Analysis of the euro area economy Sunday, June 27

Analysis of the euro area economy Sunday, June 27
 Eurozone inflation data will determine the EURUSD trend.

Next week, the main focus of euro traders will be on inflation data for Germany and the euro area. Eurozone inflation data are released after PMI data. Last week, the eurozone PMI data were much better than market forecasts.

In June, the German PMI and the euro area as a whole were higher than market forecasts. The IFO business climate change index was also good. Under normal circumstances, the release of such economic data could strengthen market interest rate expectations and support the EURUSD. But the European Central Bank has made it clear that rapid inflation is temporary and therefore there is no need to raise interest rates or reduce bond purchases. This means that if the eurozone inflation data is weak this week, even the most optimistic market investor will no longer expect interest rates to rise, and the euro will weaken as a result.

An Overview of Today's Criptocurrency Market Saturday, June 26

An Overview of Today's Criptocurrency Market Saturday, June 26

Bitcoin falls below $ 31,000

Gradually, it becomes a tradition for Bitcoin to begin a downward trend as the weekend begins. After the cryptocurrency recovered from a mid-week fall to more than $ 35,000, it was in relatively good shape yesterday.

This was the highest BTC price in the last four days, but the bears did not allow the price to rise further. On the contrary, they caused prices to fall by creating tangible selling pressure.

Thus, within a few hours, Bitcoin lost more than $ 3,000 in value and fell below $ 32,000. Although it initially reverted somewhat to previous levels and recovered some of its losses, the bears did not give up and lowered the BTC below $ 31,000.

On the other hand, bitcoin dominance in the market is still high, but this is only because Altcoins do not have favorable conditions. The BTC market value has now dropped below $ 600 billion.

Red dominates the Altcoins market

As always, with the start of the bitcoin downtrend, the situation among Altcoins has worsened. The atrium is a prime example of this condition. Ether, which was above $ 2,000 for a few days, fell 9 percent to below $ 1,800.

Binance Quinn also fell 8 percent from $ 310 to about $ 270 in 24-hour timeframe. Other major altcoins on the market have also lost significant value. Including Cardano (-7%), Dogecoin (-10.5%), Ripple (-9%), Polkadot (-8.5%), Bitcoin Cash (-7%), Litecoin (-7%) and Uniswap (-10%) .

With the exception of Celo, which has had a 25 percent pump since yesterday, most low to medium market value altcoins have turned deep red today.

THORChain is the leader in this unfavorable competition with 17% dump today. Kusama (-16%), Curve DAO Token (-15%), ICP (-15%), BakeryToken (-14%), NEAR Protocol (-14%), Synthetix (-13%), Phantom (-13%) ), The Graph (-12%), Nano (-12%) and FTX Token (-12%) are some other examples of currencies that have seen double-digit declines today.

Finally, the cumulative market value of all cryptocurrency assets has lost more than $ 160 billion a day and is below $ 1.3 trillion.

For the first time in history, the difficulty of the Bitcoin network is likely to decrease by 21%

For the first time in history, the difficulty of the Bitcoin network is likely to decrease by 21%

Following the mass exodus of miners from China, the difficulty of bitcoin mining is expected to decrease to the level recorded in early 2020 by the first day of July.

According to Dylan LeClair of the 21st Paradigm monetary advisory team, the Bitcoin network will lose 21% of its difficulty after the next adjustment. These periodic settings are encoded in the Bitcoin mechanism in such a way as to ensure the stability of the block generation time. Similarly, when miners are out of the network, the difficulty of the network is reduced to compensate for the loss of their computing power.

Two-digit adjustment of network stiffness (whether positive or negative) is relatively rare. With that said, the next 21.1 percent drop could be the biggest drop in Bitcoin history. On the other hand, the revenue of bitcoin miners has reached $ 23 million per day, down 64.5% from the peak recorded in May 2021.

Migration of miners

"Following the regulatory restrictions imposed by the Chinese government, miners are migrating to countries such as Kazakhstan, the United States and even African countries, selling their bitcoins to pay for equipment transfers," he said. . This is one of the main catalysts for increasing sales pressure.

