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Despite The Dip, The Bitcoin Market Is Bullish As Ever

Despite The Dip, The Bitcoin Market Is Bullish As Ever

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This Week In Bitcoin is a new segment covering the events of the week that occurred in the Bitcoin industry, covering all the important news and analysis.

Summary

This was the week of El Salvador. Since President Nayib Bukele’s announcement in Miami at Bitcoin 2021 that El Salvador would adopt bitcoin as legal tender, the internet has been ablaze. The country’s parliament has since made it official, voting with a supermajority in favor of the bill. There have also been talks of setting up mining operations in the country and allowing investors with 3 BTC or more to take up El Salvadoran residency, prompting other Central American countries to signal interest in following their lead. I have long said that the first country to officially adopt bitcoin will be a pioneer and this week El Salvador did just that.

In other news: Elon Musk and Michael Saylor’s “Bitcoin Mining Council” launched their mission statement, China’s crackdown on crypto continued, former US President Donald Trump dissed Bitcoin, several wallet and mining firms raised fresh funding and US inflation hit its highest rate since the 2008 financial crisis.

Highlights

Bullish News

Yes, many bits of bullish news this week would appear to be related to El Salvador, with most Bitcoiners hearing the country’s name enough times in the last week to last a lifetime, but the fun has only just begun. The nation:

  1. Announced Bitcoin’s adoption in the country to pass the bill.
  2. Offered solutions to mining and investment.
  3. And initiated a nationwide rollout.

All in less than a week, whereas something similar would take years in other countries wrapped up in bureaucracy. Countries such as Panama, and Argentina have expressed interest in following in their footsteps.

Besides that, Taproot has cleared it’s last hurdle over the weekend as it locked in, signaling a new chapter for Bitcoin. This “transition” was relatively smooth sailing compared to the blocksize squabbles of 2017, if you were paying attention back then. Then there is Michael Saylor and MicroStrategy raising more funds to buy bitcoin, and with the interest in the bonds they’re issuing being sky-high, there were rumors that the Fed would buy some as well.

Overall, it was a solidly bullish week in Bitcoin, and the news and major developments in the market are yet to be reflected in bitcoin’s price.

Bearish News

But not all news is good news. The “Bitcoin Mining Council” released their mission statement which possibly paves the way for centralization in mining. Not to mention Elon Musk is involved, who has proven time and time again that he might not have Bitcoin and the community’s best interests at heart.

Furthermore, India and China continued their onslaught on Bitcoin and the crypto market in general. Although no definitive steps have been taken, it is something to keep an eye out for. The International Monetary Fund (IMF) has been vocal about their disapproval of El Salvador’s bitcoin adoption and it’s likely that they are going to seek ways of attacking bitcoin and anyone associated with it, especially to dissuade more countries from following in El Salvador’s footsteps.

Verdict

Taproot activation is a certainty at this point after it was locked in over the weekend. This soft fork will expand on Bitcoin’s smart contract flexibility, while offering more privacy in doing so, as covered in an extensive piece back in 2019. Taproot is set to activate in November and will greatly enhance Bitcoin’s current ecosystem.

El Salvador’s bitcoin adoption is a done deal. Investors such as Justin Sun have made it clear that they plan to set up shop in the Central American country as it opens up its borders and economy to Bitcoiners. The country’s plans to enable 100% clean bitcoin-mining through it’s geothermal volcanic power plants will quiet the haters who have (falsely) claimed bitcoin mining to be a large contributor to climate change and will pave the way for more miners to adopt green mining initiatives.

With US inflation hitting highs not seen since 2008, developing nations that have grown reliant on the US dollar as a reserve currency and hedge against inflation in their own countries are likely to favor bitcoin in the months and years ahead. This could prove bearish as everyone from the US government to the IMF, World Bank and others may push against Bitcoin and use their power and influence to combat bitcoin adoption.

What is most newsworthy, however, is the fact that El Salvador managed to announce and pass a bill with a supermajority vote in less than a week, showing their commitment to executing their plans and not just being “all talk.” Other nations are likely to follow, but El Salvador will be critical in establishing bitcoin as a “global standard” and showing the benefit of adopting it to other struggling and emerging economies, with African nations the most likely prospects to follow suit next.

Overall, the last week has been a truly game-changing one for Bitcoin. The price may not yet reflect that yet, and maybe won’t for a while, but Bitcoin is certainly becoming a household name and we are still in the early days. As many would agree, bitcoin’s price is highly undervalued at the moment.

This is a guest post by Dion Guillaume. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

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Bitcoin Jumps 12% to Eye $40K on Positive Tesla and Taproot News

Bitcoin Jumps 12% to Eye $40K on Positive Tesla and Taproot News

BTC price reached a high of $39,847 on Coinbase.

Bitcoin price has jumped over 12% to hit a two-week high of $39,847 on US-based crypto exchange Coinbase. The cryptocurrency’s upside towards the recently elusive $40,000 comes as the market continues to react positively to news.

Buyers are looking to hold the gains above support as shown in morning deals on Monday. Bitcoin currently trades at $39,286 on Coinbase.

Bitcoin price broke major resistance at $37k

After finding it difficult to break above $37k due to FUD related to a heightened crackdown on mining in China, BTC added more than $3,400 to its daily candle on Sunday to trade at the highest price level since 26 May.

While the broader recovery could align with other factors across the market, BTC’s value soared just after Tesla CEO Elon Musk revealed that the electric car maker was ready to resume Bitcoin transactions. It follows negative comments from Musk regarding Bitcoin’s energy consumption and impact on the environment.

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions,” the Tesla chief said.

