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Down But Not Out, Dogecoin Stages 50% Recovery From Tuesday’s Low

via Bitcoinist.com at June 24, 2021 at 01:00AM

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In what has been a torrid week for crypto markets, controversial meme token Dogecoin has shown strength in posting a 50% gain from Tuesday’s low of $0.16. At the time of writing, DOGE is priced at $0.22.

The $0.16 zone was established as a strong support area, having formed in mid-April, around the time of the Elon Musk energy-FUD. This week saw DOGE bounce off this level on three occasions, further substantiating it as a price level where buyers step up.

Crypto markets are making the most of the bullish momentum. But Dogecoin leads the top-10 in terms of biggest percentage gains today.

However, the narrative that DOGE has already topped out persists. And with no shortage of analysts reiterating this message, will the much-fabled $1 price target remain just that – a fantasy?

Dogecoin daily chart

Source: DOGEUSD on TradingView.com

Dogecoin Former Millionaire Still Thinks It’s A Long Term Hold

Dogecoin’s 2021 performance has been nothing short of spectacular. At its peak, in early May, DOGE was priced at $0.75, giving it a year-to-date performance at the time of +15,000%.

This accomplishment was enough to embarrass the established “legit” cryptocurrencies. It also set up a narrative that defined use cases, and sound tokenomics doesn’t necessarily equate to out-doing the competition.

For some crypto purists, Dogecoin was a source of much resentment. Its rise demonstrated that making huge profits in crypto isn’t reserved for those who do the research and make rational judgments based on that.

Glauber Contessoto was one such “degen.” He became a millionaire after investing his $250,000 life savings in Dogecoin in February. In a matter of two months, he 4x his money to reach millionaire status. And during early May’s peak, he reported being a multi-millionaire as his Dogecoin holdings hit $2 million+.

However, with this week’s downturn, his Dogecoin valuation dipped below the million-dollar threshold, to $831k. Despite that, Contessoto has no plans to cash out.

Speaking to CNBC, Contessoto said he originally planned to hold for a year. But now, he intends to keep his DOGE for much longer, meaning short-term fluctuations are of little consequence to him.

“Whatever happens in the short-term doesn’t matter to me because I’m looking to ‘hodl’ dogecoin for years to come. I’m truly not worried at the end of the day.”

DOGE Is A Pump And Dump Victim

Considering that fundamentals must catch up at some point, some analysts have warned that the Dogecoin top was already in.

Financial advisor Ric Edelman pointed out that Dogecoin has no use case and has hindered the cryptocurrency industry’s attempt to generate credibility.

Edelman went as far as calling Dogecoin a victim of a pump and dump orchestrated by Elon Musk.

“It’s a victim of a pump and dump scheme by certain very famous wealthy individuals who shall be nameless here on the program. Elon Musk.”

However, with the backing of meme-inspired millennials, who says markets have to act rationally?

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Anthony Pompliano Shares His Thoughts On The Bitcoin Downturn

via Bitcoinist.com at June 23, 2021 at 01:00AM

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Bitcoin crashes 20% leading to blood in the streets. A bounce at $28.8k during early evening GMT was followed by a strong surge taking BTC back above $30k.

The $30k-$31k zone has proven to be strong support over the past month or so. But can Bitcoin close the day above this level?

Currently, market sentiment is in extreme fear. But in an attempt to settle the anguish, Bitcoin-bull Anthony Pompliano tweeted his thoughts on the situation and what he’s doing at the present time.

Pompliano Takes A Long-Term Bitcoin Outlook

By his own admission, Pompliano states he’s an “atrocious trader” and doesn’t look to time markets. Instead, given his long-term view on Bitcoin, and a belief it will increase in value over time, his strategy is to accumulate by dollar-cost averaging in.

“I‘m not a trader. I don’t look at charts and I don’t try to time markets. If anything, I’m an atrocious trader who is guaranteed to lose 🙂 I have a very long-term view of the asset and believe it will continue to accrue value and adoption over the next few decades.”

Pompliano explains that this means buying Bitcoin at regular intervals, regardless of its price. This might mean buying when the price is high, or when it’s low. The overriding factor, as he puts it, is “time in the market is more important than timing the market.

Taking all of this into account, short-term dips are of no concern because one day he intends to hand his Bitcoin to his grandchildren.

