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Which Cryptocurrency Will Explode June 2021 Week 2?

The cryptocurrency market continues to weather bad news. Its value plunged by more than 9% overnight, after the US government revealed it had recovered $2.3 […]

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The cryptocurrency market continues to weather bad news. Its value plunged by more than 9% overnight, after the US government revealed it had recovered $2.3 million in bitcoin paid out following the Colonial Pipeline ransomeware attack. (It’s likely that the FBI obtained the private key for the address from which it recovered the BTC.)

Bitcoin (BTC) and ethereum (ETH) fell by close to 10%, while certain smaller altcoins have dropped by nearly 15%. But even though the news adds more fuel to the bearish fire currently burning in crypto, a dip always offers an opportunity to buy cheap. That’s why we’re considering which cryptocurrency will explode once the market recovers.

Top of the list is bitcoin (BTC). It has led today’s market-wide fall, which puts it in a position to lead the recovery. Data also indicates that hoarding behaviour among long-term holders is setting it up for a strong future surge. However, Binance coin (BNB) and iota (MIOTA) are also worth highlighting, since their larger drops potentially line them up for larger recoveries.

Which Cryptocurrency Will Explode June 2021 Week 2?

1. Buy Bitcoin (BTC)

Bitcoin has been the bringer of bad news today, pulling down the entire market. That said, the market’s obvious correlation with bitcoin indicates that it won’t jump up again without BTC leading the charge. This is why bitcoin is a relatively safe bet: if any coins rise, it won’t be without BTC rising first.

Still, the current price data doesn’t look too great. Bitcoin is down by nearly 10%, as of writing. It started the 24-hour period at $36,232 and it currently teeters on $32,755. It is also down by 15% over the past fortnight and 44% over the past month. However, it remains up — by 236% — across the past year. At the same time, the recent dips highlight how it could be primed to make a significant recovery.

Bitcoin (BTC) price chart - which cryptocurrency will explode

Supporting the suspicion of an eventual strong recovery is on-chain data. Posting to Twitter, glassnode co-founders Yann Allemann and Jan Happel noted that the circulating supply of bitcoin has been steadily declining in recent days and weeks.

They also observed that long-term holders are accumulating increasing quantities of bitcoin.

Basically, this suggests that long-term holders are creating a supply squeeze, buying up bitcoin at a discount as it falls. The eventual result of this could be that bitcoin jumps back with defiance at some point in the coming months. As such, it may be worth buying up gradually using a dollar or pound (or whatever else) cost-averaging approach.

2. Binance coin (BNB)

Binance coin (BNB) is arguably another cryptocurrency which will explode as the market recovers. This is largely because of the privileged place it occupies within the Binance ecosystem. Given that it offers discounts at Binance and also powers the growing Binance Smart Chain, it’s likely to be a relative safe haven compared to other coins.

At the same time, it has fallen by just over 11% in the past 24 hours. This may seem bad, but BNB has been fairly stable over the past week and the past fortnight. It’s also 1,919% up compared to its price a year ago. This combination of a short-term dive with long-term stability and growth suggests that it could be one of the strongest recoverers.

Binance coin (BNB) price chart - which cryptocurrency will explode

Binance Smart Chain continues to attract new platforms and applications. For example, PumaPay recently moved to BSC from Ethereum, which continues to grapple with higher-than-average fees. It has also accommodated recent launches from Kesef Finance and Yieldly, to name only two.

It therefore continues to grow. And with it, we should expect BNB to grow as the wider cryptocurrency market recovers.

3. Buy Iota (MIOTA)

Iota (MIOTA) is another cryptocurrency which has fallen quite heavily in the past 24 hours. It dived by just over 14% in the past day, from $1.29 to $1.10. Despite this, it’s likely to be another strong performer as the market picks up.

Its medium-term performance is comparatively good. Its price is basically unchanged compared to a week ago (BTC is down by nearly 12%). Over the past fortnight, it has actually risen by 4%, while BTC has slid by nearly 15%. It’s also up by 350% over the past year, outperforming BTC yet again.

Iota (MIOTA) price chart

As a platform (providing a blockchain for the Internet of Things), Iota remains highly promising. It recently launched the developer network for Iota 2.0, which will decentralise its network by removing the need for a central coordinator. And as the only major blockchain for the IoT, it may eventually take off once smart technologies become more widespread. In this respect, it’s worth noting that it opened the year by announcing a partnership aimed at spearheading smart cities in South Korea and South East Asia.

