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Offline mapping app Maps.me raises $50m led by Alameda Research to enter DeFi

Offline mapping app Maps.me, which boasts 140 million users, has raised $50 million to build a DeFi ecosystem inside the map app.

The post Offline mapping app Maps.me raises $50m led by Alameda Research to enter DeFi appeared first on The Block.

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Bitcoin Price Analysis: Is The Current 20% Weekly Drop a Healthy Correction or Sub-40K Coming?

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Bitcoin is down another 7.5% today as the cryptocurrency slides into the $45,000 region. The total weekly price decrease now exceeded 20%. The good news? Bitcoin was able to recover after hitting as low as $42K earlier today.

An overview of May: Last week, bitcoin fell beneath a rising wedge formation after Tesla revealed they had stopped receiving BTC payments for their cars. The news caused a significant sell-off in which BTC dropped as low as $47,000, where it found support at a .5 Fib. During this sell-off, BTC managed to close each daily candle above a rising trend (dashed line) dated back to February 2021.

However, this support was broken over the weekend after BTC closed at $47,000. It continued lower today as it dropped beneath $47,000 to create a fresh three-month low at $42,185, following some more of Elon Musk’s tweets.

There, BTC found support at a long-term ascending trend line that dates back to December 2020, together with support at $42,770 – provided by the .618 Fib Retracement – best seen on the following 4-hour chart. The market rebounded from there and pushed higher to break back above $45,000, as of writing these lines.

Interestingly, the new three-month low has created a fresh lower low for bitcoin. It also caused the market to break beneath the neckline of a long-term head & shoulders pattern we have been tracking over the past week. The break of this pattern could see BTC heading as low as $32,000 in case the pattern plays out. Unless bitcoin maintains the neckline around $47-48k – the risk is on.

After all, we do have to remember that the market is still bullish on the longer timeframe charts, and 20-30% corrections are typical during bull runs. In the cycle of 2017, bitcoin price saw six heavy 20-30% corrections.

BTC/USD Daily Chart. Source: TradingView

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $44,750, $44,000, $42,770, $42,000, $40,000.

Key Resistance Levels: $46,250, $47,000, $48,000, $50,000, $50,850.

Looking ahead, the first support now lies at $44,750. This is followed by $44,000, $42,770 (.618 Fib), and $42,000 (Jan 21 Highs along with today’s low). Beneath $42,000, added support lies at $40,000 (downside 1.414 Fib Extension & the 200-day moving average line).

On the other side, the first major resistance is expected at $46,250 (bearish .236 Fib). This is followed by $47,000 (April lows), $48,800 (bearish .382 Fib), $50,000, and $50,850 (bearish .5 Fib).

The RSI is heading lower and nearing highly oversold conditions. This suggests that the bears might already be overextended and could mean that the market should not continue too much lower from here.

Bitstamp BTC/USD Daily Chart

btcusd-may17
BTC/USD Daily Chart. Source: TradingView

Bitstamp BTC/USD 4-Hour Chart

btcusd-4hr-may17
BTC/USD 4-Hour Chart. Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-price-analysis-is-the-current-20-weekly-drop-a-healthy-correction-or-sub-40k-coming/

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China Securities Journal Says Cryptocurrency Trading Is Risky and Calls for Strict Supervision

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Chinese officials warned the public about the risks associated with trading with digital assets. The authorities pointed out three major considerations which might harm investors – false transactions, security breaches, and illegal and criminal activities involving cryptocurrencies.

Tighter Regulations on Crypto Trading

According to the China Financial Stability Report, investors should be extra vigilant when operating with bitcoin and other crypto assets. Officials from China Securities Journal have called for better regulation and pointed out three major risks that trading with digital assets may carry.

First, digital assets are highly decentralized, which means they lack supervision and legal protection. According to the journal, this is a huge disadvantage and can cause price manipulation and false transactions.

Second, the price of most cryptocurrencies, including bitcoin, can easily become an instrument for speculation and can go through sharp declines.’