Bitcoin price jumped nearly 10% following Musk’s tweet and traded higher to establish support above the 20-day simple moving average line ($36,756).

Bitcoin’s upside also comes after miners indicated support for the Taproot upgrade slated for November 2021. The upgrade seeks to revamp the network’s privacy and scripting capabilities.

From a technical point of view, analyst Rekt Capital says the upside might have helped push a potential death cross by a couple of weeks.

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BTC/USD daily price chart showing the 50 and 200-day moving averages. Source: TradingView

The death cross happens when the 50-day moving average cuts below the 200-day moving average. It is a bearish signal that usually suggests further price correction, and as seen on the price chart above, BTC/USD was likely to make the cross if the 50 DMA continued to slope towards increasing 200 DMA.

“Fantastic upside movement from #BTC lately. The $BTC breakout has pushed back the potential Death Cross by two weeks.  Price increases from here would further postpone it,” the analyst pointed out.

And if $BTC is able to rally above $55K-$60K soon, then BTC could avoid the cross altogether.”

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Tornado Cash: The Ethereum scrambler? Where to Buy

Tornado Cash: The Ethereum scrambler? Where to Buy

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Tornado Cash (TORN) has seen its price rise by 48% in the last two weeks.

Tornado Cash is a project that offers privacy to Ethereum holders. Users are able to submit their ETH and then withdraw it to another wallet while masking this second transaction to keep the data off-chain.

This makes the platform useful for those that are trying to hide where their money is heading from governments or bad actors.

Having only come to market in February, TORN has seen impressive price action so far, with all time low only reaching as low as $30.66, the project’s wild volatility has led to some great profit making opportunities for the Ethereum-masking project

Where to buy Tornado Cash (TORN)

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

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CedarFX

CedarFX is an eco-conscious broker offering 0% commission trading on 170+ assets, including Forex, Cryptocurrency Pairs, Stocks, Indices and Commodities. With up to 1:500 leverage, no-fee transactions and low spreads, traders can make the most of their funds. CedarFX also offers an Eco Account option to support tree planting and sustainability projects.

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Is Tornado Cash a good buy right now?

Because no investment is guaranteed to be successful, it is tricky to answer this question with certainty.

Concerns that the project could be used for money laundering purposes could be of concern to financial regulators, so there is every chance that authorities could order a crack down on the project.

However this has yet to be seen, and there is every possibility that the coin could continue to see higher price action in the near future.

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Amp (AMP) Sees Gains of 21% in 24 Hours – Where Can You Buy it?

Amp (AMP) Sees Gains of 21% in 24 Hours – Where Can You Buy it?

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Amp has made significant gains of around 66% over the last two weeks.

Amp provides “assets like BTC with instant, verifiable assurance for any real-world application.”

The project has seen a rise in its trading liquidity by a substantial 1,495% over the past 24 hours, leading to the project to trend on Coinmarketcap as more traders take an interest in buying the coin.

In addition, AMP has seen its ranking on Coinmarketcap rise to number 41, showing the strength of its market cap that currently stands at over $3 million.

Where to buy AMP

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Register with eToro instantly

CedarFX

CedarFX is an eco-conscious broker offering 0% commission trading on 170+ assets, including Forex, Cryptocurrency Pairs, Stocks, Indices and Commodities. With up to 1:500 leverage, no-fee transactions and low spreads, traders can make the most of their funds. CedarFX also offers an Eco Account option to support tree planting and sustainability projects.

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Is AMP a good buy right now?

AMP’s use case provides additional liquidity for traders looking to secure other assets, such as Bitcoin, Tezos, Alogrand, Dash, Litecoin, US Dollar Coin and many more.

Due to its massive hike in trading volume, analysts will be watching the coin closely to see what it could do next.

AMP also allows users to stake their coins to earn rewards. Sometimes these rewards can be greater than the interest rates offered by banks at the present time, so this is something worth considering if you have assets waiting around that you intend to sell at a later date in the future.

Users can then send their staked coins as collateralized transfers using pools, thereby reducing the risk of interrupted or attacked transaction attempts.

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Gitcoin Price Has Risen by 28% – Where Can You Buy?

Gitcoin Price Has Risen by 28% – Where Can You Buy?

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Gitcoin (GTC) has seen a dramatic rise to its trading volume, with an increase of 1,453% in the last 24 hours.

Gitcoin (GTC) has seen an extraordinary rise in trading volume in the last 24 hours, leading to a price rise of 28%.

Better yet, looking over the past two weeks the coin has managed to rise by 192%.

Having been launched only late last month, the coin has performed impressively and may seek further gains amid its recent explosion in trading volume.

Gitcoin is a project that calls itself a community of builders and developers that have come together to build the open internet.

The open internet is part of the Web 3.0 in which decentralised tools will be used to run smart cities and the internet of things (IOT).

Where can I buy Gitcoin (GTC)?

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Register with eToro instantly

CedarFX

CedarFX is an eco-conscious broker offering 0% commission trading on 170+ assets, including Forex, Cryptocurrency Pairs, Stocks, Indices and Commodities. With up to 1:500 leverage, no-fee transactions and low spreads, traders can make the most of their funds. CedarFX also offers an Eco Account option to support tree planting and sustainability projects.

Register with CedarFX instantly

What makes Gitcoin possibly a good buy right now?

Yesterday saw a price hike for a similar platform called Streamr, which also looks to build decentralised tools for the web 3.0 with a focus on data.

With today’’s price hike for Gitcoin it suggests that some institutional investors may have seen now as a good time to invest in these future technologies as the notion of a decentralised Web 3.0 becomes closer to being fully realised.

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