Not a popular review but a clean break below 30k on BTC we could see sell offs upto 14k. That would be around an 80% bubble pop from the highs, which would be consistent with previous BTC cycles. If we're instead going much higher, we should find support in the 30-40k area. Could be weeks to months before the uptrend resumes. NFA. 🙏. #Decryptedge
Over 30% of Britons Would Invest in #Cryptocurrencies if it was Regulated, #ElSalvador Looks to become the 2nd Country to adopt #Bitcoin as Legal #Tender. Thoughts on the market 06.07. 2021
#Bitcoin rolled back to 34K over the weekend, reaching local lows of 34800 on #Binance exchange. The correction was bought out and the main cryptocurrency went up. At the time of writing, Bitcoin is trading at 36,500. Total Crypto Market capitalization is at $1.67 Trillion, and BTC dominance index of 41.0%.
Equity markets opened slightly lower. As of now, S&P 500 futures are down 0.12%. Gold, silver and oil are also falling. Asian indices are trading in different directions.
Bitcoin worked out an alternative version of Friday and Saturday analysis with a price drop below 36K, and price retracing to 34800 on Binance, now it has returned above 36K. Altcoins also sank, with ETH falling below $ 2,600 and BNB below $ 400.
Plan for today. If Bitcoin cannot break through the 37K resistance and gain a foothold at this level, we can again go to 35,500-35,000. But I still expect a breakthrough towards 37K and higher, which will be the priority option (again, if there is no FUD)
Good. El Salvador will be the 2nd country to declare Bitcoin legal tender, President Naib Bukele announced this during the Bitcoin 2021 conference. And while El Salvador is a small country, this is a move that could cause a domino effect. Contrary to news going around Japan was the 1st country to treat Bitcoin as legal tender. In 2016, Japan amended its Payment Services Act and Fund Settlement Law in a landmark legislative action that would forever alter the face of crypto regulation in Japan. An extract from the documents reads:
Article 2, paragraph 5 of the amended PSA defined Bitcoin and other cryptocurrencies as:
1. Property value that:
– can be used by unspecified persons for payment of equivalent value for purchased goods, rental fees, or services,
– can be purchased by or sold to unspecified persons
– is transferable via an electronic data processing system (limited to property values that are stored electronically on electronics, excluding currency and currency denominated assets); or
2. Property value that can be mutually exchangeable for one above with unspecified persons and is transferable via an electronic data processing system.
Interesting: Square is investing $ 5 million in sustainable bitcoin mining by startup Blockstream, a Bitcoin infrastructure startup, announced their collaborative effort with Square, Inc., the financial services and digital payments company headed by Jack Dorsey, to build an open-source, solar-powered Bitcoin mining facility at one of Blockstream’s mining sites in the United States.
Lastly, finance outlet This is Money, in conjunction with Coinbase, carried out research to ascertain the interest of Britons investing in cryptocurrencies. The study revealed over a third of the British public is apathetic to buying into cryptocurrency due to a lack of regulation. However, half of those surveyed aged between 30 and 39; declared more accessible information would make them keener on investing.
Remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
#Bitcoin rolled back to 34K over the weekend, reaching local lows of 34800 on #Binance exchange. The correction was bought out and the main cryptocurrency went up. At the time of writing, Bitcoin is trading at 36,500. Total Crypto Market capitalization is at $1.67 Trillion, and BTC dominance index of 41.0%.
Equity markets opened slightly lower. As of now, S&P 500 futures are down 0.12%. Gold, silver and oil are also falling. Asian indices are trading in different directions.
Bitcoin worked out an alternative version of Friday and Saturday analysis with a price drop below 36K, and price retracing to 34800 on Binance, now it has returned above 36K. Altcoins also sank, with ETH falling below $ 2,600 and BNB below $ 400.
Plan for today. If Bitcoin cannot break through the 37K resistance and gain a foothold at this level, we can again go to 35,500-35,000. But I still expect a breakthrough towards 37K and higher, which will be the priority option (again, if there is no FUD)
Good. El Salvador will be the 2nd country to declare Bitcoin legal tender, President Naib Bukele announced this during the Bitcoin 2021 conference. And while El Salvador is a small country, this is a move that could cause a domino effect. Contrary to news going around Japan was the 1st country to treat Bitcoin as legal tender. In 2016, Japan amended its Payment Services Act and Fund Settlement Law in a landmark legislative action that would forever alter the face of crypto regulation in Japan. An extract from the documents reads:
Article 2, paragraph 5 of the amended PSA defined Bitcoin and other cryptocurrencies as:
1. Property value that:
– can be used by unspecified persons for payment of equivalent value for purchased goods, rental fees, or services,
– can be purchased by or sold to unspecified persons
– is transferable via an electronic data processing system (limited to property values that are stored electronically on electronics, excluding currency and currency denominated assets); or
2. Property value that can be mutually exchangeable for one above with unspecified persons and is transferable via an electronic data processing system.
Interesting: Square is investing $ 5 million in sustainable bitcoin mining by startup Blockstream, a Bitcoin infrastructure startup, announced their collaborative effort with Square, Inc., the financial services and digital payments company headed by Jack Dorsey, to build an open-source, solar-powered Bitcoin mining facility at one of Blockstream’s mining sites in the United States.
Lastly, finance outlet This is Money, in conjunction with Coinbase, carried out research to ascertain the interest of Britons investing in cryptocurrencies. The study revealed over a third of the British public is apathetic to buying into cryptocurrency due to a lack of regulation. However, half of those surveyed aged between 30 and 39; declared more accessible information would make them keener on investing.
Remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
Bitcoin Won't Work in El Salvador, Bitcoin Leaves Exchanges, and U.S. Partially Recovers Multi-Million Dollar Cryptocurrency Ransom Paid to Colonial Pipeline Hackers. Thoughts on the market 08. 06. 2021
Bitcoin lost support at 36K during the day, after which it went down, reaching a low of 32351 on Binance. Bitcoin is currently trading at around 32,800. Total Crypto Market capitalization is at $1.49 Trillion, with BTC dominance index of 41.4%.
The stock market finished trading on Monday in different directions. The Dow Jones fell 0.36%, the S&P 500 fell 0.08%, and the NASDAQ rose 0.49%. The dollar index dropped 0.18% to 89.972. Gold and silver also fall.
