cryptocurrency market experts warn. Is the winter of this industry on the way?

cryptocurrency market experts warn. Is the winter of this industry on the way?

Analysts at JP Morgan and DailyFX claim that we are in a cryptocurrency winter. However, other analysts, including John Bollinger, disagreed. The creator of the technical indicator of the Bollinger Bands believes that Bitcoin has already recorded a price floor of $ 30,000.

Bitcoin hit a record high of $ 64,804.72 in April, but later, the flagship cryptocurrency has dropped by almost 50% since then and is trading at $ 33,039.01 at the time of writing. The price of Bitcoin has risen 1.5% in the last 24 hours after touching the resistance level of $ 30,000. Although the cryptocurrency appears to be recovering, some experts believe the situation could get worse.

In addition to the downtrend, the bitcoin death intersection pattern was finally formed on June 19. In addition, conflicting news with Bitcoin continues in China, which negatively affects the bitcoin hash rate. On the other hand, the interest of legal investors decreased. These are all factors that lead to a downturn in the market. Likewise, these factors can lead our favorite cryptocurrencies to a deep hibernation.

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.

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.

Senator Cynthia Lummis has announced that she will discuss Bitcoin with the Biden administration

Senator Cynthia Lummis has announced that she will discuss Bitcoin with the Biden administration

US Senator Cynthia Lummis has said she will discuss bitcoin with the Biden administration. Ms Lumis described the talks as "promising and fruitful", saying they were being held with officials in charge of regulating digital currencies.

The American politician also stated that he believes in bitcoin. Earlier, on its official Twitter account, it welcomed the NRCC's decision to accept voluntary donations in the form of digital currencies.

As one of the leading supporters of Bitcoin, Ms. Lumis believes that these cryptocurrencies can play an active role in combating inflation. It is worth noting that inflation in the United States is currently around 2% and could be even higher in the future. Therefore, citizens are looking for a way to protect themselves against inflation.

Ms. Lumis says she fully supports the market's biggest cryptocurrencies in terms of investment. Arguing that Bitcoin is an alternative and legal means of saving and can serve as a tool to control and devalue Fiat money.

He also said that this is a new financial era and that his team is working on it because digital assets will be included in the US financial system in the future.

Shibu Inu 10% drop following CoinBase Pro announcements

Shibu Inu 10% drop following CoinBase Pro announcements

CoinBase Pro's decision to list Shibu Inu (SHIB) as the largest professional digital currency exchange in the United States was surprising. After all, it is one of the most organized and compatible digital currency exchanges in the world, while Shibu Inu is just a meme coin and has no special features.

CoinBase Pro listed Shibu Inu (SHIB) earlier this week alongside Cape Network (KEEP) and Chile (CHZ) as three new assets on its trading platform.

Many cryptocurrencies have suggested that the move is a way to compete for revenue with competitors (who list such tokens but are certainly not legal).

At that time, the Shibu Inu "community" grew. But after CoinBase Pro modified its SHIB plans late Wednesday, it proved to be a temporary decision.

"We are experiencing technical issues that temporarily delay the launch of SHIB on CoinBase Pro," the exchange said in a tweet.

"According to this announcement, the purchase of Shibu Inu has been deactivated in this exchange, but users can withdraw their assets."

The announcement reduced the Shibu Inu by almost 10%.

 CoinBase Pro says it seeks to enable SHIB trading soon. "We will provide an updated timeline for buying and selling this meme quin as soon as possible," the company said.

Chinese banks have launched 3,000 ATMs with the ability to convert digital yuan into cash

Chinese banks have launched 3,000 ATMs with the ability to convert digital yuan into cash

There are currently over 3,000 ATMs in Beijing with unique capabilities that can convert China's digital yuan (e-CNY) into cash and vice versa.

The Beijing branch of the China Industrial and Commercial Bank (ICBC) announced that the feature is available to the public through 3,000 ATMs in the Chinese capital, Xinhua reported on Friday. Therefore, China is constantly expanding its e-CNY operations.

The Agricultural Bank of China (ABC), one of the four largest state-owned commercial banks in the country, has launched 10 ATMs with the same facility in Wang Fujing, China.

The bank first tested the possibility in January in Shenzhen, China.

The Industrial and Commercial Bank of China also tested the feature on 10 ATMs in Beijing in February.

The Chinese capital recently held its second promotional lottery with prizes of 40 million yuan ($ 6.3 million) worth of digital.

In total, six Chinese cities - Shenzhen, Suzhou, Beijing, Chengdu, Changsha and Shanghai - have held 11 digital yuan electronic lotteries since October, with a total of 250 million yuan ($ 40 million) worth of digital yuan. Has been.