin has displayed high volatility during the weekend. The first cryptocurrency by market cap has lost two critical support points and, at the time of writing, trades at $34,312 with a 5.3% loss in the daily chart. Legendary former hedge fund manager Michael Burry has returned to social media. Via his Twitter account, he has […]

Published

on

Bitcoin has displayed high volatility during the weekend. The first cryptocurrency by market cap has lost two critical support points and, at the time of writing, trades at $34,312 with a 5.3% loss in the daily chart.

Bitcoin BTC BTCUSD
BTC on a downtrend in the daily chart. Source: BTCUSD Tradingview

Legendary former hedge fund manager Michael Burry has returned to social media. Via his Twitter account, he has made some predictions about the markets. Many are pessimistic and could be bad news for investors with long positions.

Burry is famous for predicting the collapse of the mortgage bond market. His fund Scion Asset Management made a big profit by shorting this market in the mid to late 2000s.

In his latest tweet, Burry compared Bitcoin with NFL player Troy Polamalu. Jokingly, Burry asked his followers what the cryptocurrency has in common with Polamalu and shared the chart below.

Bitcoin BTC BTCUSD
Source: Michael Burry

Here, the former hedge manager predicts BTC’s price will follow a Head and Shoulders pattern. This chart formation usually presents itself as a baseline with three peaks. This pattern suggests a flip from a bullish to a bearish trend.

Many replied to Burry for this prediction, some consider it accurate, and others tried to rebut it. A trader said: “It seems we’re going down to -5000$ on the negative scale. Reasonable”.

Burry has been highly critical of the crypto market’s alleged high number of investors with leverage positions. He is now betting against Bitcoin and other cryptocurrencies, as well as against profitable companies in the traditional market.

When crypto falls from trillions, or meme stocks fall from tens of billions, #MainStreet losses will approach the size of countries(…). If you don’t know how much leverage is in crypto, you don’t know anything about crypto

Bitcoin Outlook In The Short Time, Rebound Incoming?

The bulls stand at the last line of support, Bitcoin must hold above $33,500 or it risks a further retracement towards the $20,000 area. Analyst Ali Martinez has recorded several sales signals for BTC in the past 24 hours.

The first one was recorded by the TD Sequential, an indicator used to measure when a price might have exhausted an up or downtrend, in the 24-hour chart yesterday. At that time, the price dropped below $37,000 and range in the $35,000 area for several hours until Bitcoin went lower to its current levels. Martinez added:

Based on the TD, there is a chance BTC could hold above this $33.5K since this indicator is flashing a buy signal on the BTC 12hr chart.

Bitcoin BTC BTCUSD
Source: Ali Martinez

The area around $31,700 to $33,500, according to Martinez, is a major resistance zone with 1.3 million addresses that bought 643,000 BTC at those levels. The TD Sequential indicator flashed a buy signal in the 12-hour chart, Martinez said. If support holds, BTC could rebound to the $37,000 area.

(…) the most significant support zone underneath #Bitcoin sits between $31.7K and $33.5K (…). Losing this area as support could push BTC to the next critical demand barrier at $23.4K.

BTC BTCUSD
Source: IntoTheBlock via Ali Martinez

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/michael-burry-predicts-bitcoin-will-follow-this-pattern-has-btc-bottomed-out/?utm_source=rss&utm_medium=rss&utm_campaign=michael-burry-predicts-bitcoin-will-follow-this-pattern-has-btc-bottomed-out

Continue Reading

Blockchain

Stock to Flow Analysis: Worst Case Scenario Could See $135K BTC by December

Worst case price prediction for bitcoin using the stock to flow analysis could see bitcoin hitting $135,000 by December 2021 according to PlanB

The post Stock to Flow Analysis: Worst Case Scenario Could See $135K BTC by December appeared first on BeInCrypto.

Published

on

Worst case price prediction for bitcoin using the stock to flow analysis could see bitcoin hitting $135,000 by December 2021 according to PlanB

Sponsored
Sponsored

Popular crypto analyst PlanB has outlined the potentially bearish situation for bitcoin over the course of 2021. The analysis makes use of the stock to flow (S2F) model to determine the potential price of bitcoin. 

In a recent tweet, PlanB states “Bitcoin is below $34K, triggered by Elon Musk’s energy FUD and China’s mining crack down.” The analyst further reiterates his sentiment using the S2F model, saying “There is also a more fundamental reason that we see weakness in June, and possibly July. My worst case scenario for 2021 (price/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K”

Sponsored
Sponsored

Best case scenario sees $450K BTC

While PlanB reiterates that the current price model is the worst case scenario, the analyst still believes that BTC could break its previous all-time high by October. Also stating that BTC could hit $135,000 before the end of the year. 

PlanB commented further on his tweet, offering a best case scenario price prediction, “my base case and best case scenarios! a hint: best case Dec $450K.” 

PlanB expects in the worst case that BTC should hit $135,000 by December, with a potential to hit $450,000 in a best case scenario. 

The stock to flow model is based on bitcoins valuation model, which was inspired by Nick Szabo’s concept of unforgeable scarcity. The model measures scarcity, and the price of bitcoin over time. 

Other price predictions

Recently Perianne Boring told CNBC that bitcoin could reach $288,000 according to the same model, saying ““Stock to flow says bitcoin should be priced at $100,000 to $288,000 this year. We have 12 years of data on Stock to flow on bitcoin. If you measure with the U.S. dollar, stock to flow is 94% correlated.”

Nexo co-founder Antoni Trenchev recently spoke to Bloomberg and gave his price predictions, saying that BTC would hit $100,000. Trenchev also stated that he expects other countries to follow El Salvador in making BTC legal tender in the future.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/stock-to-flow-analysis-worst-case-scenario-could-see-135k-btc-by-december/

Continue Reading

Blockchain

Dogecoin vs the odds: What could happen next?

