Author: StanNordFX   |   Latest post: Wed, 21 Jul 2021, 11:39 AM


CryptoNews of the Week

Author: StanNordFX   |  Publish date: Wed, 21 Jul 2021, 11:39 AM


- Mastercard, in collaboration with financial platforms Evolve Bank & Trust, Paxos and Circle, is launching a new program that will allow more banks and cryptocurrency companies to offer plastic and virtual cards to those wishing to “spend their digital assets wherever Mastercard is accepted”. This is stated in a press release by the company. It also noted that cryptocurrency providers are now having difficulty converting cryptocurrency into fiat. The new initiative will address this problem.

- Half of the fintech and cryptocurrency experts expect bitcoin to surpass fiat and national digital currencies by 2040. Finder.com reached such conclusions in their survey. Moreover, a third of them believe that the so-called "hyperbitcoinization" will come by 2035 or earlier.
Optimists have not lost faith in the favorable prospects of the first cryptocurrency. They believe that El Salvador's acceptance of bitcoin as a means of payment will set an example for other emerging economies. However, the second half of those surveyed questioned bitcoin's ability to become the dominant asset in global finance.

- Professional boxing legend Mike Tyson invited Twitter followers to choose between bitcoin and Ethereum. The discussion was joined by the head of MicroStrategy, Michael Saylor, who said that he spent over a thousand hours thinking about this issue. He ended up choosing the first cryptocurrency. “I bought $2.9 billion worth of bitcoin because I consider it the future of digital ownership,” said the head of MicroStrategy.
Other representatives of the crypto industry joined the discussion. For example, OkeX Bitcoin exchange head Jay Hao responded with a meme with the text “You don't have to choose if you have both.”

- The Chinese cryptocurrency community has been recently actively discussing a video in which a roller is crushing a large number of ASIC miners. Some members of the community associated what was happening with the recent bans by the PRC authorities. Others have suggested that the action takes place in Latin America. However, it was later revealed that Malaysia's law enforcement agents destroyed the equipment. A local portal cited a statement from the Miri County Police Chief, according to whom 1,069 bitcoin miners worth $1.25 million were destroyed. The equipment was seized in six raids between February and April.

- Major bitcoin investor Tim Draper hasn't changed his optimism about cryptocurrency No.1, despite the sharp drop in its price. According to the billionaire, BTC's price will reach $250,000 by early 2023 at the latest. It is worth noting that Draper has previously managed to make accurate predictions. So, in 2014, he predicted that bitcoin would break the $10,000 level within three years.
Draper sees a whole set of financial functions in bitcoin, so he believes that this cryptocurrency will spread in countries with both developed and emerging economies.

- Data obtained by news site Finbold shows that the popularity of cryptocurrency applications for iOS and Android has grown 2.6 times over the year. They now dominate the top 50 asset management apps, surpassing similar stock trading programs in the USA. The number of downloads of applications for transactions with cryptocurrencies in the AppStore has already exceeded 18 million in 2021, in Google Play - 15 million.

- David Tice, co-founder of hedge fund Morand-Tice Capital Management, is confident that this is a "very dangerous period" for owning bitcoin and other financial assets. “The market is very overvalued in terms of future profits. Debt is growing at an unprecedented rate. The government bond market, where rates are falling sharply, is behaving very strangely,” he said in an interview with CNBC.
Tice has earned the reputation of being a bearish investor on bullish cycles. Thus, he sold his "bear" fund Prudent Bear Fund during the 2008 crisis. Now the financier is confident of the inevitability of a collapse in markets, although he acknowledges that accurately predicting the moment of the next major pullback is very difficult. He urges investors to weigh the risks as, in an attempt to earn 3-5% in the short term, they are threatening themselves with a 40% pullback. Especially, he believes, this is true for stocks of big tech companies such as Facebook, Apple, Amazon, Netflix and Alphabet.
The cryptocurrency investment is described by Tice as “very dangerous.” “We had a position on bitcoin when it was worth $10,000,” the investor admitted. - Nevertheless, when it went up to $60,000, we decided that this rate has outlived itself. Concerns from central banks and the Bank for International Settlements have grown strongly lately, with all of them giving strong negative comments. I think it's very dangerous to hold bitcoin today."
Tice himself is now betting on the rise in the price of precious metals and shares of companies from the mining sector.

- A crowdfunding campaign for a documentary about cryptocurrency Ethereum and its co-founder Vitalik Buterin raised $1,900,000 on the Mirror platform in just three days. The goal was to raise an amount of 750 ETH (about $1.37 million at the time of writing). However, 662 users donated 1,036 coins. The most generous of them will be credited. The film titled “Ethereum: The Infinite Garden,” is scheduled to premiere in winter 2023. Optimist studio is working on it.