There is no particular positive with the crypto market either, some top 10 cryptocurrencies lost from 10 to 15% of their value. Capitalization is now below $ 1.5 trillion, and the dominance index fell to 41.1%. Not even MicroStrategy CEO Michael Sailor, who announced that he plans to buy $ 400 million worth of BTC, pushed the market. At the moment MicroStrategy owns 92079 BTC worth more than 3.37 billion. News that El Salvador will declare Bitcoin a legal tender too did not produce any results. Paraguay on the way too. In our view Bitcoin will not be able to succeed in this country. They will likely be forced to ditch Bitcoin (assuming they accept it in the first place), and go for an altcoin that’s cheaper, inexpensive, and more realistic for payments. Some of the reasons are:
▪️High Bitcoin Transaction Fees,
▪️Lack of Infrastructure to support Bitcoin, and
▪️El Salvador’s Corruption and Anti freedom. I could share a read on this later today.
We are seeing headlines that Bitcoin is dead and another crypto winter has begun, this can be traced on comments, and direct messages sent to us, asking when bitcoin is going to recover. Some individuals are even writing about Bitcoin for $100 and below. I ask everyone to turn on their brains and not pay attention to such analysts, because panic mode is now in the kitchen. Going by the Crypto Fear & Greed Index shared, now, yesterday and last week saw figures of 13, 15 and 20 simultaneously. Back in March and April 2020 we saw these numbers amount to -40% monthly candles. Only the deer sell in the red, while others are picking up and waiting for new growth. Nobody can predict the market movement 100%, you can only give direction and support / resistance levels, relying on technical and fundamental analysis, analytical tools, experience and understanding of the market. Going out and piling up in the comments about Bitcoin for $ 100 is not an analysis tool.
Here is the tool. Data from analytical agency Glassnode indicates that Bitcoin is leaving exchanges at the fastest pace since November last year, and the amount of Ether on the leading cryptocurrency exchanges has reached its lowest level in more than two years. Investors move their crypto from trading floors to cold storage, i.e. expect that the market will grow to new heights and for this there are all the prerequisites that I write in almost every review.
Plan for today. If Bitcoin cannot gain a foothold above 33000-33500, then again we can test 30K, a fall below it, you know where that leads us.. I shared on Sunday. Leaving and fixing above 33K will open the way for 34-35K.
Bitcoin lost support at 36K during the day, after which it went down, reaching a low of 32351 on Binance. Bitcoin is currently trading at around 32,800. Total Crypto Market capitalization is at $1.49 Trillion, with BTC dominance index of 41.4%.
The stock market finished trading on Monday in different directions. The Dow Jones fell 0.36%, the S&P 500 fell 0.08%, and the NASDAQ rose 0.49%. The dollar index dropped 0.18% to 89.972. Gold and silver also fall.
There is no particular positive with the crypto market either, some top 10 cryptocurrencies lost from 10 to 15% of their value. Capitalization is now below $ 1.5 trillion, and the dominance index fell to 41.1%. Not even MicroStrategy CEO Michael Sailor, who announced that he plans to buy $ 400 million worth of BTC, pushed the market. At the moment MicroStrategy owns 92079 BTC worth more than 3.37 billion. News that El Salvador will declare Bitcoin a legal tender too did not produce any results. Paraguay on the way too. In our view Bitcoin will not be able to succeed in this country. They will likely be forced to ditch Bitcoin (assuming they accept it in the first place), and go for an altcoin that’s cheaper, inexpensive, and more realistic for payments. Some of the reasons are:
▪️High Bitcoin Transaction Fees,
▪️Lack of Infrastructure to support Bitcoin, and
▪️El Salvador’s Corruption and Anti freedom. I could share a read on this later today.
We are seeing headlines that Bitcoin is dead and another crypto winter has begun, this can be traced on comments, and direct messages sent to us, asking when bitcoin is going to recover. Some individuals are even writing about Bitcoin for $100 and below. I ask everyone to turn on their brains and not pay attention to such analysts, because panic mode is now in the kitchen. Going by the Crypto Fear & Greed Index shared, now, yesterday and last week saw figures of 13, 15 and 20 simultaneously. Back in March and April 2020 we saw these numbers amount to -40% monthly candles. Only the deer sell in the red, while others are picking up and waiting for new growth. Nobody can predict the market movement 100%, you can only give direction and support / resistance levels, relying on technical and fundamental analysis, analytical tools, experience and understanding of the market. Going out and piling up in the comments about Bitcoin for $ 100 is not an analysis tool.
Here is the tool. Data from analytical agency Glassnode indicates that Bitcoin is leaving exchanges at the fastest pace since November last year, and the amount of Ether on the leading cryptocurrency exchanges has reached its lowest level in more than two years. Investors move their crypto from trading floors to cold storage, i.e. expect that the market will grow to new heights and for this there are all the prerequisites that I write in almost every review.
Plan for today. If Bitcoin cannot gain a foothold above 33000-33500, then again we can test 30K, a fall below it, you know where that leads us.. I shared on Sunday. Leaving and fixing above 33K will open the way for 34-35K.
Donald Trump claims Bitcoin is a scam and says it should be regulated "very, very high". (Source). On a good note The United States has partially recovered a multi-million dollar ransom for the cryptocurrency paid to the hackers who organized the attack on the pipeline. The federal investigators have managed to recover 63.7 BTC out of the 75 BTC that were paid to the bad actors, according to court documents. On the other hand, Biden's national security adviser says the G7 needs to "deal with the cryptocurrency problem." In a White House press briefing on Monday, National Security Advisor Jake Sullivan addressed growing concerns over ransomware and the increasingly visible strikes against high-profile companies and public infrastructure in recent weeks. If it were a cash ransom could it have been recovered?
Remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
Remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
#IRS Boss Asks #Congress for Additional Tools for Regulating #Cryptocurrencies as #Amazon Job Listing Seeks #DeFi Experience. Thoughts on the market 09. 06 . 2021
Bitcoin yesterday fell below 32K, reaching lows of 31,000 on #Binance, such the correction was gradually bought out and price moved to growth. At the time of writing, Bitcoin is trading at 33,406. Total Crypto Market capitalization is at $1.48 Trillion with BTC dominance index of 41.4%.
The stock market finished trading on Tuesday in different directions. The Dow Jones fell 0.09%, the S&P 500 rose 0.02%, and the NASDAQ rose 0.31%. The dollar index rose 0.20% to 90.123. Oil is growing.
