June, 2021

A bill is coming in to make bitcoin legal money to El Salvador
Bitcoin, Multimedia
30/06/2021
20

A bill is coming in to make bitcoin legal money to El Salvador

El Salvador’s President Najib Boukele announced yesterday that he would send a bill to Congress next week that would make bitcoin legal money in the country.

“In the short term, this will create jobs and help financially integrate thousands outside the formal economy,” Boukele said in a video presented at the Bitcoin 2021 conference in Miami.

“Adopting a digital currency as legal tender provides El Salvador with the most secure, efficient and globally integrated open payment network in the world,” Mahlers said.

Source: https://www.capital.gr/diethni/3550872/el-salbador-erxetai-nomosxedio-gia-na-katastisei-to-bitcoin-nomimo-xrima?fbclid=IwAR2_KkFKr7cPHnHGkuaUZKYXKKYX

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SSEC Chair Gensler Says Cryptocurrency Exchanges Need More Regulation, Asks Congress to Weigh in
Altcoins, Bitcoin, Multimedia
25/06/2021
23

SEC Chair Gensler Says Cryptocurrency Exchanges Need More Regulation, Asks Congress to Weigh in

The new chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, is pushing for more regulation around cryptocurrency exchanges, citing the need for investor protection in this area. He has asked Congress to weigh in.

SEC Chairman Pushes for More Crypto Regulation

SEC Chairman Gary Gensler talked about cryptocurrency regulation on Thursday at a Financial Industry Regulatory Authority (FINRA) conference. FINRA is a government-authorized not-for-profit organization that oversees U.S. broker-dealers.

“At the SEC, we are focused on going after misconduct wherever we find it in the financial system,” Gensler began. “That means holding individuals and companies accountable, without fear or favor, across the approximately $100 trillion capital markets we oversee.”

On the topic of cryptocurrency regulation, the new SEC chairman highlighted the need for more investor protection. Emphasizing that he would like to see more regulation around cryptocurrency exchanges, including those that solely trade bitcoin and are not currently required to register with the SEC, he asserted:

This is a quite volatile, one might say highly volatile, asset class, and the investing public would benefit from more investor protection on the crypto exchanges.

Gensler explained that “there is no authority to register and write rules to protect the investing public” when it comes to crypto exchanges, reiterating that “The investing public would benefit from more regulation” in this area.

The SEC chairman also revealed that he has asked Congress to consider the issue.

He also clarified that crypto tokens that are issued in the same way as traditional investment tokens fall under the SEC’s jurisdiction, noting that the agency has taken around six dozen enforcement actions against those offering unregistered securities. “And there are hundreds of tokens out there, so we’ll continue through examination and enforcement doing what we can in that space,” he opined. According to independent research, the SEC has brought about 75 enforcement actions on the crypto industry so far.

In addition, Gensler stressed the need for the SEC to update its rules around cryptocurrency marketing and how it is being used, including through game-like features on mobile applications offered by retail brokerages, robo-advisors, and wealth management firms.

“We need to do whatever we can to ensure that bad actors aren’t playing with working families’ savings and that the rules are enforced aggressively and consistently,” Gensler affirmed. “Individual accountability is an important part of any enforcement agenda. I believe we should continue to pursue bars and similar relief, where appropriate, to protect the public.”The SEC chairman opined:

Technology is always evolving, as are our markets. As we continue to stay abreast of those developments, the SEC and FINRA should be ready to bring cases involving issues such as crypto, cyber, and fintech.

Source: https://news.bitcoin.com/sec-chair-gensler-cryptocurrency-exchanges-more-regulation-congress/?fbclid=IwAR1CjmlPJn59IWXBg1CdDeNiucZZj4o75NhbIPEF_kj3PH4o34OakMUsPko

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Bitcoin is money and should not be taxed
Bitcoin, Multimedia
24/06/2021
20

Bitcoin is money and should not be taxed

His firm position that bitcoin is a form of money and as such should be treated, reiterated the former member of the House of Representatives and US presidential candidate, Ron Paul.
Paul is an ardent liberal and has supported the legalization of bitcoin and other cryptocurrencies in the past.
The former lawmaker has also repeatedly spoken out against the Federal Reserve for printing money uncontrollably since the outbreak of the pandemic.

