Breaking News in Crypto: Market Analysis and Forecast.

Breaking News in Crypto: Market Analysis and Forecast.

ABSTRACT:

•Bitcoin trading services introduced into a renowned world financial institution with other two other big institutions pledging to accept Bitcoin as means of payment.

•UK records the greatest rise in Crypto Currency Holders with 2.3 million Holders in 2021.

•First Class Paraguay Entertainment Group to Accept Bitcoin, Ether, SHIB as means of payment Starting from next month.

•World Bank Rejects El Salvador's appeal for support in implementing Bitcoin as a legal tender.

•Market Forecast for the Coming Week - Analysis and Predictions: Bitcoin and Altcoins at the greatest downside pressure and possibility of a great crash if support at 34K is broken.

1.0 Leading Banking Giant BBVA Introduces Bitcoin Trading Service in Switzerland - the leading Economic Nation:

The Crypto-friendly Switzerland arm of the Spanish Banking Giant BBVA has just launched this week a Bitcoin trading and custody services for its private clients. According to the companys official release made known to the public, the dive into the cryptocurrency ecosystem have been preceded by six months of testing in which the bank certified the demand, and interest in the growing asset class amongst its clients and sought to fulfill this demand.

According to the CEO of BBVA Alfonso Gomez “the new service involves only Bitcoin trading and custody services, but aims at extending it to other Crypto currencies in the near future.” Equally this service for the moment is currently only available to clients in Switzerland, this is all the more the case, as the bank noted; the crypto regulations in the country are well defined.

Interestingly, one of the most important attractions of BBVA Switzerland‘s offer is that the bitcoin management system is fully integrated in its app, where its performance can be viewed alongside that of the rest of the customers’ assets, funds or investments. This service thus represents a pristine offering, as it allows investing and combining traditional and digital financial assets in the same investment portfolio. The integration also offers a great advantage in terms of simplicity when it comes to trading, account statements, tax returns, etc.

Accordingly, with the customers personalized digital wallet, bitcoins can now be converted into dollars, Fiat or any other current currency, and vice versa, automatically, without delays and without the lack of liquidity that affects other digital wallets or independent brokers. All this is possible thanks to the fact that BBVA operates with several sources for converting cryptocurrencies, which allows it to ensure 24-hour investment, managing orders of any size and processing multiple orders at the same time is. In addition, BBVA offers the highest security standards available in the market.

Nevertheless, the CEO Gomez further explained that, “This gradual roll-out has allowed BBVA Switzerland to test the services operations, strengthen security and, above all, detect that there is a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk.”

Interestingly, BBVA at present in Switzerland, is throughly a completely Group-owned franchise, dedicated to international banking services.

2.0 POSITIVE NEWS FOR ALTCOINS NEWS:Grayscale Investments Exploring Thirteen (13) New Additional Assets:

Grayscale Investments has officially revealed, following their official publication in February 26, 2021, of the list of assets that they are considering for inclusion into their product family. In the spirit of commitment to transparency, they are currently updating this list with thirteen additional assets as: 1inch (1INCH), Bancor (BNT), Curve (CRV), Internet Computer (ICP), Kava (KAVA), Kyber Network (KNC), Loopring (LRC), NEAR (NEAR), Polygon (MATIC), Ren (REN), Solana (SOL), Universal Market Access (UMA), and 0x (ZRX).

According to Grayscale “We will continue to update this list as we review additional assets. As the digital asset ecosystem expands, we invite our investors, partners, and the community to follow us for periodic updates about assets were exploring.”

The Newly entered assests as of June 17, 2021 are in bold above.

However Grayscale investment further reminded all investors that not every asset under consideration will be turned into one of their investment products. This is because the process of creating an investment product similar to the ones already offered according to them, “is a complex, multifaceted process. It requires significant review and consideration and is subject to substantial internal controls, sufficiently secure custody arrangements, and regulatory considerations.”

While investors are welcomed to further embrace these assets, they are equally advised to use necessary discretion in doing so following the market structure and movements.

3.0 Greatest Increase ever in Crypto Currency Holders recorded in UK: Holders rises to 2.3 Million with Major Assets as; Bitcoin, XRP, ETH,x Doge, Chiliz, etc.

The Financial Conduct Authority (FCA) has reported an increase in the number of cryptocurrency holders in UK, rising drastically within a space of one year. From the results of the findings from its recently conducted research, the FCA discovered a growing involvement of financial services players in the digital currency ecosystem basically the youth and business class, as well as an increased interest from the government.

From the findings of the research, it was discovered that the number of crypto holders increased largely to 2.3 million, representing a growth from 3.9% to 4.4% of surveyed adults. As for the ownership terms, the average holdings also grew from £260 to £300 while the profile of crypto users is broadly unchanged from what was outlined in its 2020 report comprising majorly of males, over 35, and at AB social grade.