With a negative breeze on the crypto market, Bitcoin could not gain a foothold above 33K and went down to 31,000 on Binance Exchange. The sell off began after the announcement that the US FBI had reclaimed a portion of the bitcoin ransom paid to DarkSide hackers following the Colonial Pipeline attack. Many believed that the American authorities had the opportunity to hack cryptocurrency wallets and began to sell their assets, but in fact the FBI simply requested access to the wallet from the provider. Total misdirection and FUD.
Plan for today. If Bitcoin cannot gain a foothold above 34K, then again we can test 31-30K, I still consider a fall below. Leaving and fixing above 34K will open the way to 35K and above. Major support levels are 31-30 and resistance at 33500-34000.
To the positive, Mexico and Panama join the rapidly growing list of Latin American countries accepting Bitcoin. El Salvador, Paraguay, Panama, Mexico have already jumped on the train, who's next? Yesterday I said that MicroStrategy wants to buy Bitcoin for 500 million, and the company's investors want for 1.6 billion.
Interestingly, Amazon listed a job posting titled “head of product, blockchain,” that is looking for an individual who is passionate about decentralized networks. “Do you want to define the future direction for how Amazon Web Services (AWS) will enable customers to solve problems and innovate with blockchain technology across a wide range of industries and use cases?” asks the post. Source. This reminds us of TIME, APPLE, PAYPAL, VISA, EBAY who already did so and followed through.(https://t.me/decryptedge/541 )
The IRS has requested new powers to regulate cryptocurrencies. Charles Rettig, the head of the U.S. Internal Revenue Service, during a Senate Finance Committee hearing yesterday said, “We do need additional tools. We absolutely need additional resources.” Rettig added that the IRS "would appreciate" working with Congress.
Lastly Warren Buffett's company invests $ 500 million in a digital bank that works with Bitcoin. Berkshire Hathaway has invested half a billion USD into Brazilian digital bank Nubank. It first appeared on CNBC's Disruptor 50 list in 2021. The curious thing here is that Nubank has acquired Easynvest brokerage company and, together, the two financial firms plan to offer their customers investments in Bitcoin ETFs. Nubank and Easynvest have been negotiating since fall 2020 and the acquisition is to take place later this year. Warren Buffett is a prominent and long-term Bitcoin hater. In one of his interviews a few years ago, he referred to Bitcoin as "rat poison squared."
Wishing you a great afternoon ahead, Remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
Bitcoin yesterday fell below 32K, reaching lows of 31,000 on #Binance, such the correction was gradually bought out and price moved to growth. At the time of writing, Bitcoin is trading at 33,406. Total Crypto Market capitalization is at $1.48 Trillion with BTC dominance index of 41.4%.
The stock market finished trading on Tuesday in different directions. The Dow Jones fell 0.09%, the S&P 500 rose 0.02%, and the NASDAQ rose 0.31%. The dollar index rose 0.20% to 90.123. Oil is growing.
With a negative breeze on the crypto market, Bitcoin could not gain a foothold above 33K and went down to 31,000 on Binance Exchange. The sell off began after the announcement that the US FBI had reclaimed a portion of the bitcoin ransom paid to DarkSide hackers following the Colonial Pipeline attack. Many believed that the American authorities had the opportunity to hack cryptocurrency wallets and began to sell their assets, but in fact the FBI simply requested access to the wallet from the provider. Total misdirection and FUD.
Plan for today. If Bitcoin cannot gain a foothold above 34K, then again we can test 31-30K, I still consider a fall below. Leaving and fixing above 34K will open the way to 35K and above. Major support levels are 31-30 and resistance at 33500-34000.
To the positive, Mexico and Panama join the rapidly growing list of Latin American countries accepting Bitcoin. El Salvador, Paraguay, Panama, Mexico have already jumped on the train, who's next? Yesterday I said that MicroStrategy wants to buy Bitcoin for 500 million, and the company's investors want for 1.6 billion.
Interestingly, Amazon listed a job posting titled “head of product, blockchain,” that is looking for an individual who is passionate about decentralized networks. “Do you want to define the future direction for how Amazon Web Services (AWS) will enable customers to solve problems and innovate with blockchain technology across a wide range of industries and use cases?” asks the post. Source. This reminds us of TIME, APPLE, PAYPAL, VISA, EBAY who already did so and followed through.(https://t.me/decryptedge/541 )
The IRS has requested new powers to regulate cryptocurrencies. Charles Rettig, the head of the U.S. Internal Revenue Service, during a Senate Finance Committee hearing yesterday said, “We do need additional tools. We absolutely need additional resources.” Rettig added that the IRS "would appreciate" working with Congress.
Lastly Warren Buffett's company invests $ 500 million in a digital bank that works with Bitcoin. Berkshire Hathaway has invested half a billion USD into Brazilian digital bank Nubank. It first appeared on CNBC's Disruptor 50 list in 2021. The curious thing here is that Nubank has acquired Easynvest brokerage company and, together, the two financial firms plan to offer their customers investments in Bitcoin ETFs. Nubank and Easynvest have been negotiating since fall 2020 and the acquisition is to take place later this year. Warren Buffett is a prominent and long-term Bitcoin hater. In one of his interviews a few years ago, he referred to Bitcoin as "rat poison squared."
Wishing you a great afternoon ahead, Remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
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#Apple Seeks to Hire 'alternative payments' Manager with #Crypto Experience, as #PayPal works to enable #Crypto Withdrawal to External Wallets. Thoughts on the market as of 27.05. 20021
Yesterday, #Bitcoin tried several times to gain a foothold above 40K…
Yesterday, #Bitcoin tried several times to gain a foothold above 40K…
Put #Bitcoin on Trial in Senate #CBDC Hearing as China’s Qinghai Province Orders All Crypto Miners to Shut Down. Thoughts on the #Crypto Market 10. 06. 2021
#Bitcoin returned above 36K, continued to grow, reaching highs of 37,666 on #Binance Exchange, after which it rolled back below 37K, the correction was quickly redeemed and the price returned above 37K again, where it is trading at the time of writing the review. Total Crypto Market capitalization is at $1.6 Trillion with BTC dominance index of 43.0%.
The stock market closed with a fall on Wednesday. The Dow Jones fell 0.44%, the S&P 500 lost 0.18%, and the NASDAQ fell 0.09%. Gold and oil are also falling. The dollar index rose 0.07% to 90.142.