And given that it remains one of the few cryptocurrencies that hasn’t passed its 2017 ATH during the 2021 bull market, it could be another cryptocurrency which will explode once the market recovers.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://insidebitcoins.com/news/which-cryptocurrency-will-explode-june-2021-week-2

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El Salvador And Bitcoin: Jack Mallers Reveals The Inside Scoop

It might be the biggest story of 2021. Since El Salvador made Bitcoin legal tender, all eyes are on the Central American nation. Strike’s Jack Mallers was the person that delivered this world-shattering news. The exclusive closed the Bitcoin 2021 conference in Miami, talk about leaving on a high note.  Related Reading | Bitcoin Incentivizes […]

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It might be the biggest story of 2021. Since El Salvador made Bitcoin legal tender, all eyes are on the Central American nation. Strike’s Jack Mallers was the person that delivered this world-shattering news. The exclusive closed the Bitcoin 2021 conference in Miami, talk about leaving on a high note. 

Related Reading | Bitcoin Incentivizes Green Energy Infrastructure And Elon Agrees. Here’s Proof

Why was this young man the messenger? Well, that’s the story we’re here to summarize. Mallers was the guest in a recent episode of the “What Bitcoin Did” podcast and revealed the in and outs of this potentially world-changing event. As you might suspect, it all started in the Bitcoin Beach community way before Mallers arrived. In fact, in part, he went to El Salvador to check out the project.

El Salvador Makes Bitcoin Legal Tender, Chronology Of Events

  • In late February/ early March, Jack Mallers arrived at Bitcoin Beach. He wanted to “understand what was happenning.”
  • He lived in El Zonte for a month, at first. “I want to give Bitcoin Beach all the credit. They’re the reason I went to El Salvador.” 
  • Then he went to San Salvador. Strike was all over the news. Remittances are a big thing in El Salvador and their service does them for free by using the Lightning Network.
  • He got a Direct Message through Twitter. It was from President Bukele’s brother. He was scared at first. He didn’t know if he was in trouble. They wanted a meeting.
  • He tried to push the meeting a week. They got into a message exchange about the lack of financial inclusion in the country. The presidency saw Bitcoin as an integral part of the world’s future. They thought El Salvador was uniquely positioned to take the first step.
  • The presidency pushed the meeting for the next day. Jack Mallers was still scared. He went with a friend and had another one waiting to call the U.S. Embassy if something went wrong.
  • He went. He and President Bukele’s brother talked about financial inclusion, open networks, free markets. How the existing financial system is broken. And about how Bitcoin could play a role in improving the country and improving the world. 
  • They met a few more times and exchanged ideas about Bitcoin.

Jack Mallers Goes Back To The U.S. And Then

  • Two days later, the presidency calls him and tells him they’re going to make Bitcoin legal tender. They want to rebuild the country’s financial infrastructure and be a representation for the entire world. 
  • He went back to El Salvador. They talked every day, he advised them on the bill, implementation, and why it had to be Bitcoin only. 
  • Jack Mallers gives credit to a lot of Bitcoiners in the space. He called them and asked for advice. Mallers doesn’t give out the names because they might want to remain anonymous. 
  • He advised that they should use the Bitcoin standard. Other coins will introduce slippage and inflation to the system, “You want to subscribe to a hard money monetary policy that’s defended by a distributed network. And not exposed to any central point of failure, and that’s Bitcoin.”
  • He left the country to go to Indianapolis for another little project he was working on.
  • The presidency of El Salvador had the idea of announcing it at the Bitcoin 2021 conference.
  • Jack Mallers goes to Miami. He receives President Bukele’s video the day before his speaking slot at the conference. 
  • He stayed up all night crafting the talk and designing the slides. 
  • Mallers goes to the conference and hosts two panels during the day. 
  • The time comes, he gets on stage and all his notes were gone. Of course. Mallers improvises and gives this speech.

Important Quotes About Strike’s Role In El Salvador

There’s no commercial agreement between Strike and the government of El Salvador.

In fact, I advised and gave my opinion of the opposite. The economies of scale and network effects associated with open networks are so powerful. Just by plugging in to them you’re going to get the freemarket competition that every country would die for.

Related Reading | How El Salvador Embracing Bitcoin Signifies “The Separation Of Money And State”

The reason Jack Mallers went to El Salvador was

To see if Stike can be helpful to solve the remittance problem, and onboard a relatively small country. A country that’s not included in the financial system. A country that is abused by financial intermediaries and financial institutions. And give them access to this new monetary network.

