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Bitcoin Regains Momentum After Hitting Weekly Low at $33k

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Current Crypto Market Sentiment

Over the last week, the crypto market experienced a $1,369 billion dip on Monday and a $1,787 billion rise on Wednesday. A rise in Bitcoin dominance was recorded at 47.06% high on Monday that fell to 42.67% low on Thursday.

Across the majors in the crypto market on Saturday, it was fairly a bearish day. Chainlink dipped by the highest-low at 8.98%, followed by Binance Coin at 7.27%, Cardano’s ADA at 7.24%, Ethereum slid by 5.49%, while Litecoin and Ripple’s XRP also struggled at 7.53% and 7.48%, respectively. Polkadot and Bitcoin Cash witnessed fairly modest falls with 4.05% and 0.14%, respectively. 

Bitcoin Regains Momentum After Hitting Weekly Low at $33k

Bitcoin and the entire crypto market witnessed a bearish start during the last week. The BTC price experienced a 3.05% dip on Saturday and ended at $34,574. The following day turned bullish with a rise to an intra-day high of $37,381 till noon and, after that, driving backward. It recorded a new resistance level at $38,100 and fell back to an intra-day low of $33,617. Due to extended sell-off, Bitcoin reached $33,958, the new support level before it revisited $35,000 levels, making the end of the day rather bearish.  

Bitcoin Millionaires Accelerate Accumulation

Bitcoin, the most significant cryptocurrency, reported a substantial slump in the last 2-3 weeks as the BTC price reached as low as $31,000 last week. Nevertheless, crypto millionaires were unshaken by the latest drop, and hence, Bitcoin accumulation continued.

Bitcoin Regains Momentum After Hitting Weekly Low at $33k

Santiment, one of the top cryptocurrency-tracking and analytics firms, tweeted their latest information about a significant uptick in BTC holdings. BTC addresses with 100 & 10,000 have accumulated around 30,000 BTC in the past week.

Worth mentioning, earlier in May, Bitcoin received waves of criticisms from Tesla’s CEO, Elon Musk, on the energy usage in BTC mining. This negative response was aggravated by China’s decision on the potential banning of crypto mining. Making the market bearish, these impacts have evidently decreased the value of cryptocurrency by over 40 percent in the past few weeks.

Santiment reported that approximately 16,000 Bitcoin addresses are holding over 9 million BTC. Over the past week, many firms have reported various transactions regarding Bitcoins. Whale Alert is another blockchain analytics firm confirming an upsurge in the Bitcoin transfers to crypto wallets. Especially, May 28 marked the highest movement of 1,964 BTC from coins to digital wallets, amounting to $70 million.

Will Bitcoin Regain its Lost Momentum?

The two trigger points – Mr. Musk’s response on Bitcoin mining followed by China’s decision on banning crypto services – added to the existing dangers like excessive price volatility, deficient regulatory protection, and increased risk from hackers.   

So, Should this Shake the Confidence of the Investors?

According to Laith Khalaf, a financial expert at AJ Bell, says that young BTC fans who are sensitive to these issues and also experienced investors may be a little shaken up.

Mr. Knacke, who is the head of Shard Capital, believes that the value of BTC will be positive. All it requires is a substantial correction for long-term exposure. Moreover, technical indicators like moving averages and resistance levels and an intensive study on technologies must be considered to comprehend the fundamental network utilities. 

According to Fawad Razaqzada, an analyst at Think Markets, the crypto market crash in May seems to have developed an incredible low of $34,000, and a bullish market is waiting for it to break through the $42,000 level. This would strongly indicate the creation of a low level. Century Financial’s chief investment officer, Vijay Valecha, said that this regulatory threat is not over. The top central banks are most likely to release more warnings relating to the risks involved in the crypto market. 

However, he adds, saying there is no need to avoid Bitcoins altogether but to invest with more caution. The undeniable fact is that the crypto market is likely to trend up and down because of BTC sentiment, but the long-term tokens that carry some utilities are probably the best options. Furthermore, to limit damage, our Bitcoin forecast recommends purchasing more on the lows instead of the highs since ‘‘volatility begets volatility”. 

Source: https://www.cryptonewsz.com/bitcoin-regains-momentum-after-hitting-weekly-low-at-33k-dollars/

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Nothing will ‘stop’ Bitcoin in El Salvador, says President after IMF, World Bank criticism

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President Bukele said nothing can stop Bitcoin from seeing widespread adoption in El Salvador, and he sees no scenario in which it can be stopped.