Third, the movement of funds on blockchain technology is difficult to be observed. This can create an excellent environment for money laundering. Additionally, illegal and criminal activities can also thrive with these conditions as lawbreakers have the opportunity to make drugs or gun transactions using cryptocurrencies.


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The Chinese authorities advised that due to these factors, the crypto community must stay alert to prevent these hazards. Furthermore, China Securities Journal reminded that there are no legal crypto trading venues in the country and no regulatory protections:

”Once you encounter risks, you can only bear the consequences. In short, speculation in coins is risky, and you need to be cautious when entering the market.”

China and BTC

Despite the government’s stance, the primary cryptocurrency is highly popular in China – there’s a high number of miners situated in the large Asian nation.

Recently, the country’s central bank announced that it was looking into bitcoin as an alternative investment. Zhou Xiaochuan, former governor of PBoC, outlined the potential of digital assets and their future implementation. However, he ascertained that whatever the case may be, cryptocurrencies must not be used for illicit activities such as drug or weapon trafficking, gambling, or money laundering:

”We believe that crypto assets should play a major role in the future, either as an investment tool or as an alternative investment. Many countries, including China, are also studying it as an investment tool.”

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/china-securities-journal-says-cryptocurrency-trading-is-risky-and-calls-for-strict-supervision/

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Bullish for Bitcoin? 39 Million US Households to Receive up to $3.6K Monthly Stimulus Starting July 15th

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A new rule under the hat of the COVID-19 relief bill will see 39 million US households receive up to $3,600 monthly starting from mid-July. Given the history between BTC’s price appreciation since the first-ever stimulus bill, the narrative rises now if this latest endeavor will push bitcoin higher again.

39M American Families to Receive up to $3.6K Per Month

The COVID-19 pandemic pushed the US government (and many others) to undertake extreme measures to help alleviate the financial pain for its citizens. The stimulus checks were among the initiatives, and the first ones reached their recipients in April 2020.

Since then, the government passed a few more similar bills with new checks sent to the majority of the American population. As Reuters reported on May 17th, another set of measures is coming for certain citizens.

Operating as part of the relief bill signed into law by President Biden in March, it will work as a tax credit available to some parents. Those who have children under the age of six (in 2021) will receive up to $3,000 or $3,600 for each child – subject to income restrictions.

According to Reuters, this means that 39 million households will automatically or by direct deposit receive the funds every month, starting on July 15th.


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Biden has also asked Congress to extend the tax credit for the next four years. His administration believes these measures could “lift more than five million children out of poverty” – which is nearly 50% of the youngsters.

Bullish Case for Bitcoin?

While the government justifies the relief bill by helping its population, these multi-trillion dollars have to come from somewhere. In the US case, central authorities had to print excessive amounts of the greenback in relatively short periods.

Thus, some reports estimated that more than a fifth of the circulating USD had been created in 2020 alone. This raises concerns about potential inflation and even hyperinflation among experts.

Shortly after the first stimulus checks reached their destinations, several legendary traditional investors, including Paul Tudor Jones III and Stan Druckenmiller, highlighted the idea of purchasing bitcoin to protect themselves against inflation.

After all, bitcoin has a pre-determined total supply of 21 million coins. The halving occurring every four years assures decreasing inflation. Consequently, PTJ, Druckenmiller, and many, many more, opined that BTC could serve as a digital store of value.

JPMorgan (and others) even said bitcoin is eating away the market share of the traditionally regarded as the ultimate safe-haven asset – gold.

This adoption from prominent names resulted in a substantial price appreciation for BTC in the next 13 months (since the first checks). The asset traded around $6,000 in April 2020 before it skyrocketed ten-fold by April 2021. Despite its most recent correction, bitcoin is still significantly higher than the pre-relief bill levels.

As such, the latest government initiative could push investors towards BTC once again in search of an asset with a limited supply.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bullish-for-bitcoin-39-million-us-households-to-receive-up-to-3-6k-monthly-stimulus-starting-july-15th/

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