Crypto Guides, Knowledge & Insights

El Salvador Government to Punish Businesses That Don't Accept Bitcoin

During a Monday interview, Javier Argueta, legal advisor to El Salvadors President Nayib Bukele, said that businesses that refuse to make transactions with Bitcoin and use the national Chivo wallet will face sanctions under the countrys Consumer Protection Law.　　Arguetas most recent statement runs counter to an Aug. 23 Twitter thread posted by Bukele, in which he makes it clear that the use of Bitcoin would be voluntary:　　“If someone wants to continue to carry cash, not receive a sign-on bonus, not win over customers who have bitcoin, not grow their business and pay commission on remittances, they can continue to do so.”　　The contradiction has not been ignored by members of the opposition. Anabel Belloso, a representative of the FMLN party, accused the government of lying.　　El Salvador will become the first country to adopt Bitcoin as its official currency on Sept. 7.　　Bukeles Bitcoin Law was passed by the Legislative Assembly on June 8, shortly after it was introduced by the president.　　The bill became a major source of controversy both within and outside of El Salvador, with critics mainly directing their anger at highly contentious Article 7 which makes cryptocurrency acceptance mandatory for merchants.　　The Bitcoin experiment was met with protests organized by Bukeles

2021-09-07Deep Dive

Bitcoin price prediction: sky is the limit after the weekend breakout

The Bitcoin price made a strong bullish breakout on Sunday.　　The coin jumped above $51,000 for the first time in weeks.　　The bullish trend will likely remain in the near term.　　The Bitcoin (BTC/USD) price launched higher on Monday as the consolidation phase came to an end. The coin jumped to more than $51,000, pushing its total market capitalization to more than $972 billion. As a result, the combined market cap of all cryptocurrencies tracked by CoinMarketCap jumped to more than $2.33 trillion.Cryptocurrencies rebound　　After two weeks of consolidation, the price of Bitcoin and other cryptocurrencies rebounded in the overnight session. While BTC jumped to more than $51,000, other popular digital currencies rose as well. Ethereum rose to more than $3,900 while Cardano and Solana rose to more than $2.90 and $142 as well.　　Are you looking for fast-news, hot-tips and market analysis？ Sign-up for the Invezz newsletter, today.　　There were several key catalysts for the latest Bitcoin price rally. First, on Friday, the US published relatively weak economic numbers. The data showed that the countrys economy added more than 235k jobs in August. This was substantially lower than the median estimate of 750k and was the lowest figure in months. 　　The US jobs numbers signalled

2021-09-06Deep Dive

Elon Musk's U-Turn Fails to Put Brakes on Bitcoin's Bull Run

On Sept. 5, Bitcoin closed at $51,808 on the Bitstamp exchange after convincingly breaking above the do-or-die $51,000 resistance level. 　　The flagship cryptocurrency has reached its highest level since May 12, the day Tesla CEO Elon Musk infamously announced that the e-car maker had suspended Bitcoin payments due to environmental concerns.　　The price nose-dived more than 14 percent within 24 hours following the announcement, with critics of the cryptocurrencys massive carbon footprint feeling vindicated.　　Things only got worse for Bitcoin. Due to a double-whammy of Tesla‘s about-face and China’s mining crackdown, the leading cryptocurrency tanked roughly 40 percent in just one week, ultimately bottoming at $30,000.　　The coins price action had been anemic throughout June. On June 22, Bitcoin reached its local bottom of $28,567.　　Things took a bullish turn in early July. Bitcoin scored 10 consecutive green candles over the period from July 21 to July 30.　　Now that Bitcoin has managed to smash through $51,000, it is yet to be seen whether the bulls will manage to flip the previous resistance into support.