Before appearing at the bitcoin conference in Miami on June 3, the 85-year-old spoke to Kitco News.

Bitcoin is money

Ron Paul described gold and bitcoin as money competing with the US dollar, and stressed that an important reason why investors are looking for such alternative forms of money is to offset the fall in the value of the US dollar.
Paul believes that for this reason, “alternative forms of money” should be taxed like the fiat currency:
“Right now, if you buy and sell gold, you tax it, they can do it.
If you make a profit on bitcoin, you read stories about the people who are taxed on it.
“You can not tax money,” he explains.
Paul believes that US regulators are moving to further regulate and tax bitcoin because it competes with the US dollar.
Ron Paul does not stand so much on the technical side of blockchain technology, but argues that the market should decide, not governments.

Source: https://www.bankingnews.gr/kriptonomismata/articles/564687/ron-paul-to-bitcoin-einai-xrima-kai-den-prepei-na-forologithei?fbclid=IwAR3MdlNkHMiOBboFEPghH05XxYH05

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Never in history has an asset been damaged as much as coin bitcoin
Bitcoin, Multimedia
23/06/2021
19

Never in history has an asset been damaged as much as coin bitcoin

Cryptocurrencies, and especially bitcoin, may be undergoing a phase of correction, but the ten years of its life it has only given positively to those who believed it.

In fact, this was despite the coordinated and general attack it received from the otherwise official bodies of the world economy.
This is stated by One River Asset Management, emphasizing that for the first time we saw the wild beauty of truly free markets operating on a scale. Efficiently.
Unscrupulous.
These assets live in a world without a buyer of the last resort to rescue bankers.
It was a remarkable display of fragility, says One River Asset Management.

Like Galileo…

“Technology based on the use of highly polluting fossil fuels must be replaced without delay.
“There is reason to hope that humanity at the dawn of the 21st century would remember that it had generously shoulder its serious responsibilities,” Pope Francis wrote, condemning Bitcoin and its heretical “descendants”, causing another panic blast.
Another opponent of Bitcoin is Paul Krugman.
“Bitcoin is not a new innovation.
It has been created since 2009, and during this time no one seems to have found good legal use for it.
It is not a convenient medium of exchange.
It is not a fixed value stock.
It is definitely not an account unit, “Krugman wrote, forgetting that bitcoin has grown by 6,000% since 2013.
Of course, he was also against the internet.
He even wrote in 1998 that “by 2005, it will be clear that the impact of the Internet on the economy has not been greater than the fax machine.”
Just ask Galileo who died in prison and then waited 300 years for an apology from the Vatican…

Coordinated attack

Of course, this is natural.
Critics are always stronger.
But this time it was packed with officials from the Fed, the IRS, the US Treasury Department and the Chinese Communist Party.
In human history, no single asset has been so attacked by coordinated global institutions that constantly inflate asset prices in the name of ensuring prosperity.
And yet, through all of this, digital asset trading has continued, removing leverage.
This independence and resilience support the long-term attractiveness of digital currencies.
But like all powerful new technologies, their targeting is not understood by most experts.
And among the many benefits that such technologies will produce, one of the most ironic is that, despite the current outcry, they have already begun to push and finance an accelerating global transition to renewable energy, concludes One River Asset Management.

Source: https://www.bankingnews.gr/index.php?id=562844&fbclid=IwAR3MdlNkHMiOBboFEPggVkfMxz4BJ0Y5hF7v1UsyI0cPonXdiHhGyfo3hWE

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Cryptocurrencies will remain on the market, they are the new gold
Altcoins, Bitcoin
18/06/2021
19

Cryptocurrencies will remain on the market, they are the new gold

“Cryptocurrencies came out of nowhere and dominated,” David Rubenstein told CNBC

Cryptocurrencies will remain in the financial market for a long time, is the new gold, according to legendary investor David Rubenstein.
Although he has never bought cryptocurrencies, he has invested hundreds of thousands of dollars in companies affiliated with them.

As he told CNBC, cryptocurrencies will remain on the market for years to come, so such investments are perfectly acceptable.

