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cryptocurrency market experts warn. Is the winter of this industry on the way?

cryptocurrency market experts warn. Is the winter of this industry on the way?

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Analysts at JP Morgan and DailyFX claim that we are in a cryptocurrency winter. However, other analysts, including John Bollinger, disagreed. The creator of the technical indicator of the Bollinger Bands believes that Bitcoin has already recorded a price floor of $ 30,000.

Bitcoin hit a record high of $ 64,804.72 in April, but later, the flagship cryptocurrency has dropped by almost 50% since then and is trading at $ 33,039.01 at the time of writing. The price of Bitcoin has risen 1.5% in the last 24 hours after touching the resistance level of $ 30,000. Although the cryptocurrency appears to be recovering, some experts believe the situation could get worse.

In addition to the downtrend, the bitcoin death intersection pattern was finally formed on June 19. In addition, conflicting news with Bitcoin continues in China, which negatively affects the bitcoin hash rate. On the other hand, the interest of legal investors decreased. These are all factors that lead to a downturn in the market. Likewise, these factors can lead our favorite cryptocurrencies to a deep hibernation.

27 June 21 ، 18:52 agreeین ۰ disagreeین ۰
rahathagh/راحت حق

Weekly evaluation of Kitco site about GOLD Sunday, June 27

Weekly evaluation of Kitco site about GOLD Sunday, June 27
Is GOLD ready to climb?

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According to the weekly assessment of the Kitco News site, small investors and professional market participants expect an increase in the price of an ounce of global gold in next week's trading. In last week's trading, the gold market was able to provide support below $ 1,800 and eventually ended with a one percent increase. Two weeks ago, the gold market fell $ 100 in response to a US Federal Reserve rate hike. Gold market analysts are still focusing on dollar fluctuations, treasury yields and macroeconomic data.
This week, 13 Wall Street activists took part in the weekly evaluation of the Kitco site. 53.8% predict that the global gold ounce trend will be upward. Another 23.1% predict that the market trend will be downward. The remaining 23.1% expect a trend-neutral or neutral market. 830 Main Street investors also took part in the online survey. 54.1% are in favor of an uptrend, 24.2% are in favor of a downtrend and 21.7% are in favor of a trend-free or neutral market.

Market experts comment on ounces of global gold

Marc Chandler is the CEO of Bannockburn Global Forex

"Momentum indicators are bullish and the price floor seems to be around $ 1773. If the global ounce price hovers above $ 1,800, the price floor will also be confirmed. In this case, the first target of the gold market will be the correction of 38.2% Fibonacci at $ 1820 and the 200-day moving average at $ 1833. "The yield on 10-year US Treasury bonds remains around 1.50 percent, and I think the price of an ounce of global gold will rise next week."

Colin Cieszynski is a market strategist at SIA Wealth Management

The activist believes that from a technical point of view, the selling pressures in the gold market are over. "I expect buyers to enter the market next week. "It seems that the uptrend has begun."

Adrian Day, President of Adrian D. Capital Management Company

"US Federal Reserve officials are not as prone to contractionary monetary policy as the Bank of America's interest rate announcement," he said. Many have also come to the conclusion that rapid inflation will take longer than initially anticipated and may not be temporary. That is why the gold market can offset the sharp downturn after the US Federal Reserve's interest rate meeting. "

Adam Button is a senior foreign exchange market strategist

"The global ounce price of gold has not been able to make a significant jump since the US Federal Reserve's interest rate meeting, while the US dollar has weakened and stock indices have risen. This performance of the gold market is worrying. I'd rather wait for the next few days. "If the global ounce price does not cross $ 1,800, it will be a sell signal for the gold market."

Jim Wyckoff, Senior Technical Analyst at Kitco

Vaikov believes that the price of an ounce of world gold has been declining over the past two weeks. In his view, it is difficult to get out of this downward structure, and sales pressures are likely to intensify in the coming weeks.

 

read more ...

