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Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes

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Bitcoin didn’t die—all over again.

The flagship cryptocurrency climbed to an intraday peak of $40,127 in the early New York session Thursday, up more than 7 percent.

Its upside move followed a massive bearish reversal at the beginning of this week, wherein the price fell from near $42,000 to as low as $31,100 (data from Coinbase). Many anticipated Bitcoin to continue dipping lower on rebounding US dollar and yields sentiment.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin wobbles inside a bullish continuation structure. Source: BTCUSD on TradingView.com
Bitcoin wobbles inside a bullish continuation structure. Source: BTCUSD on TradingView.com

Nevertheless, the cryptocurrency ducked downside anticipations as investors’ focus shifted on the US President-elect Joe Biden’s stimulus speech and the Federal Reserve Chairman Jerome Powell’s webcast Princeton University.

Stimulus

Mr. Biden expects to unveil plans for a relief package as data showed a rise in the total number of unemployment claims last week—worst since August. The top Democrat wants to spend “trillions of dollars” on cheques for American individuals, unemployment benefits, and green energy solutions investments.

The US dollar index slipped 0.12 percent ahead of Mr. Biden’s address. Bitcoin, which typically trades inversely to the greenback, recovered—as a result. That is due to a narrative that projects the finitely supplied cryptocurrency as a hedge against an oversupplied US dollar with no supply ceiling.

“The correlation between bitcoin and the USD is now -0.15; it’s the lowest reading in history,” said Mati Greenspan, the founder of Quantum Economics. “The inverse correlation is still tiny but the trend is clear. That’s what happens when Bitcoinflies for six months while the dollar sinks like a stone.”

No Taper Tantrum

More powers to Bitcoin came from Mr. Powell, who once for all ended all the speculations surrounding the rumored “taper tantrum” plans. The Fed chair said that he plans to keep easy-money policies in place for the foreseeable future, citing weak growth in the US jobs industry.

The statements appeared amidst growing expectations that a faster-than-expected rebound in the US economy would prompt the Fed to raise short-term interest rates and limit its bond-buying program. But to Powell, the Fed won’t stop easing unless they achieve inflation above 2 percent and maximum employment.

The yields on short-term US Treasurys fell on the news, leading investors to seek better returns in the riskier markets, including Bitcoin.

Source: https://www.newsbtc.com/news/bitcoin/bitcoin-reclaims-40000-as-powell-rubbishes-taper-tantrum-woes/

Blockchain

Maiar, The Money App Powered By The Elrond Blockchain, Adds Bitcoin

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[PRESS RELEASE – Valletta, Malta, 17th June 2021]

Elrond Network, the developers of the eponymous internet-scale blockchain protocol, today announced the full integration of Bitcoin into their non-custodial digital wallet app Maiar.

With deep care for the user, elegant design, and an intuitive interface, Maiar enables any phone user to get a working non-custodial blockchain wallet in seconds.

Its intuitive simplicity allows everyone to store, earn, and pay using cryptocurrencies using @herotags – unique usernames that obviate the need to use complex address strings 1HLoD9E4SDFFPDiYfNYnkBLQ85Y51J3Zb1 and instead use something like @satoshi.

“Bitcoin has carved a path for highly secure cryptocurrencies with strong store of value properties to become accepted in traditional finance, irrevocably establishing the digital asset class. Its addition to Maiar will accelerate the adoption of our money app and the underlying Elrond blockchain infrastructure.” said Beniamin Mincu, Elrond Network CEO.

Existing Maiar users will have the pleasure of discovering that they have always had a Bitcoin address attached to their @herotag. It has been part of the onboarding process, when a newly created Elrond Network smart account gets a @herotag, an eGold address, and BTC, ETH, and BNB addresses as well.

The Bitcoin integration is the latest evolution of the money app Maiar, whose rapid global adoption has accelerated beyond the 400,000 user mark in just 4 months since debuting in the top app marketplaces globally. It is available on iOS and Android phones, in 6 languages including English, Spanish, French, German, Romanian, and Indonesian.

https://maiar.com/

About Elrond

Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.

