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Cardano smashes $2 resistance as bullish signals enter for Bitcoin price

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Cardano’s ADA token neared $2.40 on May 15 as a select few altcoins bucked the bearish mood to steal the spotlight from a weak Bitcoin (BTC).

ADA/USD 1-hour candle chart (Binance). Source: Tradingview

ADA in price discovery as $2.50 nears

Data from Cointelegraph Markets Pro and TradingView showed ADA/USD climbing through the weekend to hit a record $2.38.

Traders had suspected that the long-awaited $2 would come into play in the short term, with Cardano bulls taking down resistance in one fell swoop overnight on Friday.

With $2 out of the way, price discovery mode was activated, which delivered the new all-time highs before a consolidation period began at around $2.30.

As such, Cardano was giving even previously successful altcoins such as Ether (ETH) a run for their money as most tokens saw losses on Saturday.

“$ADA is now narrowing the gap between $ETH & Altcoin Market Cap,” popular trader and analyst Rekt Capital noted on the day.

“ADA is now up +80% compared to ETH and Altcoin Market Cap which have both rallied +150%.”

PlanB on BTC price: I’m “excited”

Joining Cardano were only a handful of major cap altcoins, these led by Polygon (MATIC) which delivered 24-hour gains of 24% and weekly returns above 130%.

Others, such as Dogecoin (DOGE) and Ethereum Classic (ETC), delivered mild losses in line with the general trend. Bitcoin, having recovered some of its lost ground after falling 20% earlier in the week, stayed near the lower end of its trading range without managing to reclaim $50,000.

On short timeframes, however, fellow trader Scott Melker nonetheless highlighted bullish signals for Bitcoin’s relative strength index (RSI) — something which could deliver more solid progress in the coming days. 

For PlanB, creator of the stock-to-flow family of BTC price models, the RSI behavior was “typical” and comparable to the ranging seen before BTC/USD hit all-time highs in late 2017. 

“Bitcoin relative strength index (RSI): we are at the typical mid-bull-cycle drop in RSI (yellow circles), in between 2013 and 2017,” he commented alongside an accompanying chart.

“Excited about next couple of months.”

Bitcoin RSI chart vs. months between block subsidy halvings. Source: PlanB/ Twitter

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/cardano-smashes-2-resistance-as-bullish-signals-enter-for-bitcoin-price

Blockchain

MicroStrategy Owns More Than 100,000 Bitcoins After Another Purchase Worth $500 Million

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Michael Saylor’s business intelligence giant now owns over 100,000 bitcoins after the company purchased another chunk of 13,005 BTC for nearly $500 million. Consequently, the firm now has 0.5% of all bitcoins ever to exist.

  • The founder and CEO of the NASDAQ-listed company announced the latest purchase earlier on June 21st.
  • It came after the firm raised $500 million through an offering of senior secure notes, as reported earlier.
  • As Saylor explained, the 13,005 coins were purchased for just under $500 million with an average price of $37,617.
  • With its latest massive buy, MicroStrategy owns 105,085 bitcoins. It has allocated a total of over $2.7 billion in the asset at an average price of $26,080.
  • From a percentage point of view, the number of coins MicroStrategy has now is 0.5% of all bitcoins ever to exist and 0.56% of the tokens currently in circulation.
  • Apart from its sizeable investment in BTC, the firm and its CEO have also done multiple other pro-bitcoin endeavors.
  • MicroStrategy hosted an online BTC conference for executives from large corporations, aiming to outline the benefits of investing in the primary cryptocurrency.
  • The firm made bitcoin its treasury reserve asset and started paying non-employee directors in BTC instead of cash.
  • Additionally, Saylor launched a course of its own for retail investors and has used every opportunity to praise the cryptocurrency on traditional media.
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Source: https://cryptopotato.com/microstrategy-owns-more-than-100000-bitcoins-after-another-purchase-worth-500-million/

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Blockchain

F*CK ELON: Max Keiser & Stacy Herbert To Host a Bitcoin Maximalist Party

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“Let fury have the hour, anger can be power. Do you know that you can use it?” — The Clash

Max Keiser and Stacy Herbert (Keiser Report, Global Insurrection Against Banker Occupation, Orange Pill Podcast) will rage against the clampdown, live from the Spider House in Austin Texas on 8 July.