“I don’t see anything stopping it. Everything about the humans can be stopped. But I just don’t see how. It’s law, the government is working 24/7 in going to effect in 80 days,” he said in a recent podcast.

Earlier this month, the Central American nation passed a bill to recognize Bitcoin as legal tender formally. However, as much as crypto advocates celebrated the news, the response from both the IMF and World Bank has been less encouraging.

Their reaction has led to hearsay that international pressure will stop the El Salvadorian Bitcoin bill from happening.

How the IMF and World Bank reacted

El Salvador made history on June 8 by passing the Bitcoin law. This gives Bitcoin the same legal status as the country’s official currency, the U.S dollar.

In an immediate response, the IMF raised concerns that this would interfere with ongoing negotiations for a $1 billion loan.

Top El Salvadorian officials replied by saying the U.S. dollar would continue to be legal tender. In contrast, Bitcoin transactions would be by choice and tied to the dollar exchange rate.

Weeks later, as El Salvador reached out for the technical implementation of its plans, the World Bank gave a resounding denial.

A World Bank spokesperson said they could not help due to the “environmental and transparency shortcomings” of Bitcoin.

“While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.”

Can Bitcoin in El Salvador be stopped?

Despite the snubs from the IMF and World Bank, President Bukele is determined to press on regardless.

In an interview with the What Bitcoin Did YouTube channel, President Bukele addressed whether the Bitcoin law can be stopped, and in his mind, it can’t.

Speaking on the democratic process involved with passing the law, President Bukele pointed out that more than a supermajority approved the bill.

“Our Congress has 84 seats, you only need 43 to change monetary policy, which is half plus one. That’s the majority, right? When we have supermajority here, you need two-thirds, which would be 56 out of 84. We got 63 votes.

With that, plans are in place to build the Bitcoin infrastructure in El Salvador, including renewable energy mining and legislation to encourage the country’s development as a hub for crypto developers and companies.

President Bukele added that the plans include things to “protect the decision,” but gave no specifics on what that means.

“Remember Bitcoin works by itself, so it’s not like it depends on what we do. But of course, the things that we are doing, will, you know, it will protect the decision, and guarantee that there will be more benefits for the people.”

Short of an invasion by hostile forces, it looks as though the Bitcoin bill will be happening in El Salvador.

Commenting directly on the IMF and World Bank snubs, President Bukele said it makes no sense and that he has no intention of getting into a fight with them. He added that it’s their choice, but it still doesn’t change El Salvador’s plans with Bitcoin.

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Source: https://cryptoslate.com/nothing-will-stop-bitcoin-in-el-salvador-says-president-after-imf-world-bank-criticism/

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Are The Tables Turning? Litecoin Transactions Compared To Bitcoin Are 75% And Growing

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Data compiled by @MASTERBTCLTC shows the number of Litecoin transactions is just under 75% of that of the number of Bitcoin transactions.

Litecoin transactions are 75% of the total bitcoin transactions.

When will litecoin transactions flip bitcoin transactions?

Sometime in 2021 I predict.

227k BTC vs 168k LTC transactions.”

More significantly, @MASTERBTCLTC suggests this could be the start of an uptrend leading to a flippening in transaction count sometime this year.

Litecoin vs. Bitcoin transactions

Source: @MASTERBTCLTC on Twitter.com

Considering wider factors, including the environmental argument against proof-of-work tokens, what can we deduce from this trend?

The Difference Between Litecoin and Bitcoin

Even though Litecoin is a Bitcoin fork, it differs in terms of its hashing algorithm, supply, and block transaction times.

Litecoin has a 2.5 minute block confirmation time versus 10 minutes for Bitcoin. This focus on speed and low transaction fees make it more suitable for microtransactions and point of sale payments.

Currently, average LTC transaction fees are coming in around $0.0104. In comparison, the average BTC transaction fee is $8.131.

However, the fundamental difference between the two lies in Litecoin’s use of the newer Scrypt Proof-of-Work (PoW) algorithm over Bitcoin’s SHA-256.

Cryptocurrency mining can happen using a CPU, GPU, or ASIC miner. ASIC miners can generate more hashes (tries) per second to match the target data string and “win” the block. Therefore ASIC miners have a distinct advantage over other mining methods.

But Scrypt was chosen by Litecoin developers because it is less responsive to ASIC mining. Although Scrypt ASIC miners have since come onto the market, a significant portion of Litecoin mining still occurs using CPUs and GPUs. This makes mining Litecoin more accessible for everyday people.

What’s Behind This Trend?

