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El Salvador to Utilize Volcanic Energy to Mine Bitcoin

After adopting Bitcoin as legit tender alongside the Dollar, El Salvador is looking forward to mine BTC utilising the energy of its volcanos.

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After adopting Bitcoin as legit tender alongside the Dollar, El Salvador is looking forward to mine BTC utilizing the energy of its volcanos. It looks like the President of El Salvador is getting restless when it comes to bitcoin and has forgotten how to go slow. 

El Salvador to Mine Bitcoin Using Volcanic Energy

As revealed in the announcement made over the weekend by the President of El Salvador, he was working on a program to adopt Bitcoin as a legit tender. Not long enough, just after three days, he introduced a bill to the assembly regarding the same, and hours later, it was a law in El Salvador.

After the announcement of this historic event, Nayib Bukele revealed another move on the way of the promotion of the mining of the flagship cryptocurrency, that too with environment-friendly ways.

Well, as of now, it will be difficult to say whether the President was considering mining BTC prior to the announcement made. 

However, Nayib Bukele made sure during a Twitter Conference that took place while the discussion of the Bitcoin Law was going on, that initially, he did not consider Bitcoin mining, but later, he found this approach interesting.

In just a matter of few hours, Nayib gave instructions to the President of the National Electricity Company to come up with a plan to extract Bitcoin with the help of thermal energy.

BTC Listed as One of the Official Currencies of the Country

Soon after the country adopted Bitcoin as legal tender, Wikipedia listed Bitcoin as one of the official currencies of El Salvador.

In addition to this, the interesting fact is that the country will be granting citizenship to anyone that invests in Bitcoin into the economy of the country. 

After El Salvador, Paraguay began working on projects that involved Bitcoin and PayPal.

READ  Wall Street Ponder Over Gold as Crypto Market Collapses

#Bitcoin #BTC #El Salvador

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Source: https://www.cryptoknowmics.com/news/el-salvador-to-utilize-volcanic-energy-to-mine-bitcoin

Blockchain

SOL Attempts to Find Support After Breakdown

Solana (SOL) has been increasing since bouncing on May 19. 

The post SOL Attempts to Find Support After Breakdown appeared first on BeInCrypto.

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Solana (SOL) has been increasing since bouncing on May 19. 

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However, it has broken down from the trendline of its upward movement and is showing several bearish signs.

Ongoing SOL bounce

SOL has been increasing since bouncing on May 19. The upward movement continued until a high of $44.2 was reached on June 7. The high coincided with the 0.618 Fib retracement resistance level (black).

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While the token has been decreasing since, it has managed to hold on above the $36 support level, This area previously acted as resistance on May 26.

Despite being above support, technical indicators are gradually turning bearish. The RSI is in the process of crossing below 50 and the MACD is almost negative.

SOL daily movement
Chart By TradingView

Current breakdown

Cryptocurrency trader @Altcoinsherpa outlined a SOL chart, stating that until the token moves outside the current range, the direction of the trend cannot be determined.

SOL Range
Source: Twitter

The resistance area of the range is the same as the previously outlined $36 resistance area. On the other hand, the closest support is the 0.5 Fib retracement (white) support level at $31.5.

There are several bearish signs in place. First, the upward movement looks like an A-B-C corrective structure, since it is a three wave instead of a five wave structure. Second, SOL has broken down from an ascending support line and validated it as resistance afterwards.

Finally, technical indicators are bearish, similarly to those in the daily time-frame.

Therefore, a decrease towards the $3.50 support area and potential breakdown are likely.

SOL Support Breakdown
Chart By TradingView

SOL/BTC

The SOL/BTC chart has some similarities to its USD counterpart. It has broken down from an ascending support line and is trading just above the horizontal support level of 92,000 satoshis.

In addition, technical indicators are bearish. This is especially evident by the imminent bearish cross in the Stochastic oscillator (red icon).

Therefore, a drop to this area and potential breakdown could transpire.

SOL/BTC Movement
Chart By TradingView

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

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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.

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Source: https://beincrypto.com/sol-attempts-to-find-support-after-breakdown/

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DGB Technical Analysis: Support Levels of $0.0489, $0.0468, and $0.0441 Will be Tested

DGB price has tested and fallen below the 23.6% FIB retracement level of $0.0503. It may soon fall below the FIB retracement level of $0.488. Thereafter, we have to wait and watch if the price retests and breaks out of these levels.

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DigiByte is an open-source blockchain creation platform. It was started in 2014 on the nodes of bitcoin. It was originally built to improve security, capacity, and transaction speed than blockchain. Also, DGB uses five separate algorithms to maintain privacy and prevent miners from getting too much power. The following DBG technical analysis will predict the price trends for the next few days:

Past Performance

On June 12, 2021, DGB opened at $0.06. On June 18, 2021, DGB closed at $0.05. Thus, in the past week, the DGB price has decreased by approximately 16.28%. In the last 24 hours, DGB has traded between $0.483 – $0.548.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/dgb-technical-analysis-support-levels-of-0-0489-0-0468-and-0-0441-will-be-tested.png

https://www.tradingview.com/x/p61sR6IE/

Day-Ahead And Tomorrow

Currently, DGB is trading at $0.0491. The price has decreased from the day’s opening price of $0.054. Thus, it seems like bears have taken control of the market.

READ  US SEC Accuses Ripple of Violating Investor-Protection Laws

The MACD and signal lines are in the negative zone. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the DGB price may decline further.

Currently, the RSI indicator is at 34%. It faced rejection at 52.84% and has fallen straight to this level. Thus, it indicates that the selling pressure is high in the market. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.

The OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the DGB price.

In short, when we look at all three oscillators, we can say that the price may continue to fall. However, we cannot rule out the possibility of a trend reversal.

READ  Circle Coordinates With the U.S. Government, Airtm to Aid Healthcare Workers

DGB Technical Analysis

Currently, the price is below the second Fibonacci pivot point of $0.0503. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $0.0489, $0.0468, and $0.0441, respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $0.0503. It may soon fall below the FIB retracement level of $0.488. Thereafter, we have to wait and watch if the price retests and breaks out of these levels.

#DGB #DigiByte

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Source: https://www.cryptoknowmics.com/news/dgb-technical-analysis-support-levels-of-0-0489-0-0468-and-0-0441-will-be-tested

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Is Cardano Price Poised For 500% Rally? ADA Price to Hit $10 By 2021 End

ada price jump (1)

The post Is Cardano Price Poised For 500% Rally? ADA Price to Hit $10 By 2021 End appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Cardano Price Massive Rally Ahead! Bitcoin fell on Friday, surprising investors who had anticipated a rebound. As Bitcoin prices began to fall, Ethereum also followed suit. Cardano price has been falling in tandem with the flagship crypto, and it is on the verge of more declines. ADA began the day with a mixed performance. It …

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Cardano Price Massive Rally Ahead!

Bitcoin fell on Friday, surprising investors who had anticipated a rebound. As Bitcoin prices began to fall, Ethereum also followed suit. Cardano price has been falling in tandem with the flagship crypto, and it is on the verge of more declines.

ADA began the day with a mixed performance. It must find support if it is to gratify optimistic investors by breaking over resistance at $1.60. There is lower-level support at $1.20 and $1.40, and traders will need to wait for a buying signal before entering.

This week, the first-ever Plutus smart contract went live on testnet, as part of Cardano’s continuous enhancements. While Cardano’s improvements have been positively received, ADA has been struggling due to market corrections. The network went through the Mary hard fork in March, bringing native multi-asset functionality to the Cardano ecosystem. 

Ultra Bullish Predictions for ADA Price!

In a post to his 134,000 Twitter followers, the crypto expert known as Capo stated that he is quite optimistic about ADA. He predicted last Sunday that Bitcoin, Ethereum, and Cardano are still “very likely” to reach $100K, $10K, and $10 by the end of the year. The trader went on to share that ADA is one of his biggest crypto holdings, and considers it to be superior to Bitcoin and Ethereum.

Capo forecasts a 156% increase in Bitcoin, a 302% increase in Ethereum, and a huge 557% increase in Cardano. ADA, which began the year with a positive trend, reached an all-time high of $2.4 in May 2021, before plummeting dramatically when the market fell.

The crypto influencer, who has been super bullish on Cardano for quite a while, said that $ADA remains one of the largest holdings in his portfolio.

The Bitcoin Dominance Index, according to Capo, may continue to decrease until October. This downward trend may force altcoins to make significant gains in the coming months. Because most ALTS have had large market corrections against Bitcoin in recent weeks, Capo believes that a pullback presents an opportunity to purchase the dip.

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Source: https://coinpedia.org/price-analysis/cardano-price-ada-price-massive-upswing/

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Ethereum’s London hard fork set to hit testnets on these dates

The world’s largest altcoin, Ethereum, is trending in the news today following its most recent development. As per the same, the much-anticipated London hard fork will soon be making its way to Ethere

The post Ethereum’s London hard fork set to hit testnets on these dates appeared first on AMBCrypto.

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The world’s largest altcoin, Ethereum, is trending in the news today following its most recent development. As per the same, the much-anticipated London hard fork will soon be making its way to Ethereum testnets.

According to a blog post released by the Ethereum Foundation, Ethereum core developer Tim Beiko has announced the set block heights for three testnets – a key penultimate step toward a full mainnet launch. London will go live on the Ropsten testnet around 24 June, followed by Goerli on 30 June, and Rinkeby on 7 July.

The aforementioned blog added,

“As of now, only the testnets (Ropsten, Goerli, Rinkeby) have been scheduled for London. Once the upgrade has successfully been activated on these networks, a block will be set for the Ethereum mainnet and be communicated on this blog and in other venues.”

This upgrade falls in line with Berlin, which was activated a few months ago on the Ethereum mainnet.

Furthermore, the hard fork will include five Ethereum Improvement Proposal (EIP) upgrades which are amendments to the blockchain’s code that must be broadly agreed upon by community members before adoption. These include,

The EIP-1559: Fee market change for ETH 1.0 chain.

EIP- 3198: BASEFEE opcode

EIP-3529: Reduction in refunds

EIP-3541: Reject new contracts starting with the OxEF byte

EIP-3554: Difficulty Bomb delay to December 1st, 2021

Moving on, the famed yet controversial update EIP-1559 remains the major highlight in the aforementioned list. The said upgrade is expected to reduce gas costs for users significantly BUT also might deduct around 50% of miner revenues. This was one of the reasons why it sparked a ‘miner revolt‘.

On the other side, the blog portrayed the change as,

“The decentralized nature of blockchain systems makes a network upgrade more difficult. Network upgrades in a blockchain require cooperation and communication with the community, as well as with the developers of the various Ethereum clients in order for the transition to go smoothly.”

At the time of writing, Ethereum was trading around the $2,238 price level with a correction of about 4.2% in the past 24 hours.


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Source: https://ambcrypto.com/ethereums-london-hard-fork-set-to-go-live-on-testnets-on-these-dates

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