For that reason, Pompliano spins the current market dip into a positive situation, in that, it enables him to aggressively accumulate.

But What About The Short-Term Picture?

Regardless of the long-term view, what will happen in the near future is of concern to many people.

Analysis of longs vs. shorts shows traders are overall long at a ratio of 7:3. Of the three platforms concerned, Bitfinex traders are overwhelming long with only 9% of trades short. Whereas BitMEX traders are pretty much evenly split with a slight bias to the shorts.

Bitcoin longs vs. shorts

Source: blockchainwhispers.com

Technical analysts are posting mixed ideas. Wicktator believes the current support zone will hold, triggering an impulse move higher to $100k.

“Anticipating the next bull run to surpass the all time highs!

Entry: On lower timeframe, wait for the break of the descending trendline to break and get your entries in and stops below the low.

Goodluck and Trade safe!”

Bitcoin TA

Source: TradingView.com

Zen_3_6_9 noted bullish divergence on the RSI, which may point to a reversal. However, given the intensity of the breakdown since mid-month, he concludes instability in the markets. In turn, he expects a pullback of between 10%-15% in the short to medium term.

Bitcoin TA

Source: TradingView.com

The coming days and weeks will be a real test for those who claim to have diamond hands.

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Digital Shekel: Israel’s CBDC Project Is Well Underway

via Bitcoinist.com at June 22, 2021 at 12:31PM

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Israel is the latest country to admit it’s been working in a Central Bank Digital Currency for a few years now. While giving a conference in the Fair Value Forum, Bank of Israel Deputy Governor Andrew Abir said that the institution he represents already ran a pilot program for the digital shekel. More than that, he confirmed that the Israeli CBDC already exists.

Related Reading | China’s Central Bank Orders Institutions To Block Crypto Transactions

However, Abir doesn’t believe that their digital shekel will see the light of the day anytime soon. The Jerusalem Post quotes him: 

“I had previously estimated that the chance of having a CBDC within five years is 20%,” Abir said. “My estimate has increased a bit in the last year, mainly because other countries are advancing with it too. But still there is less than a 50% chance.”

Among those other countries are China, the UK, Japan, Brazil, and Nigeria. About Nigeria, yesterday Bitcoinist informed:

The CBN Director of Information Technology, Rakiya Mohammed, echoed what many other countries have mentioned in the past. That is, Nigeria will not be left behind in the technological revolution.
“We’re all aware that about 80% of central banks in the world exploring the possibility of issuing central bank digital currency, and Nigeria cannot be left behind.”

With all of those countries openly discussing a national digital currency, can we believe Abir’s estimations about the improbability of Israel’s CBDC within the next five years?

Expectations For The Digital Shekel And Other CBDCs

Since they were already discussing Israel’s CBDC, Andrew Abir took the opportunity to speak on other aspects of the digital shekel project. For one, he assured that its purpose isn’t to replace the banks.

“I’m sorry to tell you, but it’s not going to eliminate the banks,” he said. “No central bank will introduce a digital currency for this purpose. The banks will still have an important part in the entire payment system.

Since he seems to be speaking for all central banks, can we imply that discussions about this have already taken place? If everything’s digital, what will be the “important part” the banks will play? Chances are, CBDCs will be part of our future selves ’ lives. These questions are aspects of the process that the world has to start considering. 
USDILS price chart for 06/22/2021 - TradingView

The relation between the Shekel and the Dollar | Source: USD/ILS on TradingView.com

CBDCs Are One Thing, Bitcoin Is The Opposite

Of course, Abir couldn’t finish his exploration of the digital shekel without bashing Bitcoin.

“Another thing that might disappoint you is that any digital currency of a central bank would not be designed as a kind of protection against bitcoin. What we are talking about is a payment system. Bitcoin is not a payment system, and it is not a currency. In the best situation, it is a financial asset, and in the worst case, it is a pyramid scam.”

Literally, no one on the planet has ever thought that CBDCs will be “designed as a kind of protection against bitcoin,” but ok. Let’s answer. Since bitcoin is already legal tender in El Salvador, we can scratch the “it is not a currency” nonsense. And since that world-shattering event happened because of the Bitcoin Beach successful use case, we can also scratch “is not a payment system.” 