Much has been said about the environmental damage caused by Bitcoin mining in recent weeks. Although Litecoin and Bitcoin employ computationally intensive proof-of-work algorithms, Litecoin’s Scrypt model relies more heavily on memory than out and out processing power.

The upshot to this reduces the advantage of ASICs and increases network participation and energy efficiency. Hence some would argue that Litecoin is a greener token.

Research compiled by TRG Datacenters showed that Litecoin consumed 18.522 kilowatt-hours per transaction. Unsurprisingly, Bitcoin came bottom of the list, consuming 707 kilowatt-hours per transaction.

Interestingly, Dogecoin, which also uses a Scrypt algorithm, consumed just 0.12 kilowatt-hours per transaction.

At the present time, it’s too speculative to state that crypto users are increasingly turning to Litecoin for green reasons.

But at the same time, the three months of data compiled by @MASTERBTCLTC shows a definite downtrend, of lower highs, in usage for Bitcoin.

Taken in conjunction with Litecoin’s rising transaction count this week, this may suggest users increasingly see Bitcoin primarily as a store of value, rather than a coin to make payment transactions with.

Litecoin daily chart YTD

Source: LTCUSD on TradingView.com

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Source: https://bitcoinist.com/are-the-tables-turning-litecoin-transactions-compared-to-bitcoin-are-75-and-growing/?utm_source=rss&utm_medium=rss&utm_campaign=are-the-tables-turning-litecoin-transactions-compared-to-bitcoin-are-75-and-growing

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Old Doge, New Tricks: Is This Still The Year Of The Doge?

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It is safe to say that Doge has had an interesting year in 2021. The coin that everyone thought was down and out came back to be one of the top-gaining coins of the current bull market. Sure, the price increase had everything to do with Elon Musk shilling it on Twitter. But Dogecoin has had a tremendous run regardless.

The price of the coin remained flat for the better part of three years. Trading at under a cent. To everyone, Doge had seen its end. There were barely any talks about Doge in the market at all. With people focusing their attention on better-known coins like Bitcoin and Ethereum. That was until billionaire Elon Musk turned his attention on Doge.

The Rise Of Doge

Back in January, a tweet from Musk that simply said Doge went viral. Mere minutes later, the price of the coin had gone up. With the price increase, came investors FOMO-ing into the market.

Related Reading | By The Numbers: DOGE Achieves The Impossible, New ATH with BTC Pair

Amidst the frenzy, there were speculations that this was simply a pump and dump scheme that would burst as soon as it started. But that would not be the case.

With every tweet about Doge from Musk, the coin price just went up. People faithfully followed the billionaire’s tweeting patterns to buy and sell the coin. Soon, a coin that was trading at less than a cent a couple of days before was trading at 80 cents. More than 10,000 percent gains from its low.

Debates were started about the legality of the shilling. But it didn’t seem that Elon had broken any laws.

Doge price chart, showing the rise of dogecoin

Dogecoin recovers after crash | Source: DOGEUSD on TradingView.com

This gave the rise to meme coins. An ode to meme stocks. A phenomenon that started with GameStop on Reddit.

Investments in meme coins are made based on the social media buzz behind that coin. And what better buzz than the one created by one of the richest men on the planet.

Subsequent Crash And Recovery

Over the past five months, Doge has had its ups and downs. Mostly following the price of bitcoin as altcoins are wont to do. But it is no secret that the buzz has started to die down.

With a lot of investors buying at the top or near the top, the subsequent crash has left a lot of investors in losses. The “Dogefather,” as Musk is fondly called, seems to have abandoned the coin.

There has not been a tweet from Musk regarding Doge since April. And without him, the coin has been in a continuous downtrend. Investors in the coin have suffered massive losses in the market.

Related Reading | Down But Not Out, Dogecoin Stages 50% Recovery From Tuesday’s Low

People are calling for the “Dogefather” to help save the coin. But it would seem help is not forthcoming.

The coin crashed to 16 cents. A price point the coin had not been in since April. But the coin made a great recovery. Going up 40% in one day. A lot of Doge enthusiasts are still holding out hope that coin will replicate the massive run in January.

Despite people believing the bubble would burst on Doge and it would come crashing down, the coin has held its own in the market. Currently trading at 24 cents as at the time of this writing.

Featured image from FullyCrypto, chart from TradingView.com

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Source: https://bitcoinist.com/old-doge-new-tricks-is-this-still-the-year-of-the-doge/?utm_source=rss&utm_medium=rss&utm_campaign=old-doge-new-tricks-is-this-still-the-year-of-the-doge

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