BTCUSD price chart for 06/19/2021 - TradingView

BTC price chart on Bittrex | Source: BTC/USD on TradingView.com

Important Quotes About The Bitcoin Open Network

One of the insights that has to be conceptually understood is that we in Strike view Bitcoin as the best monetary network. In fact, it’s the best monetary network conceived in human history.” 

It’s open. It’s ultimately inclusive to everyone on the planet. It works in the developing world the same as it works in the developed world.

Before we go, know that Peter McCormack filmed the whole sequence of events and has some kind of film coming out soon.

Featured Image by Oswaldo Martinez on Unsplash - Charts by TradingView

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Source: https://bitcoinist.com/el-salvador-and-bitcoin-jack-mallers-reveals-the-inside-scoop/?utm_source=rss&utm_medium=rss&utm_campaign=el-salvador-and-bitcoin-jack-mallers-reveals-the-inside-scoop

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Bitcoin: ‘Magic’ of the Golden Ratio to the rescue?

It has been more than a month now and Bitcoin, the world’s largest crypto, has remained in the lower $30k to the mid $40k price band. This range is set to be Bitcoin’s “new home” for the next few we

The post Bitcoin: ‘Magic’ of the Golden Ratio to the rescue? appeared first on AMBCrypto.

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It has been more than a month now and Bitcoin, the world’s largest crypto, has remained in the lower $30k to the mid $40k price band. This range is set to be Bitcoin’s “new home” for the next few weeks. Additionally, as our recent analysis pointed out, the crypto asset’s price is set to further consolidate under the $41,500-resistance level. 

An “upward rally” or an “uptrend” is something that Bitcoin hasn’t seen over the past few days. Amidst the death cross narrative doing the rounds, the aforementioned phrases have sort of become alienated to the community now. Nevertheless, there is something to cheer about.

The “Magic” of the Golden Ratio

Source: Twitter

A pseudonymous analyst recently highlighted that after every downtrend (encapsulated within the red region), whenever Bitcoin’s price has shown signs of recovery, it has broken past the 1.0 Fibonacci level (light green line). Next, its price has only surged beyond 1.618 or the ‘golden ratio’ (dark green line). The market has then always used the same level as support to further continue its uptrend. 

What’s more, after retesting the aforementioned level, the crypto has always gone to touch its genuine cycle top. Commenting on similar lines, the analyst added, 

“Every cycle, Bitcoin recovers from its previous bear market, then exceeds the recovery by 61.8% on the downside (market at 1.618).”

The analyst went on to add, 

“Every cycle, after exceeding above the 1.618, BTC has tested this level for support before 🚀 (surging).”

Bitcoin’s price, for now, is yet to successfully sustain a breach of the $40k level. At press time, BTC had fallen by over 4% in 24 hours, with the crypto valued at $35,638.

Interestingly, all the previous sell-offs have eventually pushed Bitcoin towards the golden ratio and the price has been subject to its “magic.” Looking at the prevailing market scenario, Bitcoin has already breached the 1.618-level, as indicated by the chart. Looking at past precedents and keeping the ‘cyclic’ nature of Bitcoin in mind, the odds of an uptrend from this level seem to be quite likely. All in all, the ‘golden ratio’ might act as Bitcoin’s bottom before the next uptrend begins.

Well, even though an uptrend is on the cards, there is no surety of when it will exactly happen. However, the analyst went on to contend,

“This Bitcoin Year of the Bull is not over. Much more to come – and the price will go much higher.”


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-magic-of-the-golden-ratio-to-the-rescue

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QNT Technical Analysis: Price Below the Fibonacci Pivot Point of $72.67

QNT price has tested and fallen below the 23.6% FIB retracement level of $72.18. The price may soon fall below the 23.6% FIB extension level of $69.82 as well. Thus, as of now, the bearish forces are strong. Therefore, we can expect the price downtrend to continue today as well as tomorrow.

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The Quant Network is the first blockchain network to develop the Overledger DLT gateway – an enterprise-grade DLT (Distributed Ledger Technology) gateway. This gateway ensures enterprises achieve interoperability across multiple blockchains systems and DLTs. It also aids in cross-chain interconnectivity. It is a speedy, straightforward, and secure ecosystem. QNT is the native token of this network. Technical Analysis of QNT is as follows.