Related Reading | Bank Of Israel Bypasses Bitcoin With Plans For Digital Shekel

Government officials and Bitcoin critics can ignore it all they want, but the Lightning Network exists. In El Zonte, regular people use it every day for all kinds of transactions. 

Bitcoin is legal tender in El Salvador because the government knows it works. Without Bitcoin Beach and the Lightning Network, it wouldn’t be. 

Sorry Andrew Abir, your argument is invalid. 

Featured Image by Taylor Brandon on Unsplash - Charts by TradingView
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After Bitcoin U-Turn, Nigeria Plans To Launch Central Bank Currency This Year

via Bitcoinist.com at June 22, 2021 at 01:00AM

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According to Reuters, the Central Bank of Nigeria (CBN) plans to launch a digital currency pilot as soon as the end of this year.

Last month, the CBN Governor, Godwin Emefiele, made a U-turn on Bitcoin and other cryptocurrencies by saying he will “allow” them. Previously, the CBN had sought to restrict the cryptocurrency sector by imposing regulatory sanctions on monetary businesses that serviced cryptocurrency exchanges.

In a turn of fortunes, it now looks as though Nigerian officials are embracing blockchain technology. All the same, in what may well turn into a showdown between private and public cryptocurrencies in the future, arguments against central bank offerings remain as pertinent as ever.

The Nigerian Central Bank Digital Currency Has Been Years In The Making

Despite Nigeria’s purported aversion to fintech, it’s emerged that the central bank has been working on a digital currency for the past two years.

The CBN Director of Information Technology, Rakiya Mohammed, echoed what many other countries have mentioned in the past. That is, Nigeria will not be left behind in the technological revolution.

“We’re all aware that about 80% of central banks in the world exploring the possibility of issuing central bank digital currency, and Nigeria cannot be left behind.”

One of the reasons given for the CBN’s previous anti-Bitcoin position was a need to protect its citizens. In 2018, the CBN said that there is no legal redress if things go wrong in an unregulated market. There was also the usual spiel of links to illicit activity such as money laundering and terrorist financing.

Mohammed sells the idea of a central bank digital currency on it bringing financial inclusion and having the backing of the Nigerian government.

“If you have a central bank digital currency that is backed by the government, then people can make transactions online without fear of any default.”

Is This The End For Privacy?

As previously mentioned by billionaire investor Ray Dalio, governments will do all they can to maintain monopoly control of their money, even if that means outlawing the competition.

“every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing, because things can get out of control.”

Anthony Pompliano rubbished this idea saying governments cannot ban Bitcoin. But he concedes that a scenario of coordinated global action could make life difficult for Bitcoin users.

And as cryptocurrencies continue to make their mark in the world of finance, regulators and policymakers may soon be forced to show their hand on the matter.

Unlike private cryptocurrencies, which operate on decentralized networks, central bank digital currencies would be issued and controlled by a central bank. This enables them, and by extension national governments, to track every transaction in their economies.

Liberal commentators view this situation as a significant blow to privacy. What’s more, as noted with several U.K banks refusing crypto transactions recently, central digital currencies have the potential to bring about a dystopian future in which transactions deemed “against the state” also get refused.

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Major Soccer Clubs Push Crypto Tokens, But Some Fans Label It A Cash Grab

via Bitcoinist.com at June 16, 2021 at 01:00AM

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Major soccer clubs, including Manchester City, PSG, Barcelona, and AC Milan, have jumped on board the crypto bandwagon to offset slumping revenues due to the pandemic.

Fan tokens are a segment dominated by Chilliz, in conjunction with Socios.com, that enables fans to purchase and trade the ERC-20 and BEP2 tokens. In addition, holders can participate, influence, and vote in club surveys & polls.

Some see them as an innovative way to interact with one’s favorite club. But at the same time, during a period of economic uncertainty, others say they add to the already costly hobby of supporting football.

Soccer Turns To Crypto

With Euro 2020 well underway, the topic of soccer is firmly back on the agenda.

But the past year or so has been a testing time as the pandemic brought schedule delays, and forced matches behind closed doors.

In May, the English Football Association eased restrictions to allow some fans into football grounds. But the numbers remain well below capacity, which remains the case during the current Euro competition.