On the crypto market, we worked out the option with Bitcoin leaving above 34K, now we are trying to gain a foothold at 37000. The capitalization of the entire market has returned above $1.5 trillion dollars.
El Salvador brought positive to the market, becoming the first country in the world to approve Bitcoin as legal tender, well technically the second after Japan and will also use the country's “volcanic energy” to mine Bitcoin. I think that this is an historic day for Bitcoin, which will serve as a good example for other countries. Even the negative news from China did not prevent growth, mining was again banned yesterday, search engines blocked the issuance of keywords associated with the leading exchanges Binance, OKEx and Huobi, but most likely the influence of China on the cryptocurrency is over.
Probability expectations for today. The first major resistance is approaching the 38K level, if we take this height, then the next target is 40K, if we cannot keep above 37K, then we can again go to 36-35K for refueling. Watch out for a head fake.. Key support is still at 30k level.
Lastly to some news, U.S. lawmakers may be warming to a central bank digital currency (CBDC). While CBDCs drew some of the attention during Wednesday’s Senate Banking Committee hearing, the issues around #Bitcoin drew far more attention from the group of lawmakers, led most vocally by Sen. Elizabeth Warren (D-Mass.). The Subcommittee on Economic Policy, chaired by Warren is likely going to hold further hearings on the cryptocurrency sector as well, the lawmaker told Bloomberg.
The hearing presented one of the sharpest criticisms of bitcoin from U.S. lawmakers to date, even as smaller countries like El Salvador move to accept the cryptocurrency as legal tender. Warren’s views are likely a preview of how the issue may be discussed in other upcoming hearings, with counterparts in the House of Representatives holding a similar discussion next week.
Who would have imagined this will happen soon: The US House Committee on Financial, 15th Tuesday Next week will be holding a Virtual Hearing - Digitizing the Dollar: Investigating the Technological Infrastructure, Privacy, and Financial Inclusion Implications of Central Bank Digital Currencies. This is the Task Force on Financial Technology.
Pros and cons. “If you want to send money to somebody else, digital currency can be easier and faster,” Warren said as she opened the hearing. “But in order for those advantages to be realized, the digital version needs to be secure, stable and accepted everywhere.” Source: Coindesk.
Will be keeping abreast on this and shall be updating accordingly. Wishing you a great day ahead, Remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
#Bitcoin returned above 36K, continued to grow, reaching highs of 37,666 on #Binance Exchange, after which it rolled back below 37K, the correction was quickly redeemed and the price returned above 37K again, where it is trading at the time of writing the review. Total Crypto Market capitalization is at $1.6 Trillion with BTC dominance index of 43.0%.
The stock market closed with a fall on Wednesday. The Dow Jones fell 0.44%, the S&P 500 lost 0.18%, and the NASDAQ fell 0.09%. Gold and oil are also falling. The dollar index rose 0.07% to 90.142.
On the crypto market, we worked out the option with Bitcoin leaving above 34K, now we are trying to gain a foothold at 37000. The capitalization of the entire market has returned above $1.5 trillion dollars.
El Salvador brought positive to the market, becoming the first country in the world to approve Bitcoin as legal tender, well technically the second after Japan and will also use the country's “volcanic energy” to mine Bitcoin. I think that this is an historic day for Bitcoin, which will serve as a good example for other countries. Even the negative news from China did not prevent growth, mining was again banned yesterday, search engines blocked the issuance of keywords associated with the leading exchanges Binance, OKEx and Huobi, but most likely the influence of China on the cryptocurrency is over.
Probability expectations for today. The first major resistance is approaching the 38K level, if we take this height, then the next target is 40K, if we cannot keep above 37K, then we can again go to 36-35K for refueling. Watch out for a head fake.. Key support is still at 30k level.
Lastly to some news, U.S. lawmakers may be warming to a central bank digital currency (CBDC). While CBDCs drew some of the attention during Wednesday’s Senate Banking Committee hearing, the issues around #Bitcoin drew far more attention from the group of lawmakers, led most vocally by Sen. Elizabeth Warren (D-Mass.). The Subcommittee on Economic Policy, chaired by Warren is likely going to hold further hearings on the cryptocurrency sector as well, the lawmaker told Bloomberg.
The hearing presented one of the sharpest criticisms of bitcoin from U.S. lawmakers to date, even as smaller countries like El Salvador move to accept the cryptocurrency as legal tender. Warren’s views are likely a preview of how the issue may be discussed in other upcoming hearings, with counterparts in the House of Representatives holding a similar discussion next week.
Who would have imagined this will happen soon: The US House Committee on Financial, 15th Tuesday Next week will be holding a Virtual Hearing - Digitizing the Dollar: Investigating the Technological Infrastructure, Privacy, and Financial Inclusion Implications of Central Bank Digital Currencies. This is the Task Force on Financial Technology.
Pros and cons. “If you want to send money to somebody else, digital currency can be easier and faster,” Warren said as she opened the hearing. “But in order for those advantages to be realized, the digital version needs to be secure, stable and accepted everywhere.” Source: Coindesk.
Will be keeping abreast on this and shall be updating accordingly. Wishing you a great day ahead, Remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
After El Salvador, #India May Move To Classify #Bitcoin #Asset as A $40 Trillion US Custody #Bank Sets Up ‘#Crypto’ Division. Thoughts in the market 11.06.2021
#Bitcoin, yesterday tried several times to gain a foothold above 38K, but did not come to success and moved to a decrease to a low of $35782 on binance. At the time of writing, Bitcoin is trading at a price of 36, 337. Total Crypto Market Capitalization of $1.5 Trillion, with BTC dominance index of 43.7%.
The stock market has completed Thursday's trading in growth. Dow Jones rose by 0.06%, the S & P 500 index rose by 0.47%, the NASDAQ index rose by 0.78%. Valp and oil grow. The dollar index dropped by 0.08% to 90.047.
With good bitcoin growth yesterday registering a high price of 38491 on binance, it was not possible to break through resistance to 38500 and Bitcoin moved to a decrease, the price went below 36k, later bounced and traded around 36700.
I have already said that such a movement can last a few weeks and is expected in late June or early July, before it slides down to 20k even upto 14k. The other option is growth directly from here, it does not matter. Fed actions, general situation in the economy, the position of large players do not leave other options.
Plan for today. If the Bitcoin cannot overcome the resistance to 37500, then we can again go to 36-35K, fixing above 37500 will give another opportunity to test for strength 38500 and higher. Short term(next few days) support levels are 36-35K, and resistance 37500-38500.