According to BTC.com, after this reduction, the hardness of the Bitcoin network will probably reach 16.25 T, which was last seen in May 2020. It should be noted that the difficulty of extracting bitcoins is adjusted every two weeks, and the previous two adjustments have been associated with a decrease of 16 and 5 percent.

Cardano plans to find a way to El Salvador Saturday, June 26

Cardano plans to find a way to El Salvador Saturday, June 26

Charles Haskinson, CEO of Input Output Global (IOG), said he had discussed Cardano with El Salvador officials.

"Yes, we are in talks with some officials and parties in El Salvador; I may have a government trip to this country. We have sent them all the necessary documents, we will meet with the President of this country in the next step. But the result of these actions will be basically in their hands. "

Cardano recently announced a series of government agreements in Ethiopia and Tanzania aimed at expanding blockchain infrastructure related to education and Internet connectivity. But given that El Salvador has recognized bitcoin as a common currency, Haskinson has seized the opportunity to take advantage of the cryptocurrency movement.

Given that the recently passed law is called the "Bitcoin Law", will Cardano have a chance to be recognized in the same way?

In El Salvador, everything is going well with Bitcoin, to the point that President Najib Abu Qila has set September 7 as the start date for the project, ignoring the non-approval of the International Monetary Fund and the World Bank.

The final step is to set up a national wallet that will facilitate the immediate conversion of USD and the transfer of BTC in and out. Users of this wallet will receive $ 30 as an incentive to register.

Bitcoin activity in El Salvador has shown the world that, despite opposition, the acceptance of this cryptocurrency will be realized gradually. Cardanians pool sticking operator has made a controversial claim on Twitter that Cardano is something beyond bitcoin. This blockchain can offer more transparency, independence and freedom than Bitcoin.

"Dear people of El Salvador, blockchain is not limited to bitcoin. Blockchain allows you to create a global identity or make financial processes more transparent. You can even export your StableCoin and become independent. If you want more freedom, check out Cardano. "

It is true that Bitcoin lacks programmability, but so far no other cryptocurrency has been able to be so reliable. This fact may have been a determining factor in the legalization of its sale in El Salvador.

Of course, with Bitcoin leading the way in El Salvador, the attention of Altcoin developers is also increasing. Najib Abu Kileh said in an interview with the YouTube channel What Bitcoin Did that it is difficult enough to cope with the two parallel currencies BTC and USD; Facilitating the process with a few legal fees is practically impossible.

He stressed that he was not going to ban altcoins and that developers could operate freely in stores and in El Salvador. As for the legal license, Bitcoin is the only cryptocurrency for the country. It remains to be seen whether the efforts of developers like Haskinson can be successful.

The government provides free bitcoins to the citizens of El Salvador

The government provides free bitcoins to the citizens of El Salvador

In a live speech on Friday, President Nayib Bukele announced that El Salvador would provide $ 30 in bitcoin to every adult citizen.

Bukele has introduced a bitcoin wallet called "Chivo" (slang term "excellent" in Spanish) that works on both Android and iOS devices.

Salvadoran people will be able to receive this gift upon registration. They are asked to provide their DUI (Salvador ID) and telephone number.

Bukele believes this will help encourage the use of cryptocurrencies. The president provided a step-by-step guide on how to use the program on national television.

Citizens can instantly convert bitcoins to US dollars using this app.

Chivo wallet does not use any data. This means that citizens do not need a mobile plan:

"This wallet app will work anywhere with a mobile connection, and you will not have to have a mobile app to use this app."

Users of this program use QR code to pay and send money. It is also possible to buy and sell the largest cryptocurrency, Bitcoin.

Bitcoin becomes legal tender in September.

Bukele also announced that the El Salvador Bitcoin law will take effect in September.

As previously announced, the bill was approved by a majority vote on June 9.

The Chivo app will be available on Google Play and the App Store from September.

Analysis of global GOLD trends Friday, June 25

Analysis of global GOLD trends Friday, June 25
Will the $ 1764 support hold its position?