- More than 200 people from about 20 countries have lost about $70 million due to scams related to the OEN cryptocurrency. According to The Standard, the scammers, posing as attractive Chinese women on dating sites, urged their fans to invest in this cryptocurrency through the Bitfex.pro and Bitfex.vip exchanges, which are currently no longer working.
The "girls", who were very difficult to refuse, deprived some especially gullible clients of almost all their funds. So, one client in love lost $100,900, and after he ran out of money, the "beauty" broke off relations with him.
Given that the IP addresses of the sites changed each time, the Hong Kong police admitted that the investigation was at an impasse, as the cybercriminals left no leads.

- According to data from BitinFoCharts, one of the bitcoin megakits controls about 144,000 coins in 18 wallets, each containing exactly 8,000 BTC. The total value of the coins is currently more than $4.3 billion. It bought a further 29,880 BTC for about $950 million last weekend of July 16-18, making it clear that big players continue to accumulate during the fall in the price of the main cryptocurrency.

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CryptoNews of the Week

Author: StanNordFX   |  Publish date: Wed, 14 Jul 2021, 2:17 PM


- Increased regulatory oversight could benefit the cryptocurrency industry, said Jihan Wu, billionaire and co-founder of Bitmain. In his view, regulation “cuts out attackers” and improves the industry's reputation in a rapid growth environment.
He also suggested that more active interaction of representatives of the cryptocurrency industry with the authorities could bring positive results as well. The billionaire cited Singapore, where one of his companies is based, as an example. According to Wu, the government of this country is taking a “reasonable” stance on digital assets, allowing Singapore to become a “hub for crypto innovation”.

- Bitcoin ransomware received more than $33 million in cryptocurrency in 2021, according to Ransomwhere data. 2This cybersecurity-focused service collects ransomware attacks and tracks payments from affected users to ransomware.
According to Ransomwhere, REvil (Sodinokibi) from the eponymous hacker group has become the largest ransomware in 2021. Its victims paid the extortionists over $11.3 million. In second place is Netwalker (Mailto), whose developers have received more than $5.7 million. The amount of cumulative damage could grow significantly if the REvil group receives the $70 million they demanded from victims in early July.

- Galaxy Digital cryptobank founder Mike Novogratz said in a commentary on CNBC that the US cryptocurrency community has taken a leading position in the bear market, whose origins lie in Asia. “We see Asia selling it [bitcoin] and the US buying it back. China has declared war on the crypto industry as part of the broader Cold War we are getting into."
Earlier, Novogratz called the exodus of miners from China a “big plus,” and said that the PRC's repressive policies would not prevent the development of the crypto industry.

- Albany Engineering Corp's hydroelectric plant, located in New York, USA, provides a profit margin on bitcoin mining three times higher than on the sale of energy. The hydroelectric power station was built in 1897, almost 125 years ago, and it is one of the oldest operating renewable energy facilities.
According to the top managers of the plant, a years-long litigation with the distribution network regarding tariffs has forced the company to consider alternative sources of revenue. True, the management doubts the long-term potential of the cryptocurrency, so translates coins into dollars immediately as they come in.

- As a result of an operation carried out by the New Zealand police, attackers... stole $45,000 worth of cryptocurrency from its bitcoin wallet. According to the New Zealand Herald, law enforcement officers conducted an online investigation into money laundering but fell victim to cyber scams themselves as a result.
The cryptocurrency was acquired in 2020 and was intended for “controlled purchasing”. But something went wrong, and the police lost control over the course of this special operation. Two internal investigations have been conducted into the theft, but no breaches of standard procedures have been identified.

- Legendary investor Bill Miller, in an interview with Market Insider, called bitcoin the best asset for protecting against inflation. The main cryptocurrency emerged in response to the 2008 crisis to be free from government control and manipulation, Miller explained. Also, the investor agrees with the view that bitcoin is digital gold because it is more convenient to use than any precious metal. As for the high volatility of digital assets, Miller believes this is the price that needs to be paid for the benefits.
Bill Miller's Miller Value Partners fund became one of the best in hedge fund history in 2019, with a return of 119%. The investor started purchasing bitcoins a few years ago, when they cost $300 per coin. Much of the fund's capital was earned from the growth in the value of the first cryptocurrency.

- On July 12, two transactions were recorded to transfer 740 bitcoins, which were motionless on the wallet of a certain holder since May 2012. It was reported by analytical service Whale Alert. Nine years ago, the value of these coins was $3.7k. (at $5 per BTC), and $26.1 million at the time of the transaction. That is, the value of digital coins has increased 7000 times over 9 years.
A similar move was recorded in February 2021. Then a large bitcoin holder transferred 100 coins to other addresses, which had been in his wallet without moving since June 2010. Their total cost was only about $8, and it reached $5 million at the time of the transaction: the price increased 622,000 times over 11 years.

