Blockchain Consultants

Blockchain Transformations Done Here

head

CABEI Lends assistance to EL Salvador for Bitcoin Adoption

On Monday, 14th June, the head of the multinational development bank, CABEI (Central American Bank for Economic Integration), announced that the bank would provide technical assistance for the implementation of Bitcoin as legal tender in El Salvador.

In the Monday press conference, The executive President of the Central American Bank For Economic Integration, Dante Mossi, said the development bank is looking forward to collaborating with the finance ministry of EL Salvador for the selection of a technical team to carry out a successful bitcoin implementation process.

Mossi admitted at the Monday press conference that the Government of El Salvador was actively looking for assistance from the financial institution to allow a proper enactment of Bitcoin as a legal tender in the country. 

Mossi seemed pleased while delivering the message to EL Salvador’s government and the President that how proud he feels that the Central American Bank for Economic Integration came out to be the first choice of President Bukele and the Government authorities of El Salvador. Further, Mossi brought up the point that there is no other country in the world that has adopted Bitcoin cryptocurrency as widely as this country has done. He said, protecting public privacy is a big challenge today, and to overcome this, we must choose the most efficient method.

Mossi gave out some details about the formation of the technical advisory team of the bank that would involve CABEI members, the ministry of finance and central bank officials from EL Salvador. 

The development bank also aims at helping in project planning and providing navigation assistance regarding the legal aspects of Bitcoin implementation as the legal currency of El Salvador.

Challenges in Bitcoin Adoption 

Last week, El Salvador turned into the first country to receive Bitcoin as a legal tender after Congress authorized President Nayib Bukele’s recommendation to accept the cryptocurrency.

Early this month, after El Salvador collaborated with digital wallet company “Strike” to foster the country’s advanced financial framework utilizing Bitcoin technology, President Bukele presented the bill to Congress.

After a couple of days, El Salvador’s President Bukele reported that bitcoin mining would be carried out under the nation’s state-run geothermal energy utility by employing power produced from volcanoes. The declaration was made only a few hours later, the Central American country’s CongressCongress cast a ballot to make the crypto a plausible legal tender.

Still, the International Monetary Fund (IMF) cautioned El Salvador about the dangers of utilizing cryptocurrency for everyday exchanges. An IMF group planned to meet with the President of El Salvador as the worldwide association reflected upon another aid package for the country during its recuperation from the Covid-19 pandemic. 

Meanwhile, El Salvador’s President disclosed that he was in touch with the IMF and expressed that he would clarify the operations comprehensively and the situation with the economy regarding how the currency functions as a legal tender in the country.

Conclusion 

President Bukele promises a robust selection of experts from CABEI would be made for effective risk assessment, investment plan, financial education, and regulation. CABEI, on the other hand, seems to be equally invested.

CABEI Lends assistance to EL Salvador for Bitcoin Adoption

Source

Bullish reversal? Traders debate whether $37K BTC price is a trend reversal

The cryptocurrency market flashed bullish on June 9 as Bitcoin (BTC) price reversed course and rallied 20% to $37,500. 

For the past few weeks, analysts had been debating whether or not BTC was entering a long-term bear trend and the argument has been further complicated by a mixture of positive and negative headlines including the adoption of Bitcoin (BTC) as legal tender in El Salvador and authorities in China ordering Chinese search engines to block results for searches related to the top crypto exchanges in the country. 

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin has surged 20% from a low at $31,000 late on June 8 to an intraday high at $37,450 as bulls look to take control of the trend.

BTC/USDT 4-hour chart. Source: TradingView

The move higher is seen as a bullish development for many including Mike McGlone, senior commodity strategist at Bloomberg Intelligence, who now feels that BTC is more likely to reach $40,000 than collapse down to $20,000. On the other hand, traders like Rekt Capital believe that BTC needs to have a weekly close above $32,000 to avoid further downside. 

The coming days will determine the fate of the bull run

The steady flow of positive announcements combined with the renewed regulatory crackdown in China has led some traders to ponder whether a bullish reversal is at hand or if the current price action is nothing more than a bull trap. 

According to Delphi Digital, the clear head and shoulders pattern seen on the BTC chart is a potential bearish indicator. 