“Cryptocurrencies came out of nowhere and dominated. I think this status is not going to change.
“It’s not a realistic position that the government can stop the expansion of cryptocurrencies,” Rubenstein said, adding that many investors use them as compensation for inflation or as an alternative to gold.

Source: https://www.bankingnews.gr/kriptonomismata/articles/562888/rubenstein-ta-kryptonomismata-tha-parameinoun-stin-agora-einai-o-neos-xrysos?fbclid=IwAR0qoN4U0SHUUJD0iwn4ZCqgdA7UwKLVktmoe8EXELIourih7uo4cp8teiw

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Goldman Sachs: What do cryptocurrencies have and do they attract investment interest? - Ethereum will surpass Bitcoin
Altcoins, Bitcoin, Multimedia, Τεχνική Ανάλυση
16/06/2021
22

Goldman Sachs: What do cryptocurrencies have and do they attract investment interest? – Ethereum will surpass Bitcoin

In a lengthy report, US investment bank Goldman Sachs outlined some of its positions on cryptocurrencies and how Ethereum will surpass Bitcoin.

What do cryptocurrencies have and do they arouse investment interest?
Why will Ethereum surpass Bitcoin?
These issues are analyzed in a 40-page report by Goldman Sachs, the American investment bank.
Note that the total capitalization of cryptocurrencies on May 24, 2021 was 1.42 trillion. dollars with Bitcoin at $ 35,500 or $ 660 billion total value and Ethereum at $ 2,200 with a total value of $ 248 billion.
In total there are over 5,200 different cryptocurrencies but the first 20 Bitcoin, Ethereum, Techer, Cardano, Binance Coin, Dogecoin, XRP, Polkadot, usd Coin, Bitcoin Cash, Litecoin, Chainlink, Stellar, Solana, Theta etc. gather the most interest.

Goldman and cryptocurrencies

In a lengthy report, US investment bank Goldman Sachs outlined some of its positions on cryptocurrencies and how Ethereum will surpass Bitcoin.
For the role of Bitcoin as a macroeconomic element
Cryptocurrencies as a special category of assets
For the role of digital stores
The role of cryptocurrencies in balanced investment portfolios

In its report, Goldman Sachs seems to show its preference for Ethereum (a completely new technology platform) over Bitcoin (an asset of value and an alternative payment system) as the three biggest moves in the cryptocurrency ecosystem – payments, DeFi and NFTs – are mainly based on Ethereum.
The more people use it, the more things are built on it and the higher the price will eventually be.
And since much of the world has been heavily associated with Bitcoin over the past five years, it will take some time for many to realize that there is so much more to Bitcoin.
According to Goldman Sachs, cryptocurrencies are a new class of assets that derive their value from verified information and the size and development of their networks.
Here are the details:

The term “cryptocurrencies” – used by most people – function as a digital medium of exchange, like traditional currencies e.g. dollar or euro called fiat – is essentially misleading when it comes to estimating the value of these items.
Indeed, the Bitcoin-based blockchain was not designed to replace a fiat currency – it is a reliable payment network.
As a cryptographic algorithm creates proof that the payment was executed correctly, no third party factor is required to verify the transaction.
The blockchain and cryptocurrency were therefore designed to replace the banking system and others such as insurance that requires a trusted broker.
The blockchain differs from other “digital” trading mechanisms such as PayPal, which depends on the banking system to prevent fraud.

To be credible, the system needed to create an asset that had no liabilities or contingent liabilities, which must be a separate entity such as a commodity.
And to achieve this, blockchain technologies have used natural resources – oil, gas, coal, uranium and hydrogen – through ever-increasing computing power to create cryptocurrencies.

From this perspective, the intrinsic value of the cryptocurrency network is the reliable information that the blockchain generates through the mining process, and the cryptocurrencies are required to unlock this reliable information and make it marketable and flexible.
It is therefore impossible to say that the network has value and role in society if there is no corresponding currency or cryptocurrency in this case.
And the value of the currency depends on the value and development of the network.
Because the network is decentralized and anonymous, it faces legal challenges for the future development of cryptocurrencies.
Some people use cryptocurrencies to launder money laundering (AML or Anti Money Laundering), as evidenced by the recent ransom demanded in Bitcoin by the Colonial Pipeline and the Irish Health Service.
Regulators can prevent the use of cryptocurrencies as a substitute for the dollar or other currencies, making them non-convertible.
An item has value only if it can be used or sold.
Authorities in China and India have already challenged the cryptocurrencies for payments.
As a result, the market share of cryptocurrencies used for other purposes, such as “smart contracts” and “information badges” is likely to continue to grow.
However, even these non-monetary uses will have to be recognized by the courts in order to be accepted in business – a question we leave to lawyers.