The England vs. Croatia Euro opener, which took place on June 13 at Wembley, was attended by 22,500 fans. Well below Wembley’s 90,000 capacity.

Although the game’s attendance was low, the numbers allowed were significantly higher than domestic English league and cup games that took place before.

The recent Manchester City vs. Tottenham Carabao Cup Final, played on April 25 at Wembley, had just 8,000 fans in attendance.

The upshot to this has been a significant blow to the bottom line of all soccer clubs. In a bid to claw back some revenue, major clubs and now increasingly turning to crypto fan tokens.

A KPMG study suggested the Big Five leagues could lose up to €4 billion in the 2019-20 season. But more recent forecasts estimate a total loss of €4 billion across 20 top leagues and two seasons. The European Club Association has spun this as “not as bad as first thought.”

What Do Fans Think?

The Chair of the Football Supporters’ Association, Malcolm Clarke, questioned the relevance of fan tokens, citing engagement polls as trifling affairs.

“they’re trying to squeeze extra money out of supporters by making up inconsequential ‘engagement’ online polls.”

Sue Watson, the Chair of West Ham United Independent Supporters’ Association, echoed Clarke’s sentiment saying some fans oppose having to pay to interact with their teams. She added that crypto fan tokens are simply another cost, which when totaled together, adds up to a significant sum.

“Why should you have to pay to have any sort of say in the club?”

On the other hand, some fans praise the concept of getting closer to their club, especially during periods of isolation when games took place in empty grounds.

FC Barcelona’s fan token hit an all-time high of $72.55 in April. Since then, its price has tanked 76%, to $17.14 at the time of writing. The story is much the same with other club’s fan tokens.

A questionable use case and extreme volatility make crypto fan tokens the reserve of diehard fans only.

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Bitwells Boosts Your ROI in High Volatility

via Bitcoinist.com at June 15, 2021 at 06:14PM

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Bitcoin dropped nearly 35% in May, marking one of its biggest monthly drops recorded.

Over the past two weeks, owing to the twin consequences of environmental concerns and tighter regulations, we’ve seen a lot of roller-coaster price changes across the crypto market.

Starting from May 12 (UTC), the Bitcoin market crash led by Elon Musk has been continuously fermenting.

Due to the anecdotal tweet and rumor, Bitcoin took a drop of more than 10% to $42,204 on May 16 (UTC), shrinking by nearly 30% from the high of $59,543 at the beginning of May.

Afterward, with China imposing a crypto crackdown,  Bitcoin was down around 30% within 24 hours, fluctuating from a high of  $43,573 to as low as $29,859 (on Bitwells) on May 19.

The May 19 crash produced a significant slump in the Bitcoin price. Since then, Bitcoin has been struggling to penetrate through the resistance of $40,000. However, with more regulations stepping up a gear in the crypto market, Bitcoin failed to achieve a real breakthrough. In the early morning of June 4th(UTC), because of an implicit tweet by Musk, Bitcoin slid sharply again.

As of now, it is stuck in the range of 30K-43K USD.

From above, we can see that cryptocurrencies can go up and down at any time responding to various news. The crypto market is more volatile than many investors expected.

While high volatility creates risks, it also brings considerable profits. Here, you need to know and grasp one of the most popular tradings in the crypto market.

Leveraged Trading

Leveraged trading enables you to maximize your profits with a small margin. Take 100X leverage as an example.

While Bitcoin is trading at $10,000, if you use 1 BTC to open a long contract, your contract will worth 100 BTC.

After a day,  you closed the position when the price reached $11,000. Your profit will be ($11,000-$10,000)*100BTC/$11,000=9.09BTC, and ROI (without transaction fees) will be 909%.

Confronted with market volatility,  many traders, especially beginners and weak hands, appear to be at a loss. Thus, you need to find the right trading exchange.

Trusted by more than 200,000 traders in over 200 countries/regions around the world, Bitwells is a futures trading platform focusing on the Bitcoin market, providing futures leveraged trading of mainstream digital currencies like Bitcoin, Ethereum, Litecoin, Ripple, etc. The company is registered in the UK and is jointly developed by Internet experts, cryptocurrency traders, and financial professionals.  No KYC, no deposit fees, App and PC available, traders can get the most attentive services including 24/7 customer support.