- Bitcoin is ready for a major price movement, says analyst Will Clemente. He published a chart in his Twitter (136 thousand subscribers) with an indicator, which speaks of a possible imminent exit of the price of the first cryptocurrency from a narrow range.
As to the direction of the bitcoin rate, Clemente wrote that he was optimistic. According to the analyst, the market is now in the accumulation stage, and large players continue to actively buy the first cryptocurrency. "Whale" stocks increased by 65,429 BTC just last week. According to Clemente, there may be a shortage of supply of the main cryptocurrency in the near future, since large players often acquire assets for long-term purposes.
Clemente also stressed that the growth in the number of cryptocurrency users continues. Whereas their number usually decreases after the peak in prices. And this is also an argument in favor of the upcoming growth of BTC.

- Apple co-founder Steve Wozniak called bitcoin "the most amazing mathematical miracle," according to El Sol de Mexico. He also believes that the flagship cryptocurrency is more expensive than gold, since its emission is limited.
Wozniak has been a staunch supporter of bitcoin for years. He even stated in June 2018 that he sees BTC as the single world currency and believes in its longevity. However, the 70-year-old tech entrepreneur himself does not personally invest in bitcoin, and launched his own crypto project called Efforce a few months ago.

- Bitcoin has reached a level where it can resume the rally. This opinion is shared by Bloomberg analyst Mike McGlone. According to him, the cryptocurrency is ready to resume growth towards $100,000. "Bitcoin is poised to return to a bullish trend in the second half of the year, and crude oil is ready to resume a bearish trend," McGlone wrote on Twitter.
The expert is confident that the growth of the cryptocurrency will "have serious macroeconomic consequences" this time. It is worth noting, however, that this is not the first time McGlone predicts a sharp rise in digital assets. For example, he announced in early February that the volatility of bitcoin can increase the gap between its price and gold "hundreds of times."

- According to Reuters, the Ulsan National Institute of Science and Technology (South Korea) uses... faeces to generate electricity. Students are paid Ggool digital currency for each toilet visit.
One of the professors of the institute developed an environmentally friendly toilet BeeVi. It is connected to a laboratory that uses excreta to produce biogas. According to the scientist's calculations, a person produces about 500 grams of feces every day, which can be converted into 50 liters of methane. This amount of gas generates 0.5 kW of electricity, which is equal to the cost of a car to cover a distance of 1.2 km.
The science Initiative brings students up to 10 Ggool per day. The coin is accepted as payment in shops on campus. And the energy produced with the help of students powers a number of devices on the territory of the institute, including a boiler.

- British IT engineer James Howells threw a 7.5K BTC hard drive into the trash eight years ago, messing it up with another device. He then asked local authorities for permission to excavate a local dump to find his property, but was refused. Now Howells came up with a new search plan.
According to his calculations, he will need at least 12 months for the operation. This will be a "large-scale search," the engineer claims, which will not use "buckets and shovels" but the most modern technology. “We have a system with multiple conveyor belts, X-ray scanners and artificial intelligence that is trained to recognize objects that are similar in size and density to a hard drive,” Howells explained.
All of this will require a lot of financial investment, but one of the hedge funds has promised to cover all equipment costs in exchange for a share of bitcoins that can be found in the landfill. It is expected that the researchers will have to sort through 300-400 thousand tons of waste. The cost of 7,500 BTC is about $246,000,000 at the time of this writing.

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CryptoNews of the Week

Author: StanNordFX   |  Publish date: Thu, 8 Jul 2021, 3:38 AM


- CNBC conducted a Wall Street survey of nearly 100 investment directors, financial strategists and portfolio managers. 44% of them believe that bitcoin will close 2021 with a price below $30,000. 25% of respondents believe that the rate of the first cryptocurrency at that time will reach $40,000. A similar proportion of respondents chose the $50,000 level, with only 6% predicting a rise to $60,000.
Discussing the results, the channel's hosts agreed with the short-term outlook in general, noting that even $30,000 for the end of the year would alleviate many of the concerns of market participants by setting a long-term bottom.

- More than a thousand companies were affected by the cyberattack on the American software developer Kaseya. The operators of the REvil ransomware virus, who are being linked to Russia, are allegedly behind the hack. The company initially said that only a small group of its customers were affected by the hackers' actions, but the scale of those affected by the attack was increasing as the investigation progressed.
Cybersecurity experts assumed immediately that the hacker group REvil was behind the attack. Huntress Labs later discovered a $70 million ransom demand in bitcoin on a darknet hacker site for decrypting the files of all victims.
REvil (also known as Sodinokibi) is often associated with Russia due to the fact that they do not attack Russian organizations or enterprises in the countries of the former USSR and often publish messages in Russian.

- JP Morgan Bank analyst Nikolaos Panigirtzoglou said in an interview with CNBC that investors have begun to shift funds from other digital assets to bitcoin over the past few weeks. This reversed the trend that began in April, when there was a large inflow of funds into altcoins. "The flow of funds, even to Ethereum, has noticeably decreased over the past two to three weeks, while the outflow of funds from bitcoins has slowed down." This could mean that the bear market for bitcoin is likely coming to an end.
JP Morgan believes that the value of bitcoin itself is more important for institutional investors than its volatility. And further integration of the world of institutional companies into bitcoin will lead to a “normalization” of cryptocurrency No.1 volatility, according to Panigirtsoglou.

