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The Week The First Country Accepted Bitcoin as Legal Tender: The Weekly Crypto Recap

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The past seven days, despite being intensive in terms of important news, were less than exciting when it comes to pricing.

Most of the cryptocurrencies experienced substantial losses. Bitcoin, unlike the majority of altcoins, performed relatively well in comparison. It’s still down about 5% on the week, but its market dominance has increased to about 44%, which is a considerable improvement.

The downward pressure started last Saturday when the price tanked from about $38K down to $35K on Sunday. Immediately as the working week took off, though, the price plummeted, and by Tuesday, bitcoin was trading at a low of $31K. From there, we saw a considerable bounce, bringing it all the way up to $38.5K, but unfortunately, bulls were unable to sustain, and we’re currently sitting at a price of $37K.

Altcoins had it a lot worse, though. Ethereum is down about 15% on the week, Binance Coin – 16.6%, Cardano – almost 19%, DOGE – 20%, Ripple – 18%, and so forth. It has been a bloodbath week for altcoins, it goes without saying.

In terms of news, however, it was an absolutely historic week. El Salvador officially became the very first country to recognize and formalize Bitcoin as a legal tender. The primary cryptocurrency is now listed as one of the official currencies of El Salvador in a move that many thought would never come. It’s interesting to note that the country’s Congress voted the decision with a supermajority.

Elsewhere, the second-oldest bank in the US, State Bank, said that it will set up a digital unit that’s focused on cryptocurrencies, adding yet more avenues for investors to get exposure.

In a somewhat interesting piece of news, the US DOJ was reported to have retrieved over $2.1 million in bitcoin paid as a ransom from Colonial Pipeline. However, there’s absolutely no information on how the authorities were able to access the bitcoins.

In any case, it remains very exciting to see where the market will head next. It’s been a formidable recovery over the past few days, but will bulls keep the momentum?

Market Data

Market Cap: $1622B | 24H Vol: 128B | BTC Dominance: 44%

BTC: $37,062(-5.3%) | ETH: $2,431 (-14.9%) | XRP: $0.861 (-18%)

This Week’s Crypto Headlines You Better Not Miss

Revolutionary: El Salvador On Its Way To Adopt Bitcoin As a Legal Tender. In a world-first move, the small country of El Salvador officially adopted Bitcoin as a legal tender. The vote was passed by a supermajority decision, and the primary cryptocurrency is now listed as an official one in the country.

Invesco Plans to Launch Two Crypto-Based ETFs. The investment management company with over $1.5 trillion in AUM, Invesco, has filed documents seeking the SEC’s approval to launch two cryptocurrency-based exchange-traded funds.

US Bank State Street to Set Up a Digital Unit Focused on Cryptocurrencies. The second-oldest bank in the United States, called State Bank Corporation, will be releasing a digital unit focused on cryptocurrency investments. This comes after it had previously said it would enable cryptocurrency trading through its platform.

Change of Heart? India Reportedly Considers Classifying Bitcoin as an Asset Class. India – a country that has seen cryptocurrency in a predominantly negative way, is reportedly considering to classify Bitcoin as an asset class. This is an important step further in the country’s regulatory framework and could shed some additional light on the matter.

U.S. DOJ Retrieves Over $2.1 Million in Bitcoin Paid as Ransom by Colonial Pipeline. The United States Department of Justice has been able to retrieve over $2 million in bitcoin that was previously paid as a ransom. The reports failed to clarify how the authorities were able to retrieve the amount.

Former US President Donald Trump: Bitcoin Looks Like a Scam. The former president of the United States, Donald Trump, once again reaffirmed his stance on Bitcoin. He said that it looked a lot like a scam and reasoned that it competes with the US Dollar.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Polkadot, and Matic – click here for the full price analysis.

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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/the-week-the-first-country-accepted-bitcoin-as-legal-tender-the-weekly-crypto-recap/

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Thailand SEC Bans Meme Coins, Fan Tokens, NFTs

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Local exchanges in Thailand had been given a deadline until July 11 to submit their new rules for listing tokens that complies with the new guidelines from the Thailand Securities and Exchange Commission (SEC).

“The Securities and Exchange Commission (SEC) Board has approved the new rules that prohibit digital asset exchanges from providing services in relation to utility tokens and certain types of cryptocurrencies. The rules also specify that the exchanges set a requirement to be imposed in the event that digital tokens issued by their own exchange or related persons are listed on the exchange. In this regard, the token issuer who fails to comply with the white paper and relevant rules in substance could risk having such tokens delisted from the exchange. This new regulatory guideline aims to enhance protection of digital asset traders’ interest.”

The Thai SEC also added that listing rules prohibits local exchanges from providing services that have these following characteristics:

(1) Meme Token – having or no clear objective or substance or underlying, and whose price runs on social media trends.

(2) Fan token: tokenized by the fame of influencers.

(3) Non-Fungible Token (NFT): a digital creation to declare ownership or grant of right in an object or specific right. It is unique and not interchangeable with digital tokens of the same category and type at the equal amount.

(4) Digital tokens which are utilized in blockchain transactions and issued by digital asset exchanges or related persons.

Along with this move is their previous announcement of regulating Decentralize Finance (DeFi) projects in the country, including the issuance of digital tokens.

In the previous announcement, liquidity provider tokens, governance tokens, or tokens issued to those transacting in DeFi projects “must be licensed and must abide by the specified rules”.

The new regulation stipulates crypto exchanges, digital-asset brokerages, digital asset-dealers, private fund managers and investment advisors must be licensed by the Ministry of Finance.

Thai SEC states that, “For traders, it is best to study the DeFi project before getting involved in both technical and security aspects.” They also added that traders “should check whether the service provider is a digital-asset business that is licensed and regulated by the SEC or other regulatory agencies under law.”