The network creates value, unlike other products

Unlike other products, cryptocurrencies derive their full value from the network.
A Bitcoin has no value outside of its network.
The value of oil also comes largely from its transmission network, but at least the oil can burn to generate heat outside that network.
At the other end of the spectrum, gold requires no network at all.
Bitcoin holders face the growing risk of network disintegration from a competing network backed by a new cryptocurrency.

Since the demand for gold does not depend on a network, but on the unit, so you do not need a network and this is an advantage of gold.
Indeed, most of the value assets used as defensive investments – such as gold, diamonds and collectibles – only pose a risk to unit demand.
This makes them defensive assets, when there is a shock in the markets, investors turn to gold, that means defensive assets.
People may collapse around them but they retain their value.

Transactions increase value, creating risk

Cryptocurrencies are not traded like gold, nor should they be.
Using any standard valuation method, transactions or expected online transactions are the key determinant of the value of cryptocurrencies.
The more transactions the blockchain can verify, the higher the value of the network.
Trading volume and demand for commodity information are closely related to the business cycle.
Gold and bitcoin do not compete for assets, as some commonly argue, on the contrary they can coexist.
Because the value of the network and therefore the cryptocurrency comes from the volume of transactions, the storage of cryptocurrencies as an asset of value reduces the available cryptocurrencies for transactions, which reduces the value of the network.
Because gold does not have this property, it is the only asset that institutional investors hold as physical reserves.
Almost all other goods are traded or held on paper in the form of futures contracts to avoid interference with the transmission network.
Think e.g. If investors demanded deliveries of natural oil in their transactions, the world’s oil would not reach.

This suggests that, like oil, investments in cryptocurrencies should be made in the form of futures contracts.
Cryptocurrencies can be used indefinitely.
This resilience makes them an asset of value, provided that demand does not disrupt flows in the cryptocurrency network.

So what are cryptocurrencies? A strong network?

The network provides cryptocurrencies with extremely strong support that no other commodity has.
Operators and developers are all paid in cryptocurrency.
Likewise, users – traders, investors and speculators – are also fully secured.
This gives bitcoin holders an incentive which in turn creates more demand for the currencies they already have.
Similarly, Ethereum owners have an incentive to create applications and other products on the Ethereum network to increase the value of their cryptocurrencies.
Because cryptocurrency holders have a stake in the network, speculation coexists.
Even during periods of strong corrections, cryptocurrency holders are motivated to work together to create the next new uptrend.

It’s all about the information

Since the value of cryptocurrency depends on the value of reliable information, blockchain technology is important when it comes to trading needs.
For the Bitcoin blockchain, this information is the log of each balance sheet on the network and the transactions between them are the substitute for banks.
In the case of a smart buy-and-sell contract – a piece of code executes according to a predefined rule – for Ethereum, both the terms of this contract (the code) and the status of the contract (execution or not) are validated in the Ethereum blockchain.
As a result, in a transaction an investor cannot claim a money transfer without the network agreeing that the contract was actually performed.
In our view, the most valuable elements of cryptocurrencies will be those that help verify the most critical information in the economy.
Over time, the decentralized nature of the network will alleviate concerns about storing personal data in the blockchain.
Someone’s digital profile could contain personal data such as property ownership, medical history and even IP rights.
As this information is unchanged – it cannot be changed without consent – reliable information can then be identified and exchanged.
A blockchain platform like Ethereum could potentially become a major marketplace for vendors of trusted information, as Amazon is for consumer goods today.

Digital economy

While there are many overpriced networks, some are likely to emerge as long-term winners in the next stage of the digital economy, just as today’s tech titans emerged from the explosion of tech companies Apple, Google and others.
This transformation is happening now – there are already about 21.2 million cryptocurrency holders in the US alone.
However, technological, environmental and legal challenges remain.