From the list of over a thousand and more of different Crypto currency out in the market and new ones daily launched, the FCA report indicated that Bitcoin (BTC), XRP, and Ethereum (ETH), Dogecoin and Chiliz are the top five most popular cryptocurrencies amongst UK investors. Bitcoin was the most traded with its percentage risinfrom 78% in 2020 to 82%.

The report has shown that the population is daily getting involved with the emerging Blockchain technology which is projected to supplant the traditional means of financial interactions.

4.0 Negative News For Bitcoin - World Bank rejects El Salvador's request for assistance on Bitcoin implementation following the Country's latest adoption of Bitcoin as a legal tender:

Following the adoption of Bitcoin as a legal tender last month with a majority vote by its legislature, the government of El Salvador has put an appeal to support its implementation of Bitcoin as a legal tender as this will prompt other countries into doing same in the coming months.

However, The World Bank has rejected the government of El Salvador's request to help the country implement Bitcoin as legal tender, last week Wednesday.

The Country's Finance Minister Alejandro Zelaya reported earlier on Wednesday that the government had asked the World Bank for “technical assistance” in implementing the cryptocurrency, through the BBC.

World Bank has confirmed that “the government did approach us for assistance on bitcoin.” In reply, world Bank has said it couldn't directly help “given the environmental and transparency shortcomings” of Bitcoin.

Nevertheless, world Bank has pledged its willingness to support El Salvador in other ways albeit indirectly. “We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes,” the spokesperson said.

Above all, An IMF spokesperson has further revealed last week that “the Adoption of bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis.”

Probably this will likely cause some delays and further deliberations towards legalizing Bitcoin by other nations.

5.0 Paraguay Popular Entertainment Group to Accept Bitcoin, Ether, SHIB Starting from next month

Famous Grupo Cinco company, which has described itself as Paraguays largest entertainment company, has revealed that it will start accepting some Crypto currencies including Bitcoin, Eth, SHIB and Chiliz as means of payment starting from July next month.

The company said it is most likely to accept, “Bitcoin, Eth, shiba inu and chiliz as means of payment” at its 24 outlets, which include nightclubs, restaurants and pubs, directors Santiago Sosa and Rodrigo Nogues Bazan told CoinDesk.

This announcement followed the Paraguayan congressman Carlos Rejala announcement that he is getting ready to present a bill whose goal is to attract international bitcoin mining companies and other crypto businesses to Paraguay. Grupo Cincos announcement definitely will boost the chances that the bill will pass Congress.

This Paraguayan company no doubt is known to have a lot of influence over the youth and will all the more, create further awareness and demand for Crypto currency within the country.

Rejala believed that this move by the Paraguayan entertainment company will make it easier for the acceptance of the bill at the Congress. In his words:

“We are talking about leading Paraguayan entrepreneurs who have a lot of influence over the youth. This is extremely important because it will be much easier for my fellow deputies to support the bill if there is social support at a local level,”

Further, when accepting cryptocurrencies, Grupo Cinco will provide vendors and customers with traditional invoices and receipts, Sosa said, adding that the companys businesses have more than 50,000 customers per month.

However, to fit into the framework of Paraguays current legislation, Grupo Cinco will treat cryptocurrencies as digital assets because Paraguay does not have legislation for crypto assets currently as is already obtainable in EL-SALVADOR.

We hope that this move will expedite it's adoption process at the Congress once passed.

6.0 Market Forecast for the Coming Week - Analysis and Predictions:

Bitcoin and Altcoins at the greatest downside pressure and possibility of a great crash if support at 34K is broken.

The Crypto market is currently at its worst moment in history since it's inception. Never in the history of Bitcoin has it ever witnessed such downside pressure and uncertainty dominated by Fear, Uncertainty and Doubt (FUD) not even in the crash in 2018.

Just last week, the Bulls had made a strong attempt to reclaim the market after a prolonged downside movement. Hence we saw Bitcoin return to 41800. Just at the point everyone hoped Bitcoin will reclaim the new resistance at 42k to give the Bulls an upper hand and restore buyers confidence, the Bears immediately disrupted this move and exerted great downside pressure to the market that brought Bitcoin down again over the weekend to the current support at 34800. The Bulls currently seem to be defending this region.

However the selling pressure on Bitcoin has increased all the more. This is definitely the last chance for the Bulls to reclaim the market control.

Bitcoin and Altcoins are currently edging at the most slippery support. Any break below this present support for Bitcoin and Altcoins will send the market to dusk.

We could see Bitcoin back to 19500 if the current support at 34k is broken and Ethereum down to 1050 if the current support at 2100 is broken. Altcoins might see the worst ATL too.

The new week will definitely be a decisive one. We are to expect the possibility of either a break out upwards to reclaim the resistance at 42k and further upside for Bitcoin and Altcoins. However with the downside pressure being the greatest currently, once this support created this weekend at 34800 is broken, we will definitely see Bitcoin and Altcoins return to dust just as it was the case with gold and silver last week. Every trader is advised to trade with greatest caution this time.

If this pattern fails to play out in the market this week for Bitcoin, then we might witness a great crash as we say already in Gold.

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