- The Crypto Head cryptocurrency platform rated the United States as the country most prepared for the massive introduction of digital assets. When compiling a ranking of 76 countries, the platform's specialists took into account: number of thematic Google searches, number of cryptocurrency ATMs installed, the level of legalization of cryptocurrencies by tax and financial laws.
The USA received a score of 7.13 points out of possible 10. Cyprus and Singapore are next in the ranking with 6.47 and 6.3 respectively. Rounding out the top five are Hong Kong and the United Kingdom.

- Brazil's Federal Police liquidated Bitcoin Banco Group, whose damage for 7,000 citizens exceeded $300 million. Its leader, Claudio Oliveira, known as the "King of Bitcoin", has been arrested.
During the 2017 bull market, the Bitcoin Banco Group promised clients “incredible profits”. In late 2019, the firm reported the disappearance of 7000 BTC and filed for court recovery. This document involves signing an agreement with the authorities to reorganize activities to avoid bankruptcy. However, the investigation, which lasted three years, revealed that employees of the organization had been systematically transferring client funds into Oliveira's personal accounts.

- Bitcoin.org, a popular information resource, allegedly created by Satoshi Nakamoto himself, underwent an "absolutely massive DDoS attack." The hackers who attacked the site are known to have demanded a ransom in bitcoins. Now Bitcoin.org is already operating normally. However, it is not known how the site operator reacted to the blackmail, or whether it paid the ransom to cyber criminals.

- Popular cryptanalyst PlanB (609,000 subscribers) outlined the worst scenario of the main cryptocurrency movement. Using a stock-to-flow ratio (S2F) model, he concluded that the next six months would either prove that the model worked for bitcoin, or it would prove it useless.
S2F has traditionally been applied to commodities such as gold and silver. PlanB used it to predict if bitcoin could surpass the $288,000 level. And now he has reported that BTC's bearish price move defies his calculations. According to PlanB, the worst-case scenario for bitcoin in July is closing the month at $28,000. In August, this is where the worst-case closing scenario could be $47,000. According to him, the next six months will determine whether or not BTC will actually hit the six-digit range by the end of the bull race.

- Morning Brew invited subscribers to share professional fears via Twitter. The answers had to be only four words. "Elon Musk tweeted something," - this is the fear of crypto investors, described by manager Devin Marty, hinting that the statements of the billionaire have a strong impact on the quotes of digital assets. These four words have received the most likes. At the same time, some users felt that if messages on Twitter increase the volatility of an asset, then this asset cannot be considered "serious".
The fact that Elon Musk's remarks can move the market is confirmed by a survey conducted by Investing.com. According to its results, one in five respondents who sold bitcoin in May 2021 associated this decision with Musk's criticism of the cryptocurrency.

- US Senator Cynthia Lummis wants Americans to use cryptocurrency to diversify their retirement savings. Ms. Legislator is concerned about 100%-dollar retirement plans and encourages people to use bitcoins to avoid "keeping all their eggs in one basket." Cynthia Lummis herself now has about 5 BTC and when she bought the cryptocurrency for the first time, the price was $330.
The senator suggested that US pension funds also diversify their long-term portfolios with bitcoin, calling it a "good store of value." Although she personally prefers BTC, she believes that Ethereum is also a promising project.

- A number of analysts have interpreted the current situation in the bitcoin market as a phase of accumulation according to the Wyckoff method, which means that the current low of $28,800 is the minimum of the correction (“Spring”), and a stepwise increase should be expected in the future.
Wyckoff's scheme will be confirmed if bitcoin fixes above the $36,000 resistance. In addition, some experts attach particular importance to overcoming the downtrend of the Relative Strength Index (RSI) on the daily chart.
Michael van de Poppe, trader of the Amsterdam Stock Exchange, also praised the developments in the crypto market. He noted that the consolidation continues and urged traders to be patient and wait for a breakout from the current price range. It is quite obvious that the famous trader expects a break up.

- Michael Novogratz, founder of the Galaxy Digital cryptocurrency bank, believes in the potential of Ethereum. He stated in a recent interview that this altcoin is capable of overshadowing bitcoin. Although BTC has become popular as a store of value, the ETH platform has the potential to become the foundation for the upcoming Web 3.0. However, there is one issue: Ethereum is facing stiff competition from Solana, Terra and other ecosystems in this direction.
As for the clients of his own bank, Novogratz sees that there is no real worries about the collapse of the crypto industry, as investors understand that changes in the financial world are just beginning.

- Insiders are reporting that the George Soros Foundation, formerly known as the adversary of cryptocurrencies, will enter this market. New York Digital Investment Group (NYDIG), the billionaire-sponsored institutional investor platform, has previously announced it is opening up access to cryptocurrency to clients of hundreds of US banks. And now the media, citing two insider sources, are spreading information that Dawn Fitzpatrick, the investment director of Soros Fund Management, after studying the market, allowed managers to trade cryptocurrency. Fitzpatrick's team also intends to invest in companies working with blockchain technology. However, there has been no official statement on this matter yet.