Why Choose Bitwells?

●    Transaction Security

Bitwells takes security measures similar to banks to ensure that the security of customer assets stored in trading exchanges reaches the highest standards. Several layers of protection have been implemented, such as multi-signature withdrawals and two-factor authentication (2FA).

●    High Liquidity And Low Service Fees

Over 15 market makers guarantee the market liquidity and immediate transaction, which provides an accurate price.

Bitwells does not require deposit fees from users. It charges 0.0005 BTC per BTC-withdrawal, which is below the global industry average (being 0.00059 BTC per BTC-withdrawal according to this report) and a quite competitive fee.

●    Demo Account With 10 BTC

Once registered, users on Bitwells will be offered a real trading account and a demo account with 10 BTC. The simulation pattern is user-friendly, which prevents beginners from losing money without knowing the rules. Users can use the demo account to get familiar with the trading process and test trading strategies to improve accuracy.

●    100X Leverage

As a safe, stable, professional, and reliable cryptocurrency futures trading platform, Bitwells offers users trading with 100X leverage. With 100X leverage, traders can make 100 times of profits from both directions( long or short).

●    No KYC

No KYC, only an email address is required to complete the registration on Bitwells. No KYC protocol means that your privacy can be guaranteed. Bitwells will not collect any information from you, and there is no need to worry about identity information leakage.

●    100 Deposit Bonus

Bitwells now offers a 100% deposit bonus as a thank-you gift for every user. When you deposit into Bitwells, the same amount of Bitcoin will be accredited to your account (max. 10 BTC each deposit). If you deposit 1 BTC, you will get 2 BTC, which you can use for transactions and make more profits.

If you are a newbie trader, a demo account with 10 BTC on Bitwells is your best choice for entering leveraged trading. If you are a veteran, the various advantages of Bitwells are worth trying.

Sign up on Bitwells and claim your 100% Deposit Bonus!

 

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Ramp Raises $10.1 Million To Become The “PayPal For Crypto”

via Bitcoinist.com at June 15, 2021 at 02:08PM

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Ramp is a London-based company that is looking at opening up businesses to digital currencies to businesses and users. During a seed round led by NfX with Galaxy Capital, the startup raised $10.1 million to expand its operations.

The seed round boasted a long list of investors. With the likes of Seedcamp, Coinbase, Moxilla, IKEA, Fabric Ventures, first minute Capital all in attendance. Wise and Dapper Labs, as well as other executives and entrepreneurs from crypto and fintech industries were also in attendance.

Is Ramp The PayPal For Crypto?

It’s hard to say if Ramp is the PayPal for crypto since PayPal announced in March that it had started allowing customers to use their crypto to pay at millions of its online merchant. PayPal has only rolled this out for its U.S. customers but has talked about rolling it out for customers in other regions.

Related Reading | What “Green Bitcoin” May Mean for the Crypto Mining Industry

PayPal completely revolutionized the e-commerce and online payments space. It offered any business, company, website, or app to embed payment infrastructures into their already existing business processes. Ramp is gearing up to do the same with the e-commerce space.

Ramp is entirely crypto-based, in contrast to PayPal’s mostly fiat-based payments systems,

Relatively new to the space, the founders are very optimistic about the future of the crypto in the e-commerce space. Morgan Beller, general partner at NfX, said that it’s only a matter of when and not if non-native crypto users are going to use crypto-native products.

chart showing bitcoin current market cap

Current bitcoin market cap | Source: Market Cap BTC from TradingView.com

What Is The Next Step For Ramp?

The startup plans to use the money raised in this seed round to triple its team by the end of 2021. They also plan to set up headquarters in new regions and develop the platform further.

Szymon Sypniewicz and Przemek Kowalczyk founded Ramp in 2017. It is a full-stack payment solution for crypto assets. They enable customers who want to offer crypto-enabled apps as part of their business to do so securely. All of this is done through its SDK. Meaning customers do not have to worry about getting their own certifications and licenses. Ramp handles the transactions for its users.

Related Reading | How RAMP DeFi Maximizes APY on Your Staked Crypto Assets

With partnerships with over 200 developers, the company will use the money from the seed round to expand operations. Developers who have partnered with the company include Opera Labs, Dapper Labs, and Mozilla. It also has partnerships with top crypto and DeFi apps like Have, Zerion, and Argent.