Past Performance

On Jun 12, 2021, QNT opened at $51.71. On Jun 18, 2021, QNT closed at $71.01. Thus, in the past week, the QNT price has increased by roughly 37%. In the last 24 hours, QNT has traded between $71 – $76.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/qnt-technical-analysis-price-below-the-fibonacci-pivot-point-of-72-67.png

https://zephyrnet.com/wp-content/uploads/2021/06/qnt-technical-analysis-price-below-the-fibonacci-pivot-point-of-72-67.png

Day-Ahead and Tomorrow

Currently, QNT is trading at $75. The price has increased from the day’s opening price of $71.01. Thus, the market seems bullish.

READ  Will Ethereum undergo a 27% surge or a 16% drop?

The MACD line has turned negative while the signal line is still positive.  In other words, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bearish.  Hence, we can expect the price to start falling.

Currently, the RSI indicator is at 25% – deep into the ‘oversold’ region. It faced rejection at 60% and fell to the current level. Hence, selling pressures are very high. Heavy offloading of crypto will push its price further down. It is a good time for traders to go long.

Besides, the OBV indicator has also fallen steeply. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the QNT price. In short, all three indicators have shown bearish signals.

READ  Miller Value Funds to Invest in Bitcoin via Grayscale Bitcoin Trust

QNT Technical Analysis

Currently, the price is below the Fibonacci pivot point of $72.67. It may soon fall below the first Fibonacci pivot support level of $70.76. If the bears remain strong till day end, then the price may fall below the subsequent support levels of $69.58 and $67.67, respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $72.18. The price may soon fall below the 23.6% FIB extension level of $69.82 as well. Thus, as of now, the bearish forces are strong. Therefore, we can expect the price downtrend to continue today as well as tomorrow.

#QNT #The Quant Network

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/qnt-technical-analysis-price-below-the-fibonacci-pivot-point-of-72-67

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Decentral Games Announces $5M Capital Raise With New Partners

Metaverse casino Decentral Games has announced its latest multimillion-dollar capital raise, owing to some brand-new partnerships

The post Decentral Games Announces $5M Capital Raise With New Partners appeared first on BeInCrypto.

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Metaverse casino Decentral Games has announced its latest multimillion-dollar capital raise, owing to some brand-new partnerships

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The decentralized app (dApp) ecosystem revealed in a post, published on their website on June 18, that they had completed a $5 million capital raise. With their statement, they welcomed new partners across the globe. More specifically, they have forged official partnerships with crypto investment firms and networks such as Collab+Currency, Genesis Block Ventures, Cluster Capital, and AU21 Capital. ID Theory, a crypto-asset investment firm based in London, have also partnered with them.

In addition, Swiss venture capital firm Bitscale Capital, as well as Metaverse Ventures, a subsidiary of Digital Currency Group, are also on the list.

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The company stated that the additional capital will go towards bolstering its team in the product development and marketing departments. They noted that, to keep up with community demand, Decentral Games’ team had already increased from 10 to 43 employees.

Decentral Games also revealed they will use some of the money to accelerate development of additional features and future crypto-enabled games. The company named DG Poker, DG multi-table Tournament Poker, and DG CyberSakura Slots as examples.

The company also took to its official Twitter to release a 10-tweet thread, summarizing the highlights of this latest investment. They also elaborated on their growth, in line with that of their community. One tweet read:

“Since launching the $DG token and games on mainnet in December 2020, betting volumes have increased quarter over quarter and recently eclipsed a landmark $70 million. The DG DAO [decentralized autonomous organization] treasury remains well capitalized with over $8 million in assets.”

They noted their revenue, to date, was primarily made up of gameplay proceeds. Plus Polygon node staking rewards and sales of wearable non-fungible tokens (NFTs).

Existing partner send congratulations

One of Decentral Games’ biggest moves this year is their partnership with video game giant Atari. They announced their collaboration back in March, which was to launch a cryptocurrency casino. 

Atari sent Decentral Games a congratulatory message via the Atari Token (ATRI) official Twitter account.

The Atari Casino takes up a 20-parcel estate in the casino quarter of Vegas City on Decentraland. It launched with a virtual party at the end of April, featuring DJ Dillon Francis. The musician also collaborated with a visual artist to create three special NFTs, all inspired by Gerald the Piñata. They were auctioned off as part of the casino’s launch.

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.

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/decentral-games-announces-5m-capital-raise-with-new-partners/

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