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CryptoNews of the Week

Author: StanNordFX   |  Publish date: Wed, 30 Jun 2021, 1:03 PM


- "The cryptocurrency market is not yet completely healthy, however, the healing process has already begun." This conclusion was reached by JPMorgan analysts in their new report, Bloomberg writes. Although bitcoin is still far from highs, cryptocurrencies are gradually recovering from the collapse.
For example, the lack of activity in the bitcoin futures market was described by JPMorgan strategists as a “positive factor.” However, the short-term outlook, in their opinion, is "extremely difficult." Analysts also believe that there are still "submarine positions" in the market, that the market should get rid of. However, it is unclear from the report what level bitcoin should reach for full “healing.”

- Former CEO of Gyft and co-founder of the Civic project, Vinnie Lingham, was once nicknamed the "oracle" because he was able to predict the future value of the oldest cryptocurrency.
Lingham's predictions for BTC are not always optimistic, and his calls are traditionally more conservative than those of people with fantastic ideas. However, like many others, he believes there is a possibility that BTC could hit six figures as early as this year. Oracle wrote in his Twitter account that if the price continues to hold at $30,000, then we will probably see bitcoin at $100,000 by the end of the year.

- Owners of small hydropower plants in China are forced to sell equipment due to government restrictive measures against bitcoin miners. These are small hydroelectric power plants generating about 50 MW, some of which are located in the Sichuan province. Local authorities demanded a halt to the activities of “key” miners until June 20 and banned energy companies from supplying power to them.

- The President of Kazakhstan Kassym-Jomart Tokayev signed a law providing for the introduction of additional mining fees. The National Association of Blockchain and Data Center Industry of Kazakhstan said the decision will “very negatively affect the investment attractiveness of the industry.” According to the president of the association, miners from China, who see Kazakhstan as a possible jurisdiction for migration, are also “embarrassed by this initiative.”
As for the authorities, they see no “critical consequences” from the adoption of the law. In their view, the introduction of an additional electricity charge when mining cryptocurrencies will allow "to bring out of the shadow those miners who are now in the grey zone."

- Former Cramer & Co hedge fund manager and host of the Mad Money show on CNBC Jim Cramer cut his positions at Ethereum in May, after the coin hit the historic high at $4,350. And now he has again increased his savings in the second most capitalized cryptocurrency. Surprisingly, it was the positive dynamics of... bitcoin that pushed him to buy Ethereum. “I went back to Ethereum because bitcoin held above $30,000,” he claimed. And he added, "I love Ethereum because people are really using it a lot more."

- Billionaire Ricardo Salinas Pliego, who is one of the top three richest people in Mexico according to Forbes, said that when choosing an asset for the next 30 years, “would I never choose the stinking fiat”, and preferred bitcoin.
“Fiat is a fraud,” Pliego stated. “See: I started my career in 1981. The Mexican peso was then quoted against the dollar at a rate of 20 to 1. But after 10 years, the rate became 20,000 to 1. And that's just in Mexico. But look at Venezuela, Argentina or Zimbabwe. The numbers have grown so much that this has led to a violation of all proportions. Therefore, no pesos, no paper money!"
Salinas believes that bitcoin should be part of every investor's portfolio. 'It's an asset that has international value and is trading with incredible liquidity globally. That's enough for it to be part of every portfolio, period."
The key advantage of bitcoin, according to the billionaire, is its limited emission. For the same reason, he does not believe in Ethereum, explaining that unlimited emission leads to the depreciation of existing assets.

- One of the markets where the competition between bitcoin and gold is most pronounced is India - a country where people used to traditionally invest in the precious metal. It is believed that Indian households own more than 25,000 tons of gold, although bitcoin has recently entered the country as well. According to the analytical service Chainalysis, investments in cryptocurrency in the country have grown from about $200 million to almost $40 billion in the last year alone, which means an increase of 20,000%. This is despite numerous efforts by the country's government and central bank to prevent, if not totally ban, investment in cryptocurrencies.
There are now more than 15 million crypto investors in the country, which is less than 23 million in the US, but more than 2.3 million in the UK. However, for a country with a population of over 1.3 billion people, the share of those involved in cryptocurrency transactions is still very low: 1.15%.
Of the 15 million named, the largest proportion are millennials under 35, who are less attracted to gold than previous generations, according to the World Gold Council.