Last week's analysis of Kitco site about gold

 

27 June 21 ، 11:05 agreeین ۰ disagreeین ۰
rahathagh/راحت حق

Analysis of the American Economy Sunday, June 27

Analysis of the American Economy Sunday, June 27

NFP will change market interest rate expectations.

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The US dollar index was unable to continue the uptrend that began after the Federal Reserve's interest rate meeting. Several US Federal Reserve officials have opposed raising interest rates early or withdrawing from the bond-buying program. However, new economic data from the US will be released this week, which could have a greater impact on the US dollar and market interest rate expectations.

The rally of the US dollar index has stopped after entering the resistance in the range of 92.50 units and has entered a neutral phase. The Federal Reserve's expansionary monetary policy will continue. The head of the US Federal Reserve also said that the central bank is in no hurry to exit monetary expansionary policies. The Federal Reserve wants to pursue protectionist policies until the US economy recovers completely. The head of the Federal Reserve in New York has also stressed that the conditions are not right for a change in monetary policy. The US NFP Index will be released this week, and it remains to be seen whether US employment data supports the Federal Reserve's monetary policy.

US employment growth (NFP) is projected to be positive for the sixth consecutive month and the US unemployment rate to fall from 5.8% to 5.6%. Improving the US labor market could benefit the US dollar. In fact, improving the US labor market could force the Fed to pull out of expansionary monetary policy. But if US employment data are weak, market expectations of the Federal Reserve will fall and the US dollar will fall. Poor employment data will mean that the US economy is not performing well and should pursue expansionary and monetary protection policies.

27 June 21 ، 10:44 agreeین ۰ disagreeین ۰
rahathagh/راحت حق

Analysis of the euro area economy Sunday, June 27

Analysis of the euro area economy Sunday, June 27
 Eurozone inflation data will determine the EURUSD trend.

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Next week, the main focus of euro traders will be on inflation data for Germany and the euro area. Eurozone inflation data are released after PMI data. Last week, the eurozone PMI data were much better than market forecasts.

In June, the German PMI and the euro area as a whole were higher than market forecasts. The IFO business climate change index was also good. Under normal circumstances, the release of such economic data could strengthen market interest rate expectations and support the EURUSD. But the European Central Bank has made it clear that rapid inflation is temporary and therefore there is no need to raise interest rates or reduce bond purchases. This means that if the eurozone inflation data is weak this week, even the most optimistic market investor will no longer expect interest rates to rise, and the euro will weaken as a result.

27 June 21 ، 10:36 agreeین ۰ disagreeین ۰
rahathagh/راحت حق

An Overview of Today's Criptocurrency Market Saturday, June 26

An Overview of Today's Criptocurrency Market Saturday, June 26

https://bayanbox.ir/view/9068839831953746685/crypto-26-6-%D8%B1%D8%A7%D8%AD%D8%AA-%D8%AD%D9%82.jpg Bitcoin falls below $ 31,000

Gradually, it becomes a tradition for Bitcoin to begin a downward trend as the weekend begins. After the cryptocurrency recovered from a mid-week fall to more than $ 35,000, it was in relatively good shape yesterday.

This was the highest BTC price in the last four days, but the bears did not allow the price to rise further. On the contrary, they caused prices to fall by creating tangible selling pressure.

Thus, within a few hours, Bitcoin lost more than $ 3,000 in value and fell below $ 32,000. Although it initially reverted somewhat to previous levels and recovered some of its losses, the bears did not give up and lowered the BTC below $ 31,000.

On the other hand, bitcoin dominance in the market is still high, but this is only because Altcoins do not have favorable conditions. The BTC market value has now dropped below $ 600 billion.

Red dominates the Altcoins market

As always, with the start of the bitcoin downtrend, the situation among Altcoins has worsened. The atrium is a prime example of this condition. Ether, which was above $ 2,000 for a few days, fell 9 percent to below $ 1,800.

Binance Quinn also fell 8 percent from $ 310 to about $ 270 in 24-hour timeframe. Other major altcoins on the market have also lost significant value. Including Cardano (-7%), Dogecoin (-10.5%), Ripple (-9%), Polkadot (-8.5%), Bitcoin Cash (-7%), Litecoin (-7%) and Uniswap (-10%) .