Ethereum 2.0 is expected to increase capacity to 3,000 transactions per second in Temporary Protected Status or tps, while sharding – which will escalate Ethereum 2.0’s Proof of Stake (PoS) system through parallel transaction verification – has the ability to increase the capacity to 100,000 tps.
For environmental reasons, Visa can process up to 65,000 tps but typically performs around 2,000 tps.
PoS can also significantly increase computing time for transactions per second, which will further encourage technological adoption.
While overcoming financial challenges will likely be manageable, legal challenges are the biggest for many cryptocurrencies.
They recently demanded a ransom of 75 bitcoins from the Colonial Pipeline which were actually paid.
This is a reminder that cryptocurrencies still facilitate criminal activities that have high social costs.

For Ethereum, new companies that aim to disrupt funding, legislation, or medicine by incorporating information stored on the platform into their algorithms are likely to face legal recognition issues.
If cryptocurrencies are to survive and thrive to the fullest, they must define a concept of “sufficiently decentralized” that will satisfy regulators.
Otherwise, the technologies will soon be exhausted.

In short: bitcoin is good and will be used as a “rare resource” to make PoS systems work “instead of natural resources”, but while bitcoin may end up being useful Et Ethereum – which will serve as the basis for a reliable information market, something similar to Amazon that dominates consumer goods transactions today internationally.

Ethereum will surpass Bitcoin

Goldman believes Ethereum has a good chance of overtaking bitcoin as the dominant digital cryptocurrency:
Based on the evolving blockchain technology that has the power to disrupt global funding, but with limited clear use bitcoin has been identified as a solution that seeks to solve a problem.
Many investors now see bitcoin as a digital store of value, comparable to gold, housing or fine wine. However, all real value assets in history have generated either income however bitcoin currently does not provide income and has a moderate utility.
However, unlike bitcoin, several other encryption assets have clear financial reasons for creating them.
Ethereum looks like the most likely candidate today to surpass bitcoin, but this is by no means certain.

What is stock of value?

A stock of value is anything that retains its value over time.
While value financial stocks such as stocks and bonds retain their value because they generate a given cash flow, performance is not a prerequisite for value.
Art, wine, gold and non-performing coins are widely used as a store of value.
However, all of these assets have clear material uses other than being value reserves.
This utility creates a “convenience return” – the incentive for people to own it – which reflects both the utility that a consumer derives from the use of these assets and the relative lack of that utility – a fact recorded by the famous Adam Smith’s paradoxical Diamond-Water.

The price always comes from the use

The key to value assets such as gold and real estate is that whoever invests in them has earned, that is, they retain their value in the long run.
Indeed, all significant value reserves developed real uses before they became investment assets.
For example, gold was first used in jewelry to symbolize permanence, commitment or immortality.
Gold was made through savings for many centuries.
And when societies began to grow and needed a means of standardizing international trade, gold was the natural choice to solve this economic problem, as most companies already had gold.
Actual use is important for value stocks because demand and consumption tend to be price-sensitive concepts.
For example, the demand for jewelry is the factor that affects the gold market, when the price of gold increases the demand for jewelry decreases.

Ethereum will gain Bitcoin as a stock of value

Given the importance of real uses in determining value, Ethereum has a good chance of overtaking bitcoin as the dominant digital stock of value.
The Ethereum ecosystem supports smart contracts and provides developers with a way to create new applications on their platform.
Most decentralized financing (DeFi) applications are built into the Ethereum network, and most cryptocurrency type NFTs are currently issued through Ethereum.
The higher number of transactions in Ethereum against bitcoin reflects this dominance.
As the use of cryptocurrencies in DeFi and NFTs becomes more widespread, Ethereum will gain its own momentum.

Ethereum can also be used to store almost any information securely and privately in a decentralized environment.
And this information can be identified and exchanged.
This means that the Ethereum platform has the potential to become a large market for reliable information.
We see this today with the sale of digital art and collectibles online through the use of NFTs.
But this is a small scale in its actual practical uses.
For example, people can store and sell their medical data through Ethereum to research pharmaceutical companies.
A digital profile on Ethereum could contain personal information such as property ownership, medical history and even IP rights.
Ethereum also has the advantage of operating on a decentralized global basis rather than centrally, such as Amazon or Microsoft, possibly providing a solution to concerns about the sharing of personal data.