- Veteran of the crypto market and one of the largest BTC holders, 41-year-old Mircea Popescu died in Costa Rica. He was also known as a blogger and self-proclaimed "greatest erotic writer in the world."
According to local media reports, Popescu was carried off by a current near the Tramonto Hotel when he went to swim in a prohibited place. His body was found on the beach on the morning of June 23. A medical team arrived at the scene, but resuscitation measures did not bring results.
Remembering Popescu, members of the crypto community call him "the evil genius of bitcoin maximalism", "the father of toxicity around bitcoin" and "sleeping giant". He was one of bitcoin's most conservative supporters and objected to any changes to the cryptocurrency protocol. “The guy had enough bitcoins to do whatever he wanted in life. Popescu could drop bitcoin almost to zero at one moment and hold the price for some time. He aroused little sympathy but laid the foundations for what we have today."
Some believe that by naming 1 million coins, Popescu exaggerated the number of bitcoins at his disposal. The real figure could be between 50,000 and 300,000 BTC. However, it made him one of the largest cryptocurrency holders in the world. Now this huge number of bitcoins has disappeared, apparently forever.

- Paraguay could become the next country after El Salvador to recognize bitcoin as legal tender. The corresponding bill will be presented in the country's parliament on July 14. According to a representative of the Congress, the initiative has already found support among "a number of very important enterprises in Paraguay."
On June 22, Paraguay's Universidad Americana University announced that it will accept Bitcoin, Ethereum and Ripple as tuition fees from August 2021.

- Jason Urban, Co-Head of Trading at Galaxy Digital, noted that negative news should exhaust itself by autumn, and bitcoin will continue its upward movement. He believes quotes could reach $70,000 by the end of this year. “We will soon see an update to the historical high,” he declared.
Urban believes that many institutional investors have not yet entered the crypto market due to regulatory uncertainty, however, they will sooner or later, creating an increased demand for BTC.

- Sam Trabucco, a trader at Alameda Research, also believes that the bitcoin market is already preparing for an upswing. In his opinion, a few negative news that have been released recently have no fundamental value and is only aimed at creating short-term negative sentiments.
Trabucco writes that negative news from China, Elon Musk's concerns about the environmental friendliness of bitcoin and the likely insolvency of MicroStrategy associated with the fall in BTC are causing an overly negative reaction. Previously, the price reacted in the same way to the Tesla purchase for BTC and Musk's optimistic messages. “But none of this news in any way affects the value of bitcoin and how people should evaluate it in the medium term,” the expert said.
Trabucco also added that it was all exacerbated by a bloated derivatives market and massive liquidations of positions. “No one wanted to sell at $30,000, however many were forced to do so. This means that the $30,000 price should be taken as a buy signal,” he said.

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CryptoNews of the Week

Author: StanNordFX   |  Publish date: Thu, 24 Jun 2021, 3:24 AM


- Sotheby's auction house, founded in 1744, will auction a rare diamond in Hong Kong. The lot has been estimated at $10-$15 million. The bets are planned to be accepted in the traditional currency, bitcoins or Ethereum. Bidding will start on July 9. Before that, the 101.38-carat pear-shaped diamond will be exhibited at Sotheby's Gallery in Hong Kong.
“This is truly a symbolic moment,” the auction house said in a statement. “The most ancient and symbolic value denominator can be purchased for the first time with the latest universal currency of humanity.”

- According to Reuters, China's authorities have once again caused panic in the cryptocurrency market. The People's Bank of China has reportedly urged banks to immediately close payment gateways for customers who trade in digital assets. The crypto market reacted immediately to this news with a drop to $1.164 trillion. Thus, in just seven days, from June 15 to 22, the market has shrunk by more than 33%.
Along with the fall of the crypto market, the hash rate of the bitcoin network also falls. At the time of writing, it has shrunk to 91 exahash per sec. Note that the last time the network recorded such values was back in November 2020. However, according to a number of experts, this reduction in the hash rate may be due to the relocation of miners from China to other countries.

- Amid the Chinese government's crackdown on the crypto industry, a logistics company in Guangzhou announced it was transporting a large batch of bitcoin mining equipment to the United States. According to CNBC, the cargo weighing 3,000 kg will be delivered to Maryland by air.
Earlier, Miami Mayor Francis Suarez talked about plans to attract Chinese miners to the city, giving them access to nuclear energy. He stressed that he had not received specific proposals, but he was sure that cheap electricity would be of interest to industry representatives.

- Michael Burry, an investor and founder of hedge fund Scion Capital, who predicted the 2007 mortgage crisis, warned subscribers about the collapse of the cryptocurrency market. However, then this tweet was deleted. "All the hype and speculation is just attracting retail traders before the mother of all the crashes. Parabolic [uptrends] will not pass. [...] History has not changed,” Burry wrote.
The investor also noted that the problem of the digital asset market lies in too much leverage. “If you don’t know how much leverage is in cryptocurrencies, you don’t know anything about cryptocurrencies,” he stressed.
Burry had earlier warned that the market had inflated "the biggest bubble in history." In his post, he used the hashtag FlyingPigs360, which, according to Business Insider, may be a reference to the adage about investment: "Bulls make money, bears make money, but pigs get slaughtered."