Some positive news from India who just announced they will abandon Bitcoin's ban in favor of its classification as an asset. Top sources tracking the industry told the new indian express publication that the government has moved away from its earlier hostile stance towards virtual currencies and will most likely classify Bitcoin as an asset class in India soon. Market regulator Securities and Exchange Board of India (SEBI) will oversee regulations for the #cyptocurrency sector after Bitcoin’s classification as an asset class, sources added. India’s crypto industry is also in talks with the finance ministry regarding the formulation of a new set of regulations and industry sources point out that an expert panel at the ministry is studying the matter. A Cryptocurrency Regulation bill is likely to be tabled in the Parliament during the Monsoon session, the added.
US Custody Bank With $40 Trillion in Assets Sets Up ‘Crypto’ Division. State Street, a Boston-based custody bank with $40 trillion in assets has set up a Digital division to offer crypto services amid growing client demand. The bank said cryptocurrencies are at a tipping point and they would offer as many crypto services as they can under the available regulations. Source: CoinGape. State Street becomes the second major US custody bank to dwell into crypto after Bank of New York Mellon. Other major US banks to join the growing #crypto league include Northern Trust and Standard Chartered.
That sums up today's crypto markets thoughts, Wishing you a great day ahead, Remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
#Bitcoin, yesterday tried several times to gain a foothold above 38K, but did not come to success and moved to a decrease to a low of $35782 on binance. At the time of writing, Bitcoin is trading at a price of 36, 337. Total Crypto Market Capitalization of $1.5 Trillion, with BTC dominance index of 43.7%.
The stock market has completed Thursday's trading in growth. Dow Jones rose by 0.06%, the S & P 500 index rose by 0.47%, the NASDAQ index rose by 0.78%. Valp and oil grow. The dollar index dropped by 0.08% to 90.047.
With good bitcoin growth yesterday registering a high price of 38491 on binance, it was not possible to break through resistance to 38500 and Bitcoin moved to a decrease, the price went below 36k, later bounced and traded around 36700.
I have already said that such a movement can last a few weeks and is expected in late June or early July, before it slides down to 20k even upto 14k. The other option is growth directly from here, it does not matter. Fed actions, general situation in the economy, the position of large players do not leave other options.
Plan for today. If the Bitcoin cannot overcome the resistance to 37500, then we can again go to 36-35K, fixing above 37500 will give another opportunity to test for strength 38500 and higher. Short term(next few days) support levels are 36-35K, and resistance 37500-38500.
Some positive news from India who just announced they will abandon Bitcoin's ban in favor of its classification as an asset. Top sources tracking the industry told the new indian express publication that the government has moved away from its earlier hostile stance towards virtual currencies and will most likely classify Bitcoin as an asset class in India soon. Market regulator Securities and Exchange Board of India (SEBI) will oversee regulations for the #cyptocurrency sector after Bitcoin’s classification as an asset class, sources added. India’s crypto industry is also in talks with the finance ministry regarding the formulation of a new set of regulations and industry sources point out that an expert panel at the ministry is studying the matter. A Cryptocurrency Regulation bill is likely to be tabled in the Parliament during the Monsoon session, the added.
US Custody Bank With $40 Trillion in Assets Sets Up ‘Crypto’ Division. State Street, a Boston-based custody bank with $40 trillion in assets has set up a Digital division to offer crypto services amid growing client demand. The bank said cryptocurrencies are at a tipping point and they would offer as many crypto services as they can under the available regulations. Source: CoinGape. State Street becomes the second major US custody bank to dwell into crypto after Bank of New York Mellon. Other major US banks to join the growing #crypto league include Northern Trust and Standard Chartered.
That sums up today's crypto markets thoughts, Wishing you a great day ahead, Remember, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
Coiming Up at 10am. Topic: Are we in Bull or Bear CryptoMarket
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El Salvador Asked to Float #Bitcoin ‘Volcano Bonds’ to Retire the #IMF Loans as #Texas Governor Signs Groundbreaking #Cryptocurrency Bill into #Law. Thoughts on the #Crypto market on 14. 06. 2021
#Bitcoin, traditionally spent the weekend quite stormy. On Saturday, it traded below 35K, reaching a low of 34757 on #Binance. Yesterday it moved to an increase, and reached highs at 39800, as of the time of writing this we are trading at 39,034. Total Crypto Market capitalization of $1.6 Trillion and BTC dominance index of 45.1%.
Stock markets opened higher. At the moment, S&P 500 futures are slightly positive, Asian indices are also showing growth, gold and silver dipped. Oil is growing.
With Bitcoin overcoming resistance at 38K and even traded close to the 40K level, it seems to be doing well. A sell off nonetheless began from the price of 39800 and now it's trying to keep 39K. The entire market capitalization is back above 1.5 trillion, the dominance index is 45.1% and continues to grow.
#ElonMusk brought positive to the market, who in his next tweet wrote that #Tesla will start accepting payments in bitcoins as soon as the use of clean energy reaches the 50 percent threshold. Well, who can say now that all this was not a beautiful plan? He pumped up the market and fixed profit at the highs, drowned everything into the bottom and bought on the lows, and now he is preparing everyone for the next breakout. But be watch with caution ( https://t.me/decryptedge/573)
Will remind us again, that until you yourself sold Bitcoin cheaper than you bought it, you will not have a loss. Now you just have to wait. Hodl.
Plan for today is Bitcoin in the 37000-40000 range, if we go higher, then the next resistance is near the 40K level.(Key level see note) Going below 37K will bring us back to 36-35K.
Detailed Note: #BTC CME opened the new trading week with gap at $37500 and there is a chance to fill this gap in the incoming hours, however, the fact that we have seen a good movement and push of #BTC above the resistance line to $39K before the weekly close, shows how bulls sent a clear msg saying we are here. Technically this movement will not mean anything if bulls fail to reclaim $41/42K Daily! My personal opinion, biased view and subject to fail, I see the price will get a rejection from this resistance line at $38/39K again to $33/30K maybe lower this time, if BTC closes above 40/42K daily, then we resume the trend.