With the global cryptocurrency market depending on Bitcoin’s movement since 19 May, altcoins have predominantly oscillated between their major support and resistance marks due to the king coin’s fluct

The post Dogecoin vs the odds: What could happen next? appeared first on AMBCrypto.

Published

on

With the global cryptocurrency market depending on Bitcoin’s movement since 19 May, altcoins have predominantly oscillated between their major support and resistance marks due to the king coin’s fluctuations. The same was true for Dogecoin, which saw movement between $0.447-resistance and $0.280 support since the crypto sell-off.

However, Bitcoin’s recent pullback towards $35,000 had a damaging effect on its lesser counterparts. DOGE moved back towards its defensive line but eyed a breakout moving forward.

Dogecoin 4-hour chart

Source: DOGE/USD, TradingView

Dogecoin’s chart highlighted a down-channel once another breakout attempt above $0.447 was rejected. At press time, the channel approached a crucial support mark at $0.280- a region that triggered a 57% jump during early June. If history were to repeat itself, another rally awaited DOGE over the coming sessions. This would also align with a breakout from DOGE’s bullish pattern. However, DOGE’s path to glory was not that straightforward.

Reasoning 

There were several indications of weakness in the DOGE market. The 20-SMA (red) and 50-SMA (yellow) flipped bearish and the candlesticks remained below their long-term moving average line as well. Relative Strength Index was close to the oversold region, while MACD line was still bearish. Even Squeeze Momentum Indicator noted an increase in selling momentum.

Now keep in mind that DOGE’s previous price swing was under similar conditions, but Elon Musk’s tweet on his favorite cryptocurrency may have had a helping hand in the rally. Will a timely tweet save DOGE once again?

Only time will tell. If not, the digital asset may have to resort to retail traders’ confidence moving forward. An upwards move would see the cryptocurrency rise by 15% and move toward its 28 April swing high of $0.344 and 200-SMA. However, a breakdown cannot be discounted as well considering the stance of DOGE’s indicators. A breakdown would likely see prices head back towards its 19 May swing low of $0249.

Conclusion

Dogecoin’s defensive line of $0.280 triggered a rally previously and the same was expected moving forward. However, buyers did face an uphill task to lift prices in a bear market. If $0.280 does not alleviate selling pressure, a breakdown would call $0.249-support into action.


Subscribe to our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/dogecoin-vs-the-odds-what-could-happen-next

Continue Reading
CNBC8 mins ago

Airspeeder completes the first test flight for its electric flying race car

Blockchain60 mins ago

Every quad witching, this Chainlink price trend can be observed

Blockchain1 hour ago

Michael Burry Predicts Bitcoin Will Follow This Pattern, Has BTC Bottomed Out?

CNBC1 hour ago

Apple’s iPad Air returns to a record low $539 at Amazon

Blockchain2 hours ago

Stock to Flow Analysis: Worst Case Scenario Could See $135K BTC by December

Crowdfunding2 hours ago

[Dandelion Energy in Wired] Your house could be a geothermal power station

Blockchain2 hours ago

Dogecoin vs the odds: What could happen next?

Aviation2 hours ago

Kenya Airways To Resume London Flights On Saturday

Aviation2 hours ago

The IATA Travel Pass – What You Need To Know

Esports2 hours ago

Checkmate, Renewal qualify for DreamHack Open June Asia

Crowdfunding2 hours ago

European P2P Lender Bondora Reports that Cash Recoveries on Platform Continue to Climb

Big Data3 hours ago

Exploring Mito: Automatic Python Code for SpreadSheet Operations

AR/VR3 hours ago

The VR Job Hub: Camouflaj, Yondr & nDreams

Big Data3 hours ago

Part- 4: Step by Step Guide to Master Natural Language Processing in Python

Crowdfunding3 hours ago

Overfunding: Digital Investment Platform Clim8 Secures £1.6M+ from 885 Investors via Crowdcube

Aerospace3 hours ago

Mars smallsat mission gets second chance with Rocket Lab

airpods-pro-are-on-sale-for-190-ahead-of-prime-day.jpg
CNBC3 hours ago

AirPods Pro are on sale for $190 ahead of Prime Day

Esports3 hours ago

Micro Defense Force WoW: How to Complete

Blockchain3 hours ago

Bitcoin hashrate & miners: The good and bad you need to know

Blockchain3 hours ago

Tokenizing Mining Hash Power With the Hashmix Team

Big Data3 hours ago

How To Add Textual Watermarks To The Images With OpenCv and PIL!

CNBC3 hours ago

This $80 quadcopter has a 4K camera and fits in your hand

CNBC3 hours ago

Apple Watch Series 6 drops to $279 at Amazon and Best Buy

Esports3 hours ago

LNG Esports demolish RNG, extend win streak to 5 games in 2021 LPL Summer Split

Big Data3 hours ago

App Building And Deployment of a Predictive Model Using Flask and AWS

Blockchain3 hours ago

Ethereum, Matic, Aave Price Analysis: 20 June

Cleantech4 hours ago

A Look At Tesla’s Conflict Minerals Report

Cannabis4 hours ago

Father’s Day Gift Ideas: Most-Wanted Delta 8 THC Products

Blockchain4 hours ago

One of North America’s Biggest Miners Harnesses Flare Gas Energy

watch-live-second-spacewalk-begins-to-install-space-station-solar-arrays.jpg
Aerospace4 hours ago

Watch live: Second spacewalk begins to install space station solar arrays

Trending