The weekly ounce chart of the world gold is down and is in line with the support line at $ 1764. The XAUUSD daily chart also hit support at $ 1764 and rose. Although the $ 1764 support situation seems fragile, in order to break this support, the daily chart of the global gold ounce must be closed below this key support. Otherwise, if buyers defend this support, the price of an ounce of global gold will rise to the resistance of $ 1855.

In the four-hour ounce chart of global gold, the market is close to the support of $ 1764. If this support works, the first market resistance will be the key level of $ 1808. Otherwise, with the failure of the weekly support of $ 1764, one should expect gold to fall to the support of $ 1724.

GBPUSD trend analysis Friday, June 25

GBPUSD trend analysis Friday, June 25
The pound is involved in long-term resistance

The GBPUSD weekly chart has returned above the 20-day moving average and is facing selling pressures from the broken support line. The GBPUSD daily chart is also under pressure from $ 1,3961 and may fall to support at $ 1,3678. In the four-hour GBPUSD chart, the British pound has returned to support at $ 1.39. This trend rate is consistent with Fibonacci levels. Intensifying sell-offs could push the euro to its first support at $ 1,3859 and then to $ 1,3812.

But if the British pound jumps from current levels, it will face resistance at $ 1.4011 and the next resistance of the pound will be $ 1.4069.

EURUSD trend analysis Friday, June 25

EURUSD trend analysis Friday, June 25
Is the euro coming out of the neutral phase?

The short-term trend of the Euro against the US Dollar is neutral and the EURUSD pair fluctuates above the rate of $ 1,1846. According to sellers, a break of $ 1,1846 could push the downtrend starting from $ 1,265 to the support of $ 1,1703. In the eyes of buyers, if the EURUSD pair crosses above the four-hour moving average of 55 days at $ 1.1976, the short-term trend of the market will rise to the resistance of $ 1.2265.

Bitcoin is coming to US banks and credit unions

Bitcoin is coming to US banks and credit unions

According to a June 23 press release, customers of financial institutions, such as banks and credit unions, can buy and sell and hold bitcoins directly through their accounts. This is because of the recent collaboration between NYDIG, a subsidiary of Stone Ridge, and Fiserv, a global payment technology provider.

California’s First Foundation is working on providing such a feature.

The two companies also have plans to implement programs that reward customers in the form of the largest cryptocurrency, Bitcoin.

NYDIG CEO Robert Gutmann claims that the partnership is a "leap forward" in bringing bitcoins to financial institutions of all sizes:

"Our partnership with Fiserv is a leap forward in delivering integrated bitcoin transactions to institutions of all sizes and locations to meet the growing demand and interest of their customers."

As reported by U.Today, NYDIG also partnered with the National Fidelity Information Service (FIS) last month to allow hundreds of small US banks to hold or trade bitcoins.

The first Bitcoin investment fund in the Middle East was launched at Nasdaq Dubai

The first Bitcoin investment fund in the Middle East was launched at Nasdaq Dubai

Canadian digital asset fund management company 3iQ has announced the launch of the Middle East region's first bitcoin mutual fund on the Dubai Nasdaq Stock Exchange.

New Bitcoin Market

While the number of Bitcoin investors is growing worldwide, the opening of a Bitcoin fund could pave the way for a new influx of capital from one of the richest regions of the world into the currency market.

Investors can gain access to bitcoin price movements more than ever by buying the fund's investment units. Currently, in addition to the ability to buy directly from the Dubai Nasdaq market, it is possible to move units from the Toronto Stock Exchange to the Dubai Nasdaq. It is worth mentioning that after the beginning of trading the shares of this fund, the price of each share increased very fast by 11% and from $ 34.57 the initial price reached $ 38.40.

Frederick Pye, CEO of 3iQ, expressed satisfaction with the decision, saying that although the move comes as Bitcoin has lost more than 50 percent of its value in just a few weeks, Investors in the fund are likely to be in a "win-win" position in the event of a possible price increase in the summer.