Bitcoin head and shoulders pattern. Source: Delphi Digital

Despite this bearish pattern, the analysts also noted that a bullish RSI divergence has also formed, indicating the possibility of a trend reversal in the near future.

Bitcoin price and a bullish divergence on the RSI.  Source: Delphi Digital

According to Élie Le Rest, partner at digital asset management firm ExoAlpha, “the thesis for Bitcoin as a store of value is stronger than ever” but he feels that the top cryptocurrency “needs to increase its dominance” in order for the current bull run to continue.

Le Rest pointed to the news that El Salvador would recognize BTC as legal tender as “a huge step forward toward Bitcoin adoption” and he expects other countries to follow suit in the coming months and years.

Regarding Bitcoin’s future prospects, Le Rest mentioned that following the lower level retest of the $30,000 to $40,000 range over the past few days, a break above $40,000 “could resume the bull run that took place a month ago.”

Le Rest said:

“Traders still have some doubts on where the market is heading, so leverage has remained relatively low as forced liquidations have been painful since May. Breaking $40,000 could give the boost in traders confidence to leverage again their book to power new highs of the crypto market.”

Traders have also been keeping a close eye on Ether (ETH) and Le Rest pointed to the “massive ETH outflow” seen on June 8 as “a positive sign that the ETH bull run is not over yet,” but he cautioned that alternative chains like the Binance Smart Chain, Solana, and Avalanche “are putting a lot of efforts to take their DeFi market share.”

Altcoins rally alongside Bitcoin

Daily cryptocurrency market performance. Source: Coin360

Bitcoin’s rally to $37,500 also provided a boost to many altcoins. 

Ether saw its price rally 14% from a low at $2,300 on June 8 to an intraday high near $2,630, and Delphi Digital pointed out that the price of Ether is being supported by a decline in the circulating supply of Ether as 23% of its supply is now locked up smart contracts.

Ether supply locked in smart contracts vs. price. Source: Delphi Digital

Other notable performances include a 23% gain in the price of Kusama (KSM) to an intraday high at $486 following the launch of the Kusama parachain auctions and an 18% gain in the price of the Curve DAO Token (CRV) to $2.50.

The overall cryptocurrency market cap now stands at $1.63 trillion and Bitcoin’s dominance rate is 43%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bullish reversal? Traders debate whether $37K BTC price is a trend reversal

Source

Mexico lawmakers aim to follow the example of neighboring countries with proposed Bitcoin legislation

Eduardo Murat Hinojosa, a senator of the federal government of Mexico, has said he will be submitting a proposal to lawmakers seemingly aimed at crypto adoption in the country.

In a tweet today, Hinojosa changed his profile picture to feature the senator speaking into a microphone with the iconic “laser eyes,” indicating support for crypto. The lawmaker said he would be “promoting and proposing a legal framework for crypto coins in Mexico’s lower house,” specifically mentioning Bitcoin (BTC).

Hinojosa was not the only Mexico lawmaker indicating their support for crypto. Indira Kempis Martinez, a senator representing the state of Nuevo León, has also switched her profile to show laser eyes, with Hinojosa referring to her as a friend to the cause.

“We are going to lead the shift to crypto and fintech in Mexico,” said Hinojosa.

The social media activity comes as countries in Latin America have seemingly been taking steps towards greater adoption of crypto. In a video announcement to attendees of the Bitcoin 2021 conference last week, El Salvador President Nayib Bukele said he would send a bill to the country’s legislature demanding that Bitcoin be made legal tender.

On Sunday, Paraguayan congressperson Carlitos Rejala hinted that crypto would be connected to “an important project to innovate Paraguay in front of the world” starting this week. Yesterday he added that he was working with local crypto figures “in order for Paraguay to become a hub for the crypto investors of the world.”

Though Mexico has many individual investors who back Bitcoin, authorities in the country reported last year that cartels had been increasing their use of crypto to launder funds. At the time, the head of the Mexican attorney general’s Cyber Investigations Unit said the country’s law enforcement lacked the resources needed to tackle money laundering when crypto was involved.

Mexico lawmakers aim to follow the example of neighboring countries with proposed Bitcoin legislation

Source

Ripple Price Prediction: XRP/USD Moves Sideways as Price Holds $0.90

Ripple Price Prediction – June 7

The Ripple price is slightly bullish as the market continues to respect the $0.90 support and likely builds momentum to push to the $1.20 mark next term.