With the exception of Celo, which has had a 25 percent pump since yesterday, most low to medium market value altcoins have turned deep red today.

THORChain is the leader in this unfavorable competition with 17% dump today. Kusama (-16%), Curve DAO Token (-15%), ICP (-15%), BakeryToken (-14%), NEAR Protocol (-14%), Synthetix (-13%), Phantom (-13%) ), The Graph (-12%), Nano (-12%) and FTX Token (-12%) are some other examples of currencies that have seen double-digit declines today.

Finally, the cumulative market value of all cryptocurrency assets has lost more than $ 160 billion a day and is below $ 1.3 trillion.

26 June 21 ، 13:28 agreeین ۰ disagreeین ۰
rahathagh/راحت حق

For the first time in history, the difficulty of the Bitcoin network is likely to decrease by 21%

For the first time in history, the difficulty of the Bitcoin network is likely to decrease by 21%

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Following the mass exodus of miners from China, the difficulty of bitcoin mining is expected to decrease to the level recorded in early 2020 by the first day of July.

According to Dylan LeClair of the 21st Paradigm monetary advisory team, the Bitcoin network will lose 21% of its difficulty after the next adjustment. These periodic settings are encoded in the Bitcoin mechanism in such a way as to ensure the stability of the block generation time. Similarly, when miners are out of the network, the difficulty of the network is reduced to compensate for the loss of their computing power.

Two-digit adjustment of network stiffness (whether positive or negative) is relatively rare. With that said, the next 21.1 percent drop could be the biggest drop in Bitcoin history. On the other hand, the revenue of bitcoin miners has reached $ 23 million per day, down 64.5% from the peak recorded in May 2021.

Migration of miners

"Following the regulatory restrictions imposed by the Chinese government, miners are migrating to countries such as Kazakhstan, the United States and even African countries, selling their bitcoins to pay for equipment transfers," he said. . This is one of the main catalysts for increasing sales pressure.

According to BTC.com, after this reduction, the hardness of the Bitcoin network will probably reach 16.25 T, which was last seen in May 2020. It should be noted that the difficulty of extracting bitcoins is adjusted every two weeks, and the previous two adjustments have been associated with a decrease of 16 and 5 percent.

26 June 21 ، 13:17 agreeین ۰ disagreeین ۰
rahathagh/راحت حق

Cardano plans to find a way to El Salvador Saturday, June 26

Cardano plans to find a way to El Salvador Saturday, June 26

https://bayanbox.ir/view/310457225428321182/cardano-el-salvador-%D8%B1%D8%A7%D8%AD%D8%AA-%D8%AD%D9%82.jpg Charles Haskinson, CEO of Input Output Global (IOG), said he had discussed Cardano with El Salvador officials.

"Yes, we are in talks with some officials and parties in El Salvador; I may have a government trip to this country. We have sent them all the necessary documents, we will meet with the President of this country in the next step. But the result of these actions will be basically in their hands. "

Cardano recently announced a series of government agreements in Ethiopia and Tanzania aimed at expanding blockchain infrastructure related to education and Internet connectivity. But given that El Salvador has recognized bitcoin as a common currency, Haskinson has seized the opportunity to take advantage of the cryptocurrency movement.

Given that the recently passed law is called the "Bitcoin Law", will Cardano have a chance to be recognized in the same way?

In El Salvador, everything is going well with Bitcoin, to the point that President Najib Abu Qila has set September 7 as the start date for the project, ignoring the non-approval of the International Monetary Fund and the World Bank.

The final step is to set up a national wallet that will facilitate the immediate conversion of USD and the transfer of BTC in and out. Users of this wallet will receive $ 30 as an incentive to register.

Bitcoin activity in El Salvador has shown the world that, despite opposition, the acceptance of this cryptocurrency will be realized gradually. Cardanians pool sticking operator has made a controversial claim on Twitter that Cardano is something beyond bitcoin. This blockchain can offer more transparency, independence and freedom than Bitcoin.