- Bestselling author of Rich Dad Poor Dad and entrepreneur Robert Kiyosaki has also predicted the collapse of the crypto market. “The biggest bubble in world history is getting bigger. The biggest crash in world history is approaching. Buy more gold and silver. Expect bitcoin to drop to $24,000,” he wrote.
Recall that in 2020, Kiyosaki advised buying the first cryptocurrency until its price exceeded $20,000 and predicted the growth of the asset to $50,000.

- Business intelligence and software provider MicroStrategy has done it again: it has bought over 13,000 bitcoins. Michael Saylor's firm is now the largest corporate investor in digital assets. It owns 105,085 BTC, which is 0.5% of all bitcoins that ever existed and 0.56% of all tokens currently in circulation.
The company made the purchase after it raised $500 million through the placement of high-priority securities. As Saylor wrote on Twitter, 13,005 coins were bought for just under $500 million at an average price of $37,617. In total, the businessman has invested over $2.7 billion in bitcoins, and the average purchase price was $26,080, which allows the company to remain in the black for now.
Note that on the back of the latest drop in the crypto market, MicroStrategy shares are down 7.8%.

- Popular analyst PlanB has described a potentially bearish scenario for bitcoin this year. As usual, he relies on a stock-to-flow ratio (S2F) model. PlanB emphasizes that the current price pattern is consistent with a bearish scenario, however he is confident that bitcoin will hit its all-time high by October. And the price will reach $135,000 by the end of the year.
“Bitcoin fell below $34,000 due to Elon Musk's tweet about the unsustainability of bitcoin, as well as due to the panic caused by the Chinese repression against miners,” he tweeted. “However, there are more fundamental reasons for the June decline. Perhaps they will spread to July. My worst-case scenario for 2021 (based on on-chain analysis): August> $47,000, September> $43,000, October> $63,000, November> $98,000, December> $135,000." The most optimistic scenario assumes an increase in BTC to $450,000.

- Russian billionaire co-owner of the aluminum giant En+ Group Oleg Deripaska accused the Bank of Russia of tight regulation of digital assets. In his opinion, the central bank discourages citizens from getting involved in cryptocurrencies like bitcoin. He suggested that the country should add the main cryptocurrency as a means of payment.
In addition, the oligarch pointed to the need for Russia to effectively conclude business deals with the rest of the world and called on the central bank to adopt "a real financial instrument that ensures independence in foreign trade settlements." “Even poor El Salvador realized the need for digital currencies and took the simple path of accepting bitcoin as a means of payment,” Deripaska said.

- Former Cramer & Co hedge fund manager and host of CNBC's Mad Money show Jim Cramer sold most of his bitcoins following news of China's mining restrictions. Cramer said there were structural problems in digital gold and predicted a further decline in its price. "When China pursues something, they tend to bring the matter to an end. This is not a democracy. This is a dictatorship. I think they see bitcoin as a direct threat to the regime because of what it is - the system is beyond their control.”
Cramer also said that a decrease in the rate of mined coins could have a positive effect on the rate of the first cryptocurrency, but this did not happen. “When mining is limited, bitcoin obviously has to go up, unless holders are going out all over the place,” he explained.
The Mad Money presenter added that the drop in Bitcoin to $30,000 could be an entry point for new investors. However, the presenter himself does not intend to buy cryptocurrency.

- The founder of the Point72 Asset Management Fund Steve Cohen, unlike Jim Cramer, on the contrary, reformatted completely to cryptocurrency. Cohen, whose net worth is estimated at $14 billion, said that he does not care about the current price of bitcoin, as he is still an early investor:
“Now I definitely won't miss anything. I missed the first part, but I still feel that I got involved quite early,” says the billionaire.

- IOHK CEO, Cardano founder and Ethereum co-founder Charles Hoskinson has no doubts that ETH will beat BTC.
“The problem with bitcoin is that it's too slow - it's like programming for mainframes of the past, compared to building applications now. The only reason bitcoin still exists is because there is a huge amount of money invested in its support. " “Bitcoin is our worst enemy. It has a huge network, a well-known name and the support of regulators. But you cannot change its system, even if you fix the most problematic places, ” - said Hoskinson. He also commented on the bitcoin community, calling it "too ossified" and reluctant to innovate.

- Tesla founder Elon Musk should better study the mining of the first cryptocurrency, since in reality it is much more environmentally friendly than is commonly thought. “I don’t know how long Elon has been studying mining, but I hope he does a little more research on this topic,” said Kraken CEO Jesse Powell in an interview with Bloomberg. He acknowledged that there may be greener alternatives to bitcoin. But, in his opinion, people overestimate the harm of cryptocurrency to the environment.
Mining digital gold allows a lot of excess and wasted energy to be utilized, and also contributes to the development of the renewable energy sector, Powell said.