Interestingly Max Keizer is proposing that El Salvador float Bitcoin "volcanic bonds" to pay off IMF loans. With El Salvador passing the historic Bitcoin law making it the first country to make Bitcoin a legal tender. Soon as the Bitcoin law comes into action in the next 90 days, merchants will start accepting it against their goods and services. However, the International Monetary Fund (IMF) raised objections citing legal and economic concerns relating to the new Bitcoin Law. Besides, the IMF also assured that they would grant a $1 billion loan to help the Latin American country to overcome the economic challenges. Bitcoin evangelist Max Keiser suggested getting rid of the IMF loans by floating Bitcoin ‘Volcano Bonds’ backed by future Bitcoin mining revenues. This suggestion came as El Salvador President Nayib Bukele is keen on developing green energy “Bitcoin mining hubs” by using the geothermal energy from the nation's 22 major volcanic locations. Source | CoinGape.
Lastly Texas Governor Greg Abbott has signed into law a game-changing cryptocurrency bill, according to his recent tweet: I just signed a law that puts virtual currency under the Texas Uniform Commercial Code to be a secured transaction. It defines virtual currency, establishes when a person acquires a right in it, and when a person has control of it.
The “Virtual Currency Bill”— which positions the Lone Star state as one of the leaders in the crypto industry—was passed by both chambers of the Republican-dominated legislature in May. Source | U.Today.
#Bitcoin, traditionally spent the weekend quite stormy. On Saturday, it traded below 35K, reaching a low of 34757 on #Binance. Yesterday it moved to an increase, and reached highs at 39800, as of the time of writing this we are trading at 39,034. Total Crypto Market capitalization of $1.6 Trillion and BTC dominance index of 45.1%.
Stock markets opened higher. At the moment, S&P 500 futures are slightly positive, Asian indices are also showing growth, gold and silver dipped. Oil is growing.
With Bitcoin overcoming resistance at 38K and even traded close to the 40K level, it seems to be doing well. A sell off nonetheless began from the price of 39800 and now it's trying to keep 39K. The entire market capitalization is back above 1.5 trillion, the dominance index is 45.1% and continues to grow.
#ElonMusk brought positive to the market, who in his next tweet wrote that #Tesla will start accepting payments in bitcoins as soon as the use of clean energy reaches the 50 percent threshold. Well, who can say now that all this was not a beautiful plan? He pumped up the market and fixed profit at the highs, drowned everything into the bottom and bought on the lows, and now he is preparing everyone for the next breakout. But be watch with caution ( https://t.me/decryptedge/573)
Will remind us again, that until you yourself sold Bitcoin cheaper than you bought it, you will not have a loss. Now you just have to wait. Hodl.
Plan for today is Bitcoin in the 37000-40000 range, if we go higher, then the next resistance is near the 40K level.(Key level see note) Going below 37K will bring us back to 36-35K.
Detailed Note: #BTC CME opened the new trading week with gap at $37500 and there is a chance to fill this gap in the incoming hours, however, the fact that we have seen a good movement and push of #BTC above the resistance line to $39K before the weekly close, shows how bulls sent a clear msg saying we are here. Technically this movement will not mean anything if bulls fail to reclaim $41/42K Daily! My personal opinion, biased view and subject to fail, I see the price will get a rejection from this resistance line at $38/39K again to $33/30K maybe lower this time, if BTC closes above 40/42K daily, then we resume the trend.
Interestingly Max Keizer is proposing that El Salvador float Bitcoin "volcanic bonds" to pay off IMF loans. With El Salvador passing the historic Bitcoin law making it the first country to make Bitcoin a legal tender. Soon as the Bitcoin law comes into action in the next 90 days, merchants will start accepting it against their goods and services. However, the International Monetary Fund (IMF) raised objections citing legal and economic concerns relating to the new Bitcoin Law. Besides, the IMF also assured that they would grant a $1 billion loan to help the Latin American country to overcome the economic challenges. Bitcoin evangelist Max Keiser suggested getting rid of the IMF loans by floating Bitcoin ‘Volcano Bonds’ backed by future Bitcoin mining revenues. This suggestion came as El Salvador President Nayib Bukele is keen on developing green energy “Bitcoin mining hubs” by using the geothermal energy from the nation's 22 major volcanic locations. Source | CoinGape.
Lastly Texas Governor Greg Abbott has signed into law a game-changing cryptocurrency bill, according to his recent tweet: I just signed a law that puts virtual currency under the Texas Uniform Commercial Code to be a secured transaction. It defines virtual currency, establishes when a person acquires a right in it, and when a person has control of it.
The “Virtual Currency Bill”— which positions the Lone Star state as one of the leaders in the crypto industry—was passed by both chambers of the Republican-dominated legislature in May. Source | U.Today.
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Put #Bitcoin on Trial in Senate #CBDC Hearing as China’s Qinghai Province Orders All Crypto Miners to Shut Down. Thoughts on the #Crypto Market 10. 06. 2021
#Bitcoin returned above 36K, continued to grow, reaching highs of 37,666 on #Binance Exchange…
#Bitcoin returned above 36K, continued to grow, reaching highs of 37,666 on #Binance Exchange…
Remember, you must always do your own research. This is not traditional investment or financial advice. Blessed day ahead. #Decryptedge
#Tanzanian President Samia Suluhu Signals interest in #Blockchain & #Cryptocurrency, #Tunisia’s Economy Minister Says He’s Going to Decriminalize Buying #Bitcoin and Dutch Finance Minister Says ‘Supervision Is More Effective Than a Total Ban’ Thoughts on the Crypto Market 15. 06. 2021
#Bitcoin returned to above 40K, continued to grow and reached highs of $41064 on the Binance exchange, after which it rolled back to 39K. The correction was quickly redeemed and the price returned above 40K again. At the time of this writing, #Bitcoin is worth $40,300. Total Crypto Market capitalization of 1.7 Trillion, with BTC dominance index of 43.5%.
The stock market finished trading on Monday in different directions. The Dow Jones fell 0.25%, the S&P 500 rose 0.18%, and the NASDAQ rose 0.74%. The volatility index rose 4.73% to 16.39, while the dollar index dropped 0.06% to 90.477. Oil continues to rise.
Everything is calm on the crypto market, with Bitcoin breaking through resistance at 40K and reaching 41064 on #Binance. Bitcoin is now trying to get back above 40,600 where the initial resistance is. #Altcoins follow the main cryptocurrency, Etherum is up again above 2600.