2021-09-06Deep Dive

Sen. Elizabeth Warren says 'crypto is the new shadow bank'

U.S. Senator Elizabeth Warren (D-MA), a long-standing critic of cryptocurrency, told the New York Times that, in her view, cryptocurrency is “the new shadow bank.”　　The Times story focused in large part on BlockFi, the venture-backed crypto lending startup that has drawn the attention of numerous state regulators in the U.S. as part of a broader “scrambling” to catch up on the evolving advance of crypto startups into banking-like services.　　Warrens comments -- a “shadow bank” refers to a non-bank financial entity that provides such services outside the remit of normal banking regulation -- are a signal that the Massachusetts senator remains a strong critic of cryptocurrency and the industry built up around its applications.　　“Crypto is the new shadow bank. It provides many of the same services, but without the consumer protections or financial stability that back up the traditional system,” Warren told The Times. “Its like spinning straw into gold.”　　Per the report, Warren also raised the idea of “[banning] banks in the United States from holding cash deposits backing up stablecoins, which could effectively end the surging market.”For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.　　Via a series of public letters, Warren has initiated a dialogue of

2021-09-06Deep Dive

Bitcoin (BTC) Makes Push Above $51,200 Resistance Zone

Bitcoin (BTC) increased during the week of Aug 30-Sept 5, starting the week at $48,767 and reaching a close of $51,900.　　While technical indicators provide mixed signals, BTC is still well above the $51,200 horizontal resistance area.Long-term BTC outlook　　BTC opened on Aug 30 at a price of $48,767. It increases steadily during the week, creating a bullish candlestick and reaching a close of $51,900.　　Despite the upward move, the weekly chart is not yet bullish. 　　BTC has yet to reclaim the ascending support line from which it broke down from. Previously, the line had been in place since March 2020. BTC is still in the process of validating the line as resistance (red icon). Furthermore, the resistance is strengthened by the supertrend line.　　However, both the RSI and MACD provide a bullish reading. The former has moved above the 50-line, while the latters signal line is positive. In addition to this, the histogram has given a bullish reversal signal.Current resistance　　Technical indicators in the daily time frame for BTC provide a mixed outlook.　　Since Aug 13, both the RSI and MACD have generated considerable bearish divergences. The RSI has also reached its bearish divergence line.　　However, the MACD has finally generated a higher momentum bar. Furthermore,

2021-09-06Deep Dive

Can Bitcoin Break Historical September Price Trends?

The price of bitcoin has risen above the $51K zone on Sunday and traders and speculators are curious as to where the price is headed next. Historically, in September, bitcoin prices don‘t fare so well and usually get better in October. For this reason, skeptics are not sure if bitcoin’s price will continue to be bullish during the ninth month of the year. So far, however, the end of the first week of September 2021 has been much better in terms of gains.　　 Historical Bitcoin Prices in September Are Often Low and Lackluster, 2021 Has Been Different　　Bitcoin is doing well on Sunday, up 5.4% during the last seven days and 26.3% during the last month. So far it has jumped above the $51K region on Sunday evening (EST), hitting a high of $51,863 per unit.　　The first week of September is almost over, and so far, BTC is looking real good price-wise but traditionally, the leading crypto asset doesnt do so well this month. In 2013, BTC was in the red that September after reaching a $240 all-time-high (ATH). It dipped after the previous ATH and was trading for $138 per bitcoin on September 1, 2013.　　At the end of the month

2021-09-06Deep Dive

Is Bitcoin Suited to be a Form of Payment in The Netherlands?

In 2014, the city of The Hague established a Bitcoin boulevard, where businesses on two streets would accept Bitcoin.　　The banking system and digital payment infrastructures in the Netherlands are well implemented.　　Merchant awareness of Bitcoin has grown since 2014, with many businesses already owning and using Bitcoin.　　As the price of 1 BTC reached $1000, 2014 was the year the financial and tech industry saw Bitcoin as a possible contender to challenge the centralized economic systems. Research institutes such as MIT, and cities like The Hague and Arnhem, in the Netherlands, created social tests to encourage the use of Bitcoin as a form of currency. Whether it was a PR move, or a way to draw attention, Bitcoin had its chance to prove that it could function as a digital currency.　　The Possibility of Bitcoin Payments In The Netherlands　　In an interview with DailyCoin, Patrick van der Meijde, co-founder of BitKassa, and Arnhem Bitcoin City, emphasized that merchants in 2021 are far more aware of Bitcoin as a form of payment than they were in 2014. While in 2014, news about Bitcoin appeared as a silk road and in its illegal usage; now, according to Van der Meijde, some merchants already own Bitcoin.　　“Now, it

2021-09-06Deep Dive

Looking Into The Future: Will Bitcoin Always Be King?