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CryptoNews of the Week

Author: StanNordFX   |  Publish date: Wed, 16 Jun 2021, 12:09 PM


- According to Coingecko, bitcoin is up 12% on the back of another tweet by Elon Musk. Tesla's owner said the company will resume selling electric cars for BTC when at least half of the miners switch to renewable energy.
The tweet was a response to criticism from Magda Wierzycka, the head of Sygnia finance company. She said in the podcast The Money Show the Tesla founder was manipulating the price of the first cryptocurrency. In her view, the billionaire raised the price of digital gold deliberately and eliminated much of his position at highs. Sygnia's CEO emphasized that if Musk's tweets were about any public company, he would have already been targeted by the US Securities and Exchange Commission.
Musk called the words of the head of Sygnia inaccurate and recalled that the electric car manufacturer sold only 10% of its bitcoins to test the liquidity of the market.

- Venture capitalist and billionaire Tim Draper predicted in 2018 the growth of the first cryptocurrency to $250,000 by 2022 and called the blockchain one of the most outstanding inventions in human history. And he has confirmed his forecast now, albeit with some timing prolongation. Bitcoin will hit the $250,000 mark by the end of 2022 or early 2023, according to his latest statement, despite the sharp price fluctuations.
The reasons for the growth, which the billionaire named, are still the same: the limited emission of coins and the growing demand for digital gold. “Give it [bitcoin] about a year and a half and all retailers will use OpenNode,” the investor said. As a reminder, OpenNode is a bitcoin payment processor created by a group of enthusiasts, in the development of which Tim Draper invested $1.25 mln.

- Tunisian Finance Minister Ali Kuli announced the need to change the country's legislation to “decriminalize” ownership of the first cryptocurrency. He said the occasion was reports of the arrest of a 17-year-old for using digital assets.
Local media reported in May that Tunisian law enforcement had allegedly accused the young man of money laundering. The incident sparked outrage in the cryptocurrency community: some of its participants expressed dissatisfaction with the lack of clarity in the regulation of the industry.

- Tudor Investment hedge fund trader and founder Paul Tudor Jones said in an interview with CNBC that he would channel 5% of his capital into bitcoin. He is convinced that the first cryptocurrency contributes to the diversification of the investment portfolio through “embedded mathematics.”
The billionaire currently reserves 5% each for gold, bitcoin, exchange contracts and cash. It will determine the scenario for placing the remaining 80% funds after analyzing the outcome of the June 16 meeting of the US Fed. The investor hinted that he could increase the share of "inflationary" instruments if the monetary authorities ignore the recent surge in consumer prices. In his view, it was of a “very significant” character.
“For me, the first cryptocurrency is just a way to look fundamentally at how I protect my wealth over time. This is a great opportunity for diversification, for preserving capital, the billionaire explained. "If they [the Fed] say, "We are on the trajectory [of a temporary increase in inflation], everything is fine," then I’ll go all-in.”

- El Salvador's President Nayib Bukele proposed a "bitcoin law" to parliament last week. Cryptocurrency is recognized as legal tender and companies are required to accept BTC as payment, unless they are located in rural areas with no internet access. In addition, bitcoin trading is exempt from capital gains taxes.
And now Bukele has come up with another initiative. He instructed the head of state-owned electricity company LaGeo to develop a plan to mine Bitcoin using volcanic energy. “Very cheap, 100% clean, 100% renewable energy with zero emissions. We will try to get things done quickly,” the head of state wrote on Twitter.
There are over 20 volcanoes in El Salvador, some of which are active. LaGeo is now using volcanoes to generate geothermal energy. And, for example, Genesis Mining in Iceland uses underground heat to generate electricity.

- According to the regular Millionaire Survey, 47% of wealthy millennials in the USA buy crypto assets. At the same time, 35% of them hold more than half of their investment portfolio in digital assets.
Millennials have shown greater interest in cryptocurrencies than owners of large fortunes overall. Those were only about 17%. Moreover, only every tenth of them invested more than 10% of their capital in digital assets.

- Banks in Texas (USA) have been authorized to accept and store customers' bitcoins, as well as handle their cryptocurrency transactions. Lending organizations also received the rights from the state authorities to collaborate with startups developing various services for digital assets.
It should be noted that of all American states, Texas was one of the first, as early as 2019, to move on the path to legislate this market.

- The Netherlands should immediately impose a blanket ban on mining and bitcoin operations, Pieter Hasekamp, director of the Economic Analysis Bureau at the country's Ministry of Economy, said.
The official listed a number of reasons why the authorities need to recognize the first cryptocurrency as illegal. In his view, digital gold has no intrinsic value, and the coin itself does not perform any of the three functions of money: the unit of accounting, the means of payment and the means of accumulation.
Hasekamp mentioned security issues, fraud risks and added that digital assets are used in criminal activities. At the same time, he considers the collapse of the crypto market inevitable.

- According to the New Indian Express, India's hostile stance on bitcoin is changing to a more loyal one. The authorities now intend not to ban but regulate the crypto sphere. India wants to create an alternative asset class that will include digital currencies. The regulatory framework will be created by the Securities and Exchange Council in partnership with the Ministry of Finance.

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