XRP/USD Market

Key Levels:

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.65, $0.55, $0.45

XRPUSD – Daily Chart

XRP/USD has been trading sideways since a few days ago, losing around 0.59% during the negotiation today. Looking at the daily chart, our Ripple price prediction proved XRP/USD has been dropping after a bullish rally that occurred yesterday. At the moment, the bulls are making an attempt to come back into the market with a cross above the 9-day and 21-day moving averages, which may head towards the resistance level of $1.00. Meanwhile, the Ripple price prediction shows that the coin hovers below the moving averages.

Ripple Price Prediction: Can Ripple Move Above $1?

The Ripple (XRP) remains the seventh-largest cryptocurrency with a market cap of $43.4 million. The Ripple price has seen a slight increase in the market yesterday and it is currently trading around $0.94. In the meantime, XRP/USD may continue to a sideways movement before any breakout or breakdown of the channel.

Moreover, should in case the Ripple price breaks above the 9-day and 21-day moving averages, the resistance levels of $1.20, $1.30, and $1.40 could be visited. Meanwhile, for a backward movement, the market can be supported at $0.65 and $0.55 and if the price falls below the previous levels, another support is around $0.45 while the Relative Strength Index (14) is moving in the same direction below the 45-level.

Looking to buy or trade Ripple (XRP) now? Invest at eToro!

75% of retail investor accounts lose money when trading CFDs with this provider

When compares with Bitcoin, the Ripple price is currently changing hands at 2624 SAT and it’s trading around the 9-day and 21-day moving averages. Therefore, if the above-mentioned level can serve as the market support, the Ripple price may likely face the key resistance at 3000 SAT. By reaching this level, XRP/BTC could hit the resistance level of 3300 SAT and above.

XRPBTC – Daily Chart

However, if the bulls fail to push the price above the 9-day and 21-day MAs, the market may continue its downtrend and the pair could probably record further declines below the lower boundary of the channel. Breaking this barrier could further push the market to the nearest support level of 2100 SAT and below while the signal line of the Relative Strength Index (14) moves in the same direction within the 50-level.

Ripple Price Prediction: XRP/USD Moves Sideways as Price Holds $0.90

Source

Altcoins soar while Bitcoin and Ethereum price stall near key levels

On May 26 the the bullish momentum that had propelled Bitcoin and altcoins into a relief rally was somewhat subdued as traders remain unsure of what may happen next. 

After an early morning attempt by Bitcoin bulls to drive (BTC) price above $40,000 was met with stiff resistance, the digital asset lost momentum and slumped back to the $38,000 support level.

BTC/USDT 4-hour chart. Source: TradingView

Despite the continued struggle, a few positive signs like a decline in BTC exchange deposits and an uptrend in addresses accumulating Bitcoin suggest that bears have stopped selling and the worst of the downturn may have passed.

Earlier in the day, Ether (ETH) also rallied close to the $3,000 level but the pullback in BTC price saw the top altcoin fall below $2,800.

Polygon leads the altcoin charge

While a majority of the cryptocurrencies are well below recently established highs, Polygon (MATIC) price bucked the trend by seeking out a clear V-shaped recovery. The altcoin rallied higher today as the project announced the launch of its SDK stack that will allow developers to easily deploy their own Ethereum-connected blockchains.

MATIC/USDT 4-hour chart. Source: TradingView

Since May 25, MATIC price has rallied 50% from a low of $1.51 to an intraday high at $2.44 on May 26.

According to data from Cointelegraph Markets Pro, market conditions for MATIC have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. MATIC price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for MATIC has been in the green zone for most of the past week and it registered a high of 94 several times on May 25, around seven hours before the price increased 50% over the next day.

Other notable altcoin performances include an 89% gain for SKALE Network (SKL) and a 67% rally from Enjin Coin (ENJ) . Origin Protocol also gained 53%.

Daily cryptocurrency market performance. Source: Coin360

The overall cryptocurrency market cap now stands at $1.7 trillion and Bitcoin’s dominance rate is 42.5%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Altcoins soar while Bitcoin and Ethereum price stall near key levels

Source

Verified by MonsterInsights