While euphoria still reigns in the NFT industry, where non-fungible tokens still have mind-boggling prices and success, Bitcoin and altcoin prices are still dismal.
News digest of the past week
The crypto sector, as always, is full of surprises, as it was this week. Of course-this is El Salvador, which has passed a law making Bitcoin legal tender in the country. Let’s take a look together at this brief overview of the key crypto news of the week.
- Bitcoin Whales Bought the Dip During the Fall, But This Indicator Does Not Bode Well
The BTC bulls have so far failed to push the price up. Instead, the price has fallen out of the consolidation model and is thus again looking for a minimum price zone in the region of $ 30,000. However, data from Santiment, a blockchain analysis company, shows that the whales have taken action again, during the downturn of recent weeks.
A published article on the Santiment blog says that the number of addresses containing between 100 and 10,000 Bitcoins has increased again since the May 19 drop to $30,000. Despite the downturn, whales are buying again. However, it is important to know that Santiment shows data up to June 5. It is not clear how the whales behave at the moment. However, the fact that they have continued to buy in recent weeks, despite the price drop, can be seen as a positive sign.
Another positive sign is that the balance of Bitcoin on the exchanges is again trending down. Investors are supposed to withdraw their BTC from exchanges to store it somewhere else. This is based on a long-term strategy. Shortly before the downturn that began in May, we saw an increase in the number of Bitcoins on exchanges. So it seems that this trend has changed. Of course, this picture may change again if the current downward movement continues.
A less positive signal, however, was expressed by analyst Timothy Peterson. He tweeted that the BTC has been trading below the 200-simple moving average (SMA) for 17 days. And this is important because:
“The price has fallen below the 200-SMA for 17 consecutive days. This indicator has always marked the end of a bull run, and the beginning of a bear market.”
Of course, this does not mean that it will be so again. However, it is clear that the situation with many mixed signals remains uncertain at the moment.
- Mexico, after El Salvador, is also thinking of accepting BTC as a means of payment
This week, it became known that the President of El Salvador, Naib Bukele, introduced a bill according to which Bitcoin became a legal and official means of payment in the country. This bill has now been approved. Thus, we can talk about the first country to recognize cryptocurrency as an official means of payment.
The situation in El Salvador has raised many questions: which country is next? Since then, a number of neighboring States have already expressed interest in similar positions. Mexico, too.
Mexican Senator Eduardo Murat Hinjosa announced that in the near future he will introduce a bill that will ensure the creation of a “legal framework” in the country regarding cryptocurrencies.
Hinjosa said this on Twitter. He also changed his profile picture on the platform to one that shows him with the well-known “ laser eyes”. In particular, he mentioned Bitcoin.
Hinjosa is not the only Mexican senator seeking to adopt the crypt in the country. Indira Kempis Martinez also applied a profile photo with laser eyes to her Twitter account.
“As a promoter, I will promote and propose a legal framework for cryptocurrencies in the lower house of Mexico”,- said Eduardo Murat Hinjosa on June 8.
If it’s up to him, he and his fellow Senator Martinez will lead Mexico’s transition to cryptocurrency and fintech.
What is now happening in South America is exactly the chain reaction that many experts predicted after the high-profile news that El Salvador will accept Bitcoin as a payment method.
It is not only Mexico that now indicates that it will introduce a bill in the same spirit as El Salvador. Paraguay also has a congressman who will work on the introduction of cryptocurrencies in the South American country. Obviously, this man, Carlitos Reyal, also has laser eyes on his Twitter avatar.
Overall, these developments in South and Central America are extremely positive for bitcoin adoption and the entire cryptocurrency world. For the first time in history, nation-states are talking about cryptocurrency as a legal tender and a means of saving. Despite the current value of the king of the crypt, the future of cryptocurrencies actually looks better than ever.
When will Bitcoin Crack $40K?
Bitcoin has recently shown some signs of strength after a brutal 50 percent crash. But what will it look like next? Is a further decline looming in the lower $30,000 range, or will Bitcoin start rising again, as a popular analyst suggests?