“We designed Ramp to unleash the power of crypto to revolutionize the way we think about money and digital services for everyone, not just a handful of crypto natives. We’re excited to see how crypto is revolutionizing the creative industry through NFTs, democratizing finance through DeFi, and helping rethink about payment methods.”

– Przemek Kowalczyk, Co-Founder and CTO, Ramp.

Featured picture from UK Tech News, chart from TradingView.com
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Elon Musk Confirms Tesla Is Not Selling All of Its Bitcoin, Hints at Potentially Resuming Transactions

via Bitcoinist.com at June 15, 2021 at 06:37AM

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Tesla CEO Elon Musk tweeted earlier this Sunday that the electric carmaker would resume its Bitcoin transactions once verified crypto mining operations utilise more renewable energy. 

“When there’s confirmation of reasonable (~50 percent) clean energy usage by miners with [a] positive future trend, Tesla will resume allowing Bitcoin transactions,” he wrote. 

Earlier this year, Tesla became one of the first companies to accept Bitcoin payments on its independent node. Unlike others, the EV maker would retain its cryptocurrency payments in that form rather than convert to fiat. The news sent an already surging Bitcoin and the crypto market to new highs in April.

But in May, Tesla abruptly stopped receiving Bitcoin payments, citing issues of Bitcoin’s massive energy usage and fossil fuel consumption in crypto mining. Musk criticized the digital currency for being too energy intensive and being reliant on fossil fuel. Investors and traders also feared that Tesla had sold off its massive Bitcoin position from its balance sheet. 

Related Reading | Tesla Halts Bitcoin Payments Over Environmental Concerns, Sending the Cryptocurrency to Session Lows 

The news led Bitcoin to plummet by over 40% from its all-time high, suffering one of the worst monthly losses in recent history.

The Tesla CEO’s points, whether valid or not, led to important questions being asked on the sustainability of Bitcoin. Amid the growing debate, miners and asset managers turned to more environmentally-conscious solutions. One asset manager, for example, filed to create a carbon-neutral Bitcoin ETF — which would utilise blockchain technology to validate its carbon credit purchases. 

Related Reading | Crypto Asset Manager One River Files for Carbon Neutral Bitcoin ETF 

Musk’s cautious optimism towards the major cryptocurrency uplifted investor spirits, as Bitcoin rose nearly 15%. The CEO also confirmed that Tesla had only sold 10% of its holdings to “confirm BTC could be liquidated easily without moving [the] market.” Just hours following his tweet, Bitcoin surged from $35,000 to $40,000 overnight.

 

Following weeks of stagnant price action, Bitcoin (BTCUSD) sharply climbed over Sunday following Elon Musk’s tweet. Source: Tradingview.com

According to data from the Cambridge Center for Alternative Finance, approximately 39 percent of crypto mining is powered by renewable energy — not so far from Musk’s proposed figure of 50 percent. 

Whether you like it or not, Elon Musk’s influence on Bitcoin and its price action is undeniable. With Bitcoin miners now having more incentive than ever to integrate renewable energy into their operations, change — or progress — is surely on the horizon. 

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The World Economic Forum’s Cryptocurrency Guide Lists Its Choice Of “Winning” Projects

via Bitcoinist.com at June 15, 2021 at 01:00AM

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The World Economic Forum (WEF) has published its community paper on cryptocurrency. It contains information on getting started, exploring the blockchain, and so on. It also lists several cryptocurrencies that meet its scalability stamp of approval.

As an influential body, some have taken this to mean the WEF has selected its choice of winning cryptocurrency projects, which, if rumors are to be believed, will receive a significant push over the coming years.

The WEF See Cryptocurrency As Transformational

Various centralized authorities, and their representatives, have sent mixed messages surrounding cryptocurrency and its role in future society.

This includes ECB President Christine Lagarde, who earlier this year blasted Bitcoin’s “funny business” in facilitating money laundering, and U.S Treasury Secretary Janet Yellen, who pointed out Bitcoin’s limitations as a payment mechanism, and much like Lagarde, its use in illicit financing.

“To the extent it is used I fear it’s often for illicit finance. It’s an extremely inefficient way of conducting transactions, and the amount of energy that’s consumed in processing those transactions is staggering.”

