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Market Analysis Report (31 May 2021)

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If you want a great start on the StormGain crypto adventure, then make sure to use the code “MINER” for a bonus of $5 on your account and if crypto innovations are your gem, then you will definitely like what StormGain prepared for you. 

Why should you join the platform?

The StormGain crypto project revolutionizes the cryptocurrency domain by making mining possible without any software – no ASIC, CPU, or GPU. 

Instead, you can mine crypto by doing the most dynamic decentralized activity aff all time – crypto trading. 

That’s right. You can trade your assets as usual and get Bitcoin based on your trading volume. The threshold can go up to 0.0318 BTC/day, which means 0.33 BTC per month. 

Besides that, you can use up to 300x leverage without any commission – that will easily increase your trading volume.

What else?

StormGain mining is not the only feature that its team developed. In order to expand crypto acceptance, they also developed a DEMO trading account for beginners – to lower the risk of those that just started trading.

Even more, the platform is full of educational articles and videos that explain to newcomers everything they need to know about the cryptocurrency area.

And to run everything smoothly, StormGain is also accompanied by a crypto wallet, available 24/7, free of charge, and fully encrypted.

What are you waiting for? Buckle up and join the StormGain project!

Source: https://www.cryptocompare.com/email-updates/daily/2021/may/31/

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TA: Bitcoin Breaks $35K, Why BTC Bulls Aim A Larger Rally

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Source: https://www.newsbtc.com/analysis/btc/bitcoin-breaks-35k-rally/

Bitcoin price regained strength for a fresh increase and it broke $35,000 against the US Dollar. BTC is likely to accelerate higher towards $36,500 or even $37,000.

  • Bitcoin started a fresh increase above the $34,000 and $35,000 resistance levels.
  • The price is now trading nicely above $34,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is showing positive signs and it could even rise towards the $37,000 level in the near term.

Bitcoin Price is Gaining Pace

Bitcoin formed a base above the $32,000 zone to start a fresh increase. BTC broke the $33,500 resistance the 100 hourly simple moving average to move into a positive zone.

The upward move gained strength above the 50% Fib retracement level of the downward move from the $36,200 swing high to $28,850 zone. There was also a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair.

The pair is now trading nicely above $34,000 and the 100 hourly simple moving average. Bitcoin is now trading above the 76.4% Fib retracement level of the downward move from the $36,200 swing high to $28,850 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

It is showing a lot of positive signs and it could continue to rise above $36,000. On the upside, an initial resistance is near the $36,200 level. The main resistance is now near the $37,000 zone. Any more gains could lead the price towards the $38,000 zone.

Dips Limited in BTC?

If bitcoin fails to clear the $36,200 resistance or the $37,000 resistance, it could start a downside correction. An immediate support on the downside is near the $34,500 level.

The next major support is near the $34,000 level. The main support is now forming near the $33,500 level and the 100 hourly SMA. A downside break below the 100 hourly SMA could open the doors for a fresh drop towards the $32,000 zone in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $34,400, followed by $33,500.

Major Resistance Levels – $36,200, $37,000 and $38,000.

Source: https://www.newsbtc.com/analysis/btc/bitcoin-breaks-35k-rally/

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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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