Plan for today. Bitcoin is in the range of 38000-42000 and we can go higher, an alternative option my bias view is to go to 38K. Major support levels are 39-38K, and resistances are at 41 and 42K. ( https://t.me/decryptedge/578 )
Some good news after #MicroStrategy raised $ 500 million to buy Bitcoin, the company said in an #SEC filing that over time, it could sell up to $ 1 billion of its shares, which could be used for new investments in the main cryptocurrency. MicroStrategy currently owns over 92,000 BTC on its balance sheet, which is approximately $ 3.7 billion. On the other hand Billionaire and founder of hedge fund Tudor Investment Paul Tudor Jones said in an interview with CNBC that he will channel 5% of his capital into Bitcoin to hedge against inflation. Source.
The Tunisian Economy Minister said he was going to decriminalize the purchase and ownership of bitcoins. This comes after Tanzania made a similar announcement Tunisia will be working on changing its rules and regulations around cryptocurrencies.
The country’s minister of economy said over the weekend that he wants to change the law around cryptocurrencies which condemns people for mining cryptos and using them as payment. He said, “I will change the law, we cannot put a Tunisian young man in prison for buying Bitcoin.” Back in 2020, Marouane Abassi, Governor of the Central Bank of Tunisia, said that “we must follow” Bitcoin and the technology and prepare for effective monitoring of its use cases. Another african counterpart, Tanzania, the president in Her speech in Mwanza on Sunday came a few days after El Salvador announced it had adopted Bitcoin as legal tender. A number of South and Central American nations have also signaled their readiness to adopt the use of Bitcoin officially. President Suluhu told financial chiefs to prepare for cryptocurrency, saying the age of crypto and blockchain was dawning as she urged her country to pave the way for change. She said Tanzania’s central bank should begin the necessary preparations to adopt global attitudes towards banking, singling out cryptocurrencies as the future of finance. Source.
The Dutch Finance Minister too Vopke Hoekstra said, regulating cryptocurrencies is more effective than banning them. Such a digital currency is ideal, so it is better to monitor it - also in a European context, says Hoekstra. "My observation is now that that is more effective than a total ban in the Netherlands."
#Bitcoin returned to above 40K, continued to grow and reached highs of $41064 on the Binance exchange, after which it rolled back to 39K. The correction was quickly redeemed and the price returned above 40K again. At the time of this writing, #Bitcoin is worth $40,300. Total Crypto Market capitalization of 1.7 Trillion, with BTC dominance index of 43.5%.
The stock market finished trading on Monday in different directions. The Dow Jones fell 0.25%, the S&P 500 rose 0.18%, and the NASDAQ rose 0.74%. The volatility index rose 4.73% to 16.39, while the dollar index dropped 0.06% to 90.477. Oil continues to rise.
Everything is calm on the crypto market, with Bitcoin breaking through resistance at 40K and reaching 41064 on #Binance. Bitcoin is now trying to get back above 40,600 where the initial resistance is. #Altcoins follow the main cryptocurrency, Etherum is up again above 2600.
Plan for today. Bitcoin is in the range of 38000-42000 and we can go higher, an alternative option my bias view is to go to 38K. Major support levels are 39-38K, and resistances are at 41 and 42K. ( https://t.me/decryptedge/578 )
Some good news after #MicroStrategy raised $ 500 million to buy Bitcoin, the company said in an #SEC filing that over time, it could sell up to $ 1 billion of its shares, which could be used for new investments in the main cryptocurrency. MicroStrategy currently owns over 92,000 BTC on its balance sheet, which is approximately $ 3.7 billion. On the other hand Billionaire and founder of hedge fund Tudor Investment Paul Tudor Jones said in an interview with CNBC that he will channel 5% of his capital into Bitcoin to hedge against inflation. Source.
The Tunisian Economy Minister said he was going to decriminalize the purchase and ownership of bitcoins. This comes after Tanzania made a similar announcement Tunisia will be working on changing its rules and regulations around cryptocurrencies.
The country’s minister of economy said over the weekend that he wants to change the law around cryptocurrencies which condemns people for mining cryptos and using them as payment. He said, “I will change the law, we cannot put a Tunisian young man in prison for buying Bitcoin.” Back in 2020, Marouane Abassi, Governor of the Central Bank of Tunisia, said that “we must follow” Bitcoin and the technology and prepare for effective monitoring of its use cases. Another african counterpart, Tanzania, the president in Her speech in Mwanza on Sunday came a few days after El Salvador announced it had adopted Bitcoin as legal tender. A number of South and Central American nations have also signaled their readiness to adopt the use of Bitcoin officially. President Suluhu told financial chiefs to prepare for cryptocurrency, saying the age of crypto and blockchain was dawning as she urged her country to pave the way for change. She said Tanzania’s central bank should begin the necessary preparations to adopt global attitudes towards banking, singling out cryptocurrencies as the future of finance. Source.
The Dutch Finance Minister too Vopke Hoekstra said, regulating cryptocurrencies is more effective than banning them. Such a digital currency is ideal, so it is better to monitor it - also in a European context, says Hoekstra. "My observation is now that that is more effective than a total ban in the Netherlands."
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KryptoEdge
El Salvador Asked to Float #Bitcoin ‘Volcano Bonds’ to Retire the #IMF Loans as #Texas Governor Signs Groundbreaking #Cryptocurrency Bill into #Law. Thoughts on the #Crypto market on 14. 06. 2021
#Bitcoin, traditionally spent the weekend quite stormy. On…
#Bitcoin, traditionally spent the weekend quite stormy. On…
Lastly one JPMorgan's crypto expert says #Bitcoin may have to tumble below $30,000 before major buyers are lured back in. Such comments amount to what I call catalytic opinions that would cause a stir. There is a reason behind such analysis. JP Morgan experts says an important metric of whether institutional demand was picking up again would be rising futures prices relative to the spot price. Another positive signal would be if the share of bitcoin in the cryptocurrency market began to grow again, after shrinking in recent months.
Follow your risk management defined strategies, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
Follow your risk management defined strategies, you must always do your own research. This is not traditional investment or financial advice. #Decryptedge
Exodus: Chinese #Bitcoin Miners Set Their Sights on Texas as #Thai SEC Board Approves Rules Governing Digital Asset Exchanges and #Africa Leads on #Bitcoin P2P Exchange. Thoughts on the market 16. 06. 2021
#Bitcoin moved in the range of 39500-41300 during the day. Another attempt to take 42K last night did not lead to success, at night Bitcoin rolled back to 39000, after which it moved to growth and at the time of writing the review is trading at about 40K. Total Crypto Market capitalization is at $1.7 Trillion, with BTC dominance index of 43.8%.