“Bitcoin is eating the world. It’s time to party. I’m pumped,” said Keiser, hot off his viral performance at Bitcoin 2021.

“We punch up!” said Herbert.

“Fuck Elon! We’re bored of the FUD and the shitcoins. Elon and other fiat billionaires need to learn that you don’t fix Bitcoin, Bitcoin fixes you. We’ve seen it all since Bitcoin was $1. Fuck those working for the clampdown! Bitcoin is freedom. Bitcoin is relentless optimism,” added Herbert.

From the funky depths of the Canadian West, Stickybuds will also be breaking out of the northern gulags and heading south to get the party going.

Renowned for his skills on both the turntables and in the studio, Stickybuds has become one of Western Canada’s finest exports, performing live in over 25 countries and growing. His ever-impressive list of touring accolades includes acclaimed venues and festivals such as Burning Man, Shambhala, Envision, “We Love Space” Ibiza, Boomtown, and Glastonbury Festival.

The Bitcoin Reckoning

While the billionaires and their kleptocratic cronies have been pushing back on freedom-enabling Bitcoin, a reckoning is coming that Keiser and Herbert have been reporting on for years.

“Bitcoin’s rules – the consensus-protocol algorithm that runs Bitcoin’s global monetary network- exist outside the current banking system and requires no state to legitimize its existence,” Keiser said.

“El Salvador made Bitcoin legal tender and this is forcing the world to play by Bitcoin’s rules. This is the game theory baked into the protocol.”

“Countries like El Salvador are realizing they can challenge the IMF and the global banking cartel and achieve monetary sovereignty with this new global, decentralized monetary network that encrypts and secures private property without needing a bank or the permission of any state,” added Herbert.

Bitcoin Magazine will be joining the show as the exclusive media sponsor, facilitating a live stream of the show and giving away four tickets to Bitcoin 2022.

Details

Join Max and Stacy in Austin, Texas to kick off a tour of rage, comedy, insight, and celebration.

Max and Stacy will be joined by Stickybuds and other special guests with the first-come-first-serve BBQ. So get your elbows out and prepare to get hot and sticky in Austin.

8 July, 5 pm till late at Spider House, Austin, TX.

Grab a ticket now here.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/fck-elon-max-keiser-stacy-herbert-to-host-a-bitcoin-maximalist-party/

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Blockchain

3 Tons of Bitcoin Mining Rigs Will Reportedly Relocate From Guangzhou to Maryland

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A few weeks after China started its nationwide crackdown on Bitcoin mining, new reports have confirmed the speculations that at least some miners will look to transition to the US. The most recent one indicated that three tons of mining machines will move from Guangzhou to Maryland.

BTC Miners: From China to the US

The world’s most populated nation strengthen its grip on Bitcoin mining in May this year after reiterating its ban on operating with BTC and other digital assets. The situation escalated when the government ordered several mining establishments in multiple regions to cease operations.

Somewhat expectedly, the Bitcoin hashrate declined almost immediately, especially after this Sunday’s closure in Sichuan. Some experts saw this as an opportunity for the US to attract the ousted miners, which seems to be a growing trend.

According to Eunice Yoon, a CNBC representative, a Chinese logistics firm in Guangzhou has confirmed that it will transport three tons of bitcoin mining machines to Maryland, USA.


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Interestingly, David Marcus, the co-creator and board member of Facebook’s crypto project Diem, weighed in on the matter by calling China’s crackdown on BTC mining a “great development” for the primary cryptocurrency.

Or Maybe Welcome to Miami?

Another prominent figure who saw China’s attacks as a viable opportunity was the mayor of Miami. Francis Suarez, who has outlined his support for bitcoin and other digital assets for months, recently urged miners to relocate to the city he runs.

Furthermore, he said Miami will offer them incentives, including cryptocurrency-tailored enterprise zones. They will include areas with tax concessions, infrastructure incentives, and scaled-back regulations to encourage investments.

Suarez also asserted that miners would be able to take advantage of lower electricity prices as the city will provide them with excess nuclear power.

As of now, the gap between the US and China in terms of BTC hashrate is still significant, but it could start to close in the following months if more miners indeed relocate.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/3-tons-of-bitcoin-mining-rigs-will-reportedly-relocate-from-guangzhou-to-maryland/

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