An important argument in favor of bitcoin as a store of value is its limited supply.
But demand, not scarcity, drives the success of value stocks.
No other stock of value has a fixed supply.
The supply of gold increased by almost 2% per year for centuries and remained an acceptable value reserve.
Many rare items such as osmium are not stocks of value.
In fact, a stable and limited supply risks increasing price volatility, encouraging accumulation and forcing new buyers to create bubbles.

Bitcoin and advantages

The most common argument in favor of bitcoin that prevails over other cryptocurrencies is the advantage of the first move and the large user base.
However, history has shown that in an industry with rapidly changing technology and growing demand, the first-move advantage is difficult to maintain.
Think Myspace and Facebook, Netscape and Internet Explorer or Yahoo and Google.

For encryption networks, active user numbers were very unstable.
During 2017 and 2018, Ethereum managed to acquire an active user base that was 80% of the size of Bitcoin within a year.
Ethereum’s governance structure, with a core team of developers proposing new solutions, may be better suited to today’s dynamic environment in which encryption technology is changing rapidly and systems that do not quickly upgrade can become obsolete.

Indeed, Ethereum is undergoing much faster upgrades to its protocol than Bitcoin. Specifically, Ethereum makes the transition from Proof of Work (PoW) to Proof of Stake (PoS).
Bitcoin energy consumption is already the size of the Netherlands, ie the Netherlands, and could double if bitcoin prices rise to $ 100,000.

Goldman’s conclusion: Ethereum is the platform that solves financial problems here and now, while bitcoin is “a solution that seeks a problem”.
This is why two weeks ago, JPMorgan also took a positive approach to Ethereum.

1) The European Investment Bank (EIB) used the Ethereum blockchain to issue € 100 million in a zero-interest digital bond.
The transaction involved a series of bond tokens in the Ethereum blockchain, where investors buy and pay for security tokens using traditional fiat money

2) The first Ethereum ETF (ETHH) was released on April 20 by Purpose Investments in Canada, followed by three more Ethereum ETF releases the same month.

3) The introduction of the EIP1559 protocol in the summer of 2021 is important.
The goal of EIP 1559 is to make Ethereum transaction charges more predictable by introducing an automatically calculated base fee for all transactions depending on network activity. Once paid with ethereal, this fee will be removed immediately, which means reduced Ethereum offer in the future

4) Ethereum 2.0 is expected to become much more energy efficient by the end of 2022.
Ethereum 2.0 includes a change from Proof-of-Work Energy Intensification Mechanism to a much less Proof-of-Stake Validation Mechanism.
As a result, less computing power and power consumption would be needed to maintain the Ethereum network.

5) Rising bond yields and a possible easing of monetary policy are putting downward pressure on bitcoin as a form of digital gold, in the same way that higher real yields are putting downward pressure on traditional gold.

Some argue that bitcoin and ethereum can coexist and seemingly become even more popular and eventually hit new all-time highs.
As a reminder, FundStrat sees bitcoin rise to $ 100,000 from $ 36,000 to $ 37,000 this season and Ethereum rise to $ 10,500 from $ 2,200 this season.

Source: https://www.bankingnews.gr/kriptonomismata/articles/562707/goldman-sachs-ti-exoun-ta-kryptonomismata-kai-prokaloyn-to-ependytiko-endiaferon-to-ethereum-tha-kseperasei-to-bitcoin?fbclid=IwAR1uehAXGCPIYYezt11BSX6EwIYhiZdu7SFP815YWmVWQScsVhzmQ-XNAkM

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Screen Shot 06-14-21 at 09.07 AM
Bitcoin, Multimedia, Τεχνική Ανάλυση
14/06/2021
25

Bitcoin “dive” – China keeps mining and trading to a minimum

And while it seemed to be stabilizing, Bitcoin is once again under threat of collapse, as the Chinese government announced on Friday (April 21st) that it would impose severe restrictions on cryptocurrency mining and trading – to the point that many analysts are talking about a ban.