"Dear people of El Salvador, blockchain is not limited to bitcoin. Blockchain allows you to create a global identity or make financial processes more transparent. You can even export your StableCoin and become independent. If you want more freedom, check out Cardano. "

It is true that Bitcoin lacks programmability, but so far no other cryptocurrency has been able to be so reliable. This fact may have been a determining factor in the legalization of its sale in El Salvador.

Of course, with Bitcoin leading the way in El Salvador, the attention of Altcoin developers is also increasing. Najib Abu Kileh said in an interview with the YouTube channel What Bitcoin Did that it is difficult enough to cope with the two parallel currencies BTC and USD; Facilitating the process with a few legal fees is practically impossible.

He stressed that he was not going to ban altcoins and that developers could operate freely in stores and in El Salvador. As for the legal license, Bitcoin is the only cryptocurrency for the country. It remains to be seen whether the efforts of developers like Haskinson can be successful.

26 June 21 ، 11:53 agreeین ۰ disagreeین ۰
rahathagh/راحت حق

The government provides free bitcoins to the citizens of El Salvador

The government provides free bitcoins to the citizens of El Salvador

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In a live speech on Friday, President Nayib Bukele announced that El Salvador would provide $ 30 in bitcoin to every adult citizen.

Bukele has introduced a bitcoin wallet called "Chivo" (slang term "excellent" in Spanish) that works on both Android and iOS devices.

Salvadoran people will be able to receive this gift upon registration. They are asked to provide their DUI (Salvador ID) and telephone number.

Bukele believes this will help encourage the use of cryptocurrencies. The president provided a step-by-step guide on how to use the program on national television.

Citizens can instantly convert bitcoins to US dollars using this app.

Chivo wallet does not use any data. This means that citizens do not need a mobile plan:

"This wallet app will work anywhere with a mobile connection, and you will not have to have a mobile app to use this app."

Users of this program use QR code to pay and send money. It is also possible to buy and sell the largest cryptocurrency, Bitcoin.

Bitcoin becomes legal tender in September.

Bukele also announced that the El Salvador Bitcoin law will take effect in September.

As previously announced, the bill was approved by a majority vote on June 9.

The Chivo app will be available on Google Play and the App Store from September.

25 June 21 ، 13:08 agreeین ۰ disagreeین ۰
rahathagh/راحت حق

Analysis of global GOLD trends Friday, June 25

Analysis of global GOLD trends Friday, June 25
Will the $ 1764 support hold its position?

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The weekly ounce chart of the world gold is down and is in line with the support line at $ 1764. The XAUUSD daily chart also hit support at $ 1764 and rose. Although the $ 1764 support situation seems fragile, in order to break this support, the daily chart of the global gold ounce must be closed below this key support. Otherwise, if buyers defend this support, the price of an ounce of global gold will rise to the resistance of $ 1855.


In the four-hour ounce chart of global gold, the market is close to the support of $ 1764. If this support works, the first market resistance will be the key level of $ 1808. Otherwise, with the failure of the weekly support of $ 1764, one should expect gold to fall to the support of $ 1724.

25 June 21 ، 12:27 agreeین ۰ disagreeین ۰
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GBPUSD trend analysis Friday, June 25

GBPUSD trend analysis Friday, June 25
The pound is involved in long-term resistance

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The GBPUSD weekly chart has returned above the 20-day moving average and is facing selling pressures from the broken support line. The GBPUSD daily chart is also under pressure from $ 1,3961 and may fall to support at $ 1,3678. In the four-hour GBPUSD chart, the British pound has returned to support at $ 1.39. This trend rate is consistent with Fibonacci levels. Intensifying sell-offs could push the euro to its first support at $ 1,3859 and then to $ 1,3812.

But if the British pound jumps from current levels, it will face resistance at $ 1.4011 and the next resistance of the pound will be $ 1.4069.

25 June 21 ، 12:18 agreeین ۰ disagreeین ۰
rahathagh/راحت حق