Bitcoin is the King of cryptocurrencies as evidenced by the asset class controlling a lion share of the crypto market.　　Having held the title for over 12 years, some pundits believe that another crypto will usurp Bitcoins position to be the dominant force.　　The absence of smart contract functionalities and reliance on the Proof-of-Work consensus mechanism are factors militating against Bitcoins continued reign.　　In 2009, the mysterious Satoshi Nakamoto created the Bitcoin network after mining the Genesis Block. Since then, blockchain technology has taken off with several projects being launched to improve on the foundation laid by Bitcoin. Despite their best attempts, Bitcoin has still retained its position at the top of the ranking controlling 43% of the markets with a market cap of almost $1 trillion.　　Several Eyes On The Crown　　Over the years, the list of top 5 largest cryptocurrencies has experienced a constant change with projects making the cut and also falling down the rankings. Yet, Bitcoin has maintained its position at the top since it debuted on the scene. According to some analysts, Bitcoin could become an “altcoin” in the future and fall down the rankings to even third or fourth place.　　Proponents of this belief cite Bitcoins glaring lack of advanced

2021-09-06Deep Dive

Are We in a Crypto Bubble? We Couldn’t Be Further From it: Ark Invest CEO Says

Cathie Wood, CEO of Ark Invest, recently spoke about the market outlook, taking the opportunity to give some love to Bitcoin and the ecosystem of industries that are developing around cryptocurrencies.　　Speaking with Yahoo Finance, the financial expert assured that the future looks bright for the world of cryptocurrencies. Wood disagrees with billionaire investor John Paulsons recent criticism of Bitcoin and cryptocurrencies, claiming that Bitcoin is managing to surpass gold as a store of value in this digital age.　　“What we (Ark Investment) think he‘s missing about cryptocurrencies is they’re much more than a store of value or digital gold. Bitcoin is a new, global monetary system that is completely decentralized and not subject to the whims of policymakers.”　　A few days ago, Paulson told Bloomberg that in his view, cryptocurrencies would eventually have to go to zero　　“Ill have a lot of people that disagree with this, but I would think you should not invest in cryptocurrencies. Ultimately I think cryptocurrencies, regardless of where they are trading today, whether it will go up from here or down, will eventually prove to be worthless.”　　Cathie Wood Believes The Crypto World is Far From Being a Bubble　　Wood also spoke about her investments in Coinbase and Robinhood,

2021-09-06Deep Dive

Cardano (ADA) Smart Contract Release to Catalyze Ethereum: Opinion

DeFiance Capital is a leading DeFi-focused investment fund in Asia. Launched by Arthur Cheong (Arthur0x), it took part in the funding rounds of almost every top-tier decentralized finance protocol. Its expert, Wangarian (@0xWangarian), unveils one more unexpected catalyst for Ethereum (ETH) in September.　　$90 billion may flow to Ethereum, heres how　　According to the latest tweet by Mr. Wangarian, surprisingly, Cardano (ADA) smart contracts launch may be the most bullish catalyst for all major Layer 1 platforms, including Ethereum (ETH).　　L1s (only “live” platforms) could explode once retail investors invested in Cardano (ADA) find that its overhyped smart contract ecosystem does not work, claims DeFiance Capitals partner.　　As such, their capital may flow to other “native” blockchains, with Ethereum (ETH) as the most obvious example. As Cardano (ADA) capitalization sits at the eye-watering level of $96.1 billion by press time, L1s may witness a gargantuan inflow of liquidity.　　Right now, Cardano (ADA) is surpassed only by Bitcoin (BTC) and Ethereum (ETH) by market capitalization. Its nearest rival, Binance Coin (BNB), has $76 billion in market capitalization.　　Cardano (ADA) criticism is on fire　　After issues with the testnet launch of Cardano (ADA) smart contracts, the largest PoS blockchain was immediately attacked by Ethereum (ETH) maximalists.　　Many commentators stressed the

2021-09-06Deep Dive

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