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Source: https://cryptopotato.com/maiar-the-money-app-powered-by-the-elrond-blockchain-adds-bitcoin/

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Blockchain

The Winklevoss Brothers Have Formed a Musical Band

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The Bitcoin price crash has been so severe that the Winklevoss twins, arguably one of the largest BTC whales in the world, have decided to start a band to make ends meet.

Let’s Rock!

Ok, Ok; maybe we’re exaggerating, but a report from the celebrity gossip site Page Six claims that the multi-talented Winklevoss twins formed a band with their co-workers and are already close to playing their first “gig”.

“Tyler sings, Cameron plays guitar,” said an anonymous source. The band already gave its first show to a closed group of friends at Cameron’s NoHo loft this week.

According to the magazine, the twins will take things a step further and play for a much larger and more serious crowd in a matter of days.

Didn’t make the guest list? No worries. The source tells us the mini show was just a dress rehearsal for next week, when the 6’5″ pair – who were played by Armie Hammer in the 2010 movie “Social Network” – have invited 200 people over to see them jam.

No further details have been revealed. The band name is still unknown, the music style is a mystery, and the song repertoire has not been revealed to the public either. Still, if the past serves as a benchmark to judge the future, the band may not be all that bad – regardless of whether it is a hobby or a serious endeavor.


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From Sports to Tech: The Winklevoss Have Been There and Done That

If there’s one thing the Winklevoss twins have plenty of, it’s talent. As youngsters, they were on the Olympic rowing team, the idea of what would become Facebook began with them, and they saw the potential of Bitcoin when it was just a curiosity being discussed by a bunch of nerds on cryptography forums.

Today some estimates calculate their Bitcoin holdings at close to 1% of all the coins available; they are also the owners of Gemini, one of the most important regulated cryptocurrency exchanges in the United States; and have funded several visionary projects related to blockchain technologies such as the Nifty Gateway NFT marketplace.

So if there’s one thing we can be sure of, it’s that if they form a rock band, you’ll probably end up with at least one song stuck in your brain… Of course, that’s if you ever get to hear them play.

In the meantime, you’d better stick to following them on Twitter. If they ever buy a record label, we’ll let you know.

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Source: https://cryptopotato.com/the-winklevoss-brothers-have-formed-a-musical-band/

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Blockchain

Paraguayan Official Confirms: In July We Legislate Bitcoin

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Paraguay’s Deputy of the Nation, Carlos Antonio Rejala Helman, has confirmed that new legislation in regards to Bitcoin will arrive in July. This comes amid growing adoption in Latin America led by El Salvador, which could be followed by Panama as well.

  • CryptoPotato reported last week when Rejala Helman said his country planned to start working on an “important project” that included Bitcoin and PayPal
  • Although he provided little-to-no information at the time about the precise nature of the project, the official confirmed it’s coming in a more recent tweet.
  • Commenting on news indicating that one of Paraguay’s largest entertainment organizations has started to accept various digital assets, Rejala Helman emphatically asserted, “This is Paraguay. July we legislate! #Bitcoin.”
  • This comes shortly after Gabriel Silva, a Panamanian congressman, laid out plans to present a bill on cryptocurrency adoption as a legal tender as well.
  • He believes Panama should not trail other nations from the region that have already taken steps to legalize Bitcoin.
  • Naturally, he meant El Salvador. The small country located in Central America has been the leader in terms of BTC adoption.
  • As reported recently, the nation officially voted in favor of a new rule making Bitcoin a legal tender within its borders. El Salvador’s President, Nayib Bukele, further outlined his support for the asset and even urged miners to mine BTC with the thermal energy of the country’s volcanoes.
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Source: https://cryptopotato.com/paraguayan-official-confirms-in-july-we-legislate-bitcoin/

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