This article is published on BitPinas: Thailand SEC Bans Meme Coins, Fan Tokens, NFTs

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Source: https://bitpinas.com/regulation/thailand-sec-ban-meme-tokens/

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After Bitcoin U-Turn, Nigeria Plans To Launch Central Bank Currency This Year

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According to Reuters, the Central Bank of Nigeria (CBN) plans to launch a digital currency pilot as soon as the end of this year.

Last month, the CBN Governor, Godwin Emefiele, made a U-turn on Bitcoin and other cryptocurrencies by saying he will “allow” them. Previously, the CBN had sought to restrict the cryptocurrency sector by imposing regulatory sanctions on monetary businesses that serviced cryptocurrency exchanges.

In a turn of fortunes, it now looks as though Nigerian officials are embracing blockchain technology. All the same, in what may well turn into a showdown between private and public cryptocurrencies in the future, arguments against central bank offerings remain as pertinent as ever.

The Nigerian Central Bank Digital Currency Has Been Years In The Making

Despite Nigeria’s purported aversion to fintech, it’s emerged that the central bank has been working on a digital currency for the past two years.

The CBN Director of Information Technology, Rakiya Mohammed, echoed what many other countries have mentioned in the past. That is, Nigeria will not be left behind in the technological revolution.

“We’re all aware that about 80% of central banks in the world exploring the possibility of issuing central bank digital currency, and Nigeria cannot be left behind.”

One of the reasons given for the CBN’s previous anti-Bitcoin position was a need to protect its citizens. In 2018, the CBN said that there is no legal redress if things go wrong in an unregulated market. There was also the usual spiel of links to illicit activity such as money laundering and terrorist financing.

Mohammed sells the idea of a central bank digital currency on it bringing financial inclusion and having the backing of the Nigerian government.

“If you have a central bank digital currency that is backed by the government, then people can make transactions online without fear of any default.”

Is This The End For Privacy?

As previously mentioned by billionaire investor Ray Dalio, governments will do all they can to maintain monopoly control of their money, even if that means outlawing the competition.

“every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing, because things can get out of control.”

Anthony Pompliano rubbished this idea saying governments cannot ban Bitcoin. But he concedes that a scenario of coordinated global action could make life difficult for Bitcoin users.

And as cryptocurrencies continue to make their mark in the world of finance, regulators and policymakers may soon be forced to show their hand on the matter.

Unlike private cryptocurrencies, which operate on decentralized networks, central bank digital currencies would be issued and controlled by a central bank. This enables them, and by extension national governments, to track every transaction in their economies.

Liberal commentators view this situation as a significant blow to privacy. What’s more, as noted with several U.K banks refusing crypto transactions recently, central digital currencies have the potential to bring about a dystopian future in which transactions deemed “against the state” also get refused.

Source: https://bitcoinist.com/after-bitcoin-u-turn-nigeria-plans-to-launch-central-bank-currency-this-year/?utm_source=rss&utm_medium=rss&utm_campaign=after-bitcoin-u-turn-nigeria-plans-to-launch-central-bank-currency-this-year

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XRP, Dogecoin, MATIC Price Analysis: 21 June

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The last 12 hours have been rather terrible for the market as all the coins including the king coin fell severely. Total market capitalization came down by 7.8% at press time. XRP, Dogecoin, MATIC each lost 9.91%, 8.63% and 7.5% respectively. Regardless, XRP was in the news for SEC’s Commissioner Hester Peirce’s statement concerning the regulatory status of the coin, as she said that “ XRP doesn’t necessarily have to be a security”.

XRP:

Source: XRP/USD – TradingView

XRP faced the heat of the fall as did others as the coin fell below its 2-month long support level of $0.697 to trade at $0.694 at press time. Relative Strength Index (RSI) continued to fall towards the oversold zone since the early morning trade. Selling pressure was dominant.

A downtrend had been initiated according to Parabolic SAR as a white dot (encircled) made its presence above the candlesticks. Since the Average Directional Index (ADX) moved steadily at the 40.0 mark, the indicator remained directional at the moment. When ADX begins its descent towards the neutral 25.0 line, we can expect the active downtrend to weaken.

As the indicators suggest a negative movement, it is critical for support to be established at $0.644.

Dogecoin [ DOGE ]:-

Source: DOGE/USD – TradingView

Dogecoin already fell through its $0.285 support 24 hours ago and created a new support level at $0.24. Despite the present fall, the coin continued to keep above this level. Chaikin Money Flow displayed capital outflows dominating the market and the green line dropped into bearish territory.

Bearish momentum could be observed building on the Awesome Oscillator with the appearance of red bars. Also, both the Simple Moving Averages lines – 50 SMA (orange) and 100 SMA (red) remained strongly bearish moving way above the candlesticks.

Moving forward it is necessary for DOGE to remain above $0.24 in order to keep the losses minimum.

MATIC:-

Source: MATIC/USD – TradingView

Of all the altcoins, MATIC is the only one that managed to stay above its support level. Even though the dip took a toll on the coin, it didn’t fall below $1.21, trading at $1.30 at the time of writing. Critical support remained established at $1.04. Bollinger Bands could be observed converging as the red basis line acted as resistance. This volatility could be seen coming down in the case of MATIC.

MACD did not present any clear direction as the red signal line and the fast-moving line remained aligned in the bearish neutral zone. Squeeze Momentum Indicator changed its status from ‘squeeze release’ to an active squeeze (black dots) as bearish pressure could be observed coming down at press time.

Should there be no immediate volatility, the coin could continue to consolidate itself within the active resistance and support level.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/xrp-dogecoin-matic-price-analysis-21-june

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