After El Salvador announced that Bitcoin is legal tender, strong buying interest emerged in the region of $31,000, after which the price of BTC began a sharp rise above the resistance at $35,000. Currently, BTC is trading at $36,881 and seems to have all the room for further gains in the short term. What are the analysts ‘ estimates?
Bloomberg cryptocurrency expert Mike McGlone believes that BTC is now more likely to rise above $40,000 than fall to $20,000. According to the analyst, the recent collapse was typical for the decline of the bull market.
Popular crypto-youtuber Benjamin Cowan Highlights:
“The current bull run is different from the previous ones. Bitcoin’s extremely high market cap makes it increasingly difficult to reach new highs. Thus, BTC can trade sideways for several months or even fall below $30,000.”
But Cowan also believes that the current bull race is not over yet.
First 30 thousand, then 40 thousand?
An industry columnist under the pseudonym Beastlyorion predicts a similar development. He writes to his more than 67,000 followers on Twitter:
“It is likely that Bitcoin will fall below $30,000 before it manages to rise above $40,000”.
But there are also opposing opinions. For example, a CredibleCrypto trader assumes that BTC will stop falling. He believes that the recent price decline is a healthy corrective move, and predicts that Bitcoin will continue to rise from this point on.
- The NFT on the famous Dogecoin photo (DOGE) was sold for $4 million in Ethereum
This is a photo of the Japanese dog shiba inu, illustrating Dogecoin (DOGE), which became famous all over the world, owned by Atsuko Sato, a kindergarten teacher in Japan.
The” meme “ of DOGE, which was marketed as a non-exchangeable token (NFT), is based on a photo of the dog Kabosu in 2010, which later became famous when Dogecoin used this photo to illustrate its cryptocurrency launched in 2013.
If one could expect a successful sale of this very special and original NFT, then no one expected that this non-interchangeable token would be sold for $4 million in the Ethereum cryptocurrency (1696.9 ETH), as indicated on the Zora website where the NFT was sold.
It wasn’t Tesla CEO Elon Musk who bought the NFT of his favorite cryptocurrency, but the decentralized autonomous organization PleasrDAO that won this auction that will go down in history. As with any auction, it all came down to the last minutes, PleasrDAO emerged the winner, ahead of @TwoDollaHotDoge, a Dogecoin fan.
Clearly, significant financial resources were required to win such a multi-million dollar auction for a simple NFT of the famous Meme Doge.
The NFT market continues to amaze with digital works that sell at crazy prices, such as artist Bipla’s NFT, which sold for $69 million. With a simple photo of her dog, Japanese Atsuko Sato received an astronomical sum of $4 million!
The world of cryptocurrencies, always full of surprises that should surprise us in the future.
- Elon Musk is the new target of the hacker group Anonymous
With his repeated tweets that indirectly affect the value of BTC, Elon Musk has angered not only many crypto traders and investors, but also the hacker group Anonymous.
A warning video was posted for him, condemning the Bitcoin market manipulation game by the SpaceX CEO on Twitter.
The Anonymous group believes that Musk is hurting people with his long-running cryptocurrency trolling, and that he has “destroyed many lives” with his irresponsible tweets.
According to Anonymous, Elon Musk suffers from a superiority complex. Noting that he has already dubbed himself the “Emperor of Mars,” they don’t hesitate to call Musk “a narcissistic rich dude who is desperate for help.
This was the warning of the group @YourAnonCentral, with 5.9 million followers.
Elon Musk did not respond to this video, which is intended for him, but the Anonymous group seems determined to get a response from him, and hackers responded to one of his tweets, urging him not to hide, but to respond to Anonymous.
Ignoring the video posted by Anonymous, is Elon Musk afraid of the actions that hackers of this group may take against him? Unlikely.
It remains to be seen whether the Tesla CEO will respond to the Anonymous group and take retaliatory action against the bizarre CEO who has angered many people around the world.
Source: https://news.bit.team/review-of-the-crypto-space-top-news-14-06-2021/