The stock market ended Tuesday trading with a fall. The Dow Jones fell 0.27%, the S&P 500 fell 0.20%, and the NASDAQ fell 0.71%. Gold continues to fall, oil is growing. The dollar index dropped 0.01% to 90.483.
On the cryptomarket, the priority version of yesterday's forecast worked out. Bitcoin remained in the indicated range, there were several attempts to gain a foothold above 41K, but have not yet yielded a success, the nearest resistance is forming around the level of $40,450. The dominance index is 43.8 and continues to grow, so it makes sense to buy BTC with altcoins and open short alts to the cue ball.
The plan for today is the same as yesterday. Bitcoin is in the range of 38000-42000 and we can go higher, an alternative option is to go to 38K. The main support levels are 39800-38500, and resistances are at 40650 and 41K.
The Thai Securities and Exchange Commission (SEC) has announced that it has banned local exchanges from trading shitcoins and NFT. Through a Government Gazette, the Notification became effective from 11 June 2021 onwards without retrospective effect. Essentially, Notification prescribes that digital asset exchanges set their listing rules and prohibits the exchanges from providing services related to utility tokens or cryptocurrencies that have any of the following characteristics:
(1) Meme token: having no clear objective or substance or underlying, and whose price running on social media trends;
(2) Fan token: tokenized by the fame of influencers;
(3) Non-fungible token (NFT): a digital creation to declare ownership or grant of right in an object or specific right. It is unique and not interchangeable with digital tokens of the same category and type at the equal amount;
(4) Digital tokens which are utilized in a blockchain transaction and issued by digital asset exchanges or related persons.
Lastly China’s mining dominance will be reducing, stemming from warnings issued from May, the government called for a severe crackdown on bitcoin mining and trading, setting off what’s being dubbed in crypto circles as “the great mining migration.” This exodus is underway now, and it could be a game changer for Texas. Despite 2021 data for the global distribution of mining power not yet available, past estimates have shown that 65% to 75% of the world’s bitcoin mining happened in China – mostly in four Chinese provinces: Xinjiang, Inner Mongolia, Sichuan and Yunnan. Sichuan and Yunnan’s hydropower make them renewable energy meccas, while Xinjiang and Inner Mongolia are home to many of China’s coal plants. The drawdown in miners has already begun in Inner Mongolia. After failing to meet Beijing’s climate targets, province leaders decided to give bitcoin miners two months to clear out, explicitly blaming its energy misses on crypto mines.
Lastly, African countries lead the pack in Bitcoin ‘peer-to-peer’ trading, data shows. A new report from UsefulTulips has shown that African countries recorded over 15 percent of the growth in their Bitcoin peer-to-peer trading volume in the last six months with the continent recording a transaction volume of $17 million in May 2021 which is a 50 percent increase year-over-year. Source : Cryptoslate.
Ping @Kaptichlouis if you want to get your eyes and keyboard hands on this report.
Remember, you must always do your own research. This is not traditional investment or financial advice. Blessed day ahead. #Decryptedge
#Bitcoin moved in the range of 39500-41300 during the day. Another attempt to take 42K last night did not lead to success, at night Bitcoin rolled back to 39000, after which it moved to growth and at the time of writing the review is trading at about 40K. Total Crypto Market capitalization is at $1.7 Trillion, with BTC dominance index of 43.8%.
The stock market ended Tuesday trading with a fall. The Dow Jones fell 0.27%, the S&P 500 fell 0.20%, and the NASDAQ fell 0.71%. Gold continues to fall, oil is growing. The dollar index dropped 0.01% to 90.483.
On the cryptomarket, the priority version of yesterday's forecast worked out. Bitcoin remained in the indicated range, there were several attempts to gain a foothold above 41K, but have not yet yielded a success, the nearest resistance is forming around the level of $40,450. The dominance index is 43.8 and continues to grow, so it makes sense to buy BTC with altcoins and open short alts to the cue ball.
The plan for today is the same as yesterday. Bitcoin is in the range of 38000-42000 and we can go higher, an alternative option is to go to 38K. The main support levels are 39800-38500, and resistances are at 40650 and 41K.
The Thai Securities and Exchange Commission (SEC) has announced that it has banned local exchanges from trading shitcoins and NFT. Through a Government Gazette, the Notification became effective from 11 June 2021 onwards without retrospective effect. Essentially, Notification prescribes that digital asset exchanges set their listing rules and prohibits the exchanges from providing services related to utility tokens or cryptocurrencies that have any of the following characteristics:
(1) Meme token: having no clear objective or substance or underlying, and whose price running on social media trends;
(2) Fan token: tokenized by the fame of influencers;
(3) Non-fungible token (NFT): a digital creation to declare ownership or grant of right in an object or specific right. It is unique and not interchangeable with digital tokens of the same category and type at the equal amount;
(4) Digital tokens which are utilized in a blockchain transaction and issued by digital asset exchanges or related persons.
Lastly China’s mining dominance will be reducing, stemming from warnings issued from May, the government called for a severe crackdown on bitcoin mining and trading, setting off what’s being dubbed in crypto circles as “the great mining migration.” This exodus is underway now, and it could be a game changer for Texas. Despite 2021 data for the global distribution of mining power not yet available, past estimates have shown that 65% to 75% of the world’s bitcoin mining happened in China – mostly in four Chinese provinces: Xinjiang, Inner Mongolia, Sichuan and Yunnan. Sichuan and Yunnan’s hydropower make them renewable energy meccas, while Xinjiang and Inner Mongolia are home to many of China’s coal plants. The drawdown in miners has already begun in Inner Mongolia. After failing to meet Beijing’s climate targets, province leaders decided to give bitcoin miners two months to clear out, explicitly blaming its energy misses on crypto mines.
Lastly, African countries lead the pack in Bitcoin ‘peer-to-peer’ trading, data shows. A new report from UsefulTulips has shown that African countries recorded over 15 percent of the growth in their Bitcoin peer-to-peer trading volume in the last six months with the continent recording a transaction volume of $17 million in May 2021 which is a 50 percent increase year-over-year. Source : Cryptoslate.
Ping @Kaptichlouis if you want to get your eyes and keyboard hands on this report.
Remember, you must always do your own research. This is not traditional investment or financial advice. Blessed day ahead. #Decryptedge