Nonetheless, the Swiss-based international organization for public-private cooperation has signaled its approval of cryptocurrency via its latest guide. The 22-page report details practical guidance, for both individuals and corporate professionals, on transacting, dapps, governance systems, scalability, and consideration of regulations.

As cryptocurrencies transform how we trade, transact and interact online, it has become more important than ever for technology leaders to have experience with these innovations.

As expected, the report mentions the big two, Bitcoin and Ethereum, even dedicating an entire section to Ethereum to discuss its programmability and usefulness in facilitating technological innovation.

Along with that, in the throughput and scalability section, the report also lists six cryptocurrency projects with brief text on their ability to handle large volumes of transactions. They are Algorand, Cardano, Celo, XRPL, Solano, and Stellar.

The Great Reset

During covid times, the WEF has caught the attention of many truth seekers. They raise concerns over the WEF’s role in steering the world recovery.

Among the WEF’s predictions by 2030 is “you’ll own nothing. And you’ll be happy.

Some have described this future scenario as a centralized system of control and manipulation. Even a throwback to Medieval feudal society, which consisted of a bottom rung of the peasantry who were slaves to the landowners.

Reuters have fact-checked this “stated goal” and dismissed it because it was a reference to the trend towards the prevalence of renting over ownership.

“False. The World Economic Forum does not have a stated goal to have people ‘own nothing and be happy’ by 2030. Its Agenda 2030 framework outlines an aim to ensure all people have access to ownership and control over land and other forms of property.”

Either way, should investors take the WEF’s mention of Algorand, Cardano, Celo, XRPL, Solano, and Stellar as cryptocurrency projects to watch in the future?

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Bulls Successfully Defend $31k, But What’s Next For Bitcoin?

via Bitcoinist.com at June 10, 2021 at 01:00AM

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Bitcoin bulls managed to halt the slide below $30.9k yesterday, bouncing early evening to set off a rally that has peaked at $35.7k at the time of writing.

But almost a month from Elon Musk’s U-turn on the leading cryptocurrency, the lack of fightback from Bitcoin demonstrates more is going on than solely Musk’s negative influence.

Yesterday’s bottom places BTC in a solid trading range of between approximately $31k to $40k, which has formed over the last three weeks or so. But what can we expect from here?

Bitcoin daily chart

Source: BTCUSD on TradingView.com

Bitcoin FUD Time

This week has produced a mixed bag as far as Bitcoin news is concerned. While El Salvadorian lawmakers voted yes to legalizing BTC as legal currency in the Central American country, FUD in the form of Bitcoin security also hit the headlines.

In a now-deleted tweet in connection with the FBI’s recovery of ransomware funds from the Colonial Pipeline hack, NBC’s White House Correspondent, Geoff Bennett, was told by an FBI Official that the agency has the means to access any Bitcoin wallet. But they remain tight-lipped on how.

Bitcoin security FUD

Source: Reddit.com

Michael Binger, the President of Gradient Investments, said security concerns are one reason he is bearish on Bitcoin at the moment. He added that his client base demands less volatility.

Similarly, Gina Sanchez, the CEO of Chantico Global and Chief Market Strategist at Lido Advisors, is also taking a bearish stance.

Sanchez said money is currently trending away from speculative assets back into the real economy. She backed this up by saying SPACs and IPOs, as speculative assets are also seeing a dip in interest.

“The broader market and the economy, quite frankly, are showing a lot of money shifting back into the economy through consumption and through investment, and it’s hurting all speculative assets.”

The Pullback Was A Natural Phenomenon

As much as Musk and China took the blame for the pullback, angel investor and Co-Founder of Earn.com, Lily Liu, said this was more to do with naturally occurring cycles. Especially so considering the stellar multi-month run that happened before the dip.

“But if you really zoom out and look at a multi-year timeframe, it’s a pretty unmistakable trend of being up and to the right. We had Bitcoin sort of go through the ceiling for about the last six months, and so I think it would only be natural that it’s not going to do that forever.”

On the question of whether we have now entered a multi-year bear market, Liu said she’s not convinced that we have.

Her reasoning comes down to ongoing monetary stimulus and the fulfillment of use cases and applications this time around, which wasn’t the case during the last bear cycle.