“Let China ban bitcoin mining.
“So mining will become more decentralized, the black market will thrive and the lie that China controls the digital market will collapse,” said well-known Whalepanda analyst.

In particular, according to a written statement by Chinese Vice President Liu He and the authorities of the Supreme State Council, stricter measures are needed to defend the domestic financial system.
The statement, released on Friday afternoon, said it was “out of the ordinary” to stop mining and change current trading habits in the cryptocurrency market to address major social risks.
In this context, according to messari, the price of the most popular cryptocurrency slides by 10%, to $ 36,000, with the news from the “dragon country” already making the rounds of the world.
Bitcoin is down more than 40% from its all-time high of $ 64,000 in April.

Other cryptocurrencies also recorded strong losses, with ether losing almost 12%, Binance Coin falling more than 14% and Dogecoin falling more than 12%.
Just two days earlier, China had banned financial institutions and payment companies from providing cryptocurrency trading services and warned investors to avoid such speculative transactions.

Multiple blows

The announcement by the Chinese government comes a day after the announcement of the regulation of the cryptocurrency market in the United States of America.
In particular, on May 20, the US Treasury Department announced that it would require any transaction over $ 10,000 to be reported to the Public Revenue Service (IRS).
As a result, the most popular cryptocurrency slipped again below $ 40,000, until, finally, bandwidth stabilized in it.
“Cryptocurrencies are causing significant problems, facilitating illegal activities,” the statement said.
“This is why the President’s program includes additional resources for the IRS to be able to handle their development.
Under the new scheme, cryptocurrencies and cryptocurrency transfer accounts, as well as cryptocurrency payment service accounts, will be covered.
In addition, as in cash transactions, companies that receive cryptocurrencies with a fair market value of more than $ 10,000 must declare their transactions.
The news caused a slight decline in bitcoin, which now stands at $ 40,000.

Steel nerves and historical corrections

The sharp changes in the prices of cryptocurrencies have brought to the fore two reasons why these assets are at high risk: the limited supply and the lack of a central bank.
This is pointed out by most analysts who comment on the shelling transformations and changes that took place in the cryptocurrency market on Wednesday, May 19, 2021, emphasizing that whoever wants to become a millionaire needs a qualification!
The steel nerves …
If nothing else, it is the most volatile asset, with “hell” away from “paradise”, sometimes just a few hours or even minutes.
And while Bitcoin remains one of the best assets in terms of performance over the last 10 years, many “corrections” are written… History.
The chart below shows the most historic falls of the cryptocurrency.

Source: https://www.bankingnews.gr/kriptonomismata/articles/562527/armageddonas-gia-to-bitcoin-h-kina-apagoreyei-tis-eksorykseis-kai-tis-synallages?fbclid=IwAR3dzzGrSXc2pti4n84QjDvVxXpdfXkHckTYc53l-gmMr-5GavWByMipkkQ

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Bitcoin fell below $ 40,000 following new restrictions in China
Bitcoin, Multimedia, Τεχνική Ανάλυση
11/06/2021
22

Bitcoin fell below $ 40,000 following new restrictions in China

Bitcoin plunged below $ 40,000 today in a three-and-a-half-month low, dragging down other digital currencies following new restrictions by China on cryptocurrency trading.

Bitcoin, the largest and most well-known cryptocurrency, was already under pressure from a series of Twitter posts by Tesla CEO Elon Musk, but news from China brought it to $ 38,514, down 9%. Recently, its price reached $ 40,157, down 6.4%.

The currency is now almost 40% lower than the record high of $ 64,895 on April 14. It is also heading for its first monthly drop since November 2018.

Bitcoin movements also hit other cryptocurrencies, with ether falling 15% to $ 2,875.36.

The fall in cryptocurrencies was triggered last week by Elon Mask posting that Tesla would no longer accept bitcoin as a means of payment.

Sales intensified after China announced it was banning financial institutions and payment companies from providing cryptocurrency-related services. He also warned investors to avoid speculative trading in cryptocurrencies.

Source: https://www.zougla.gr/money/agores/article/kato-apo-ta-40000-dolaria-ipoxorise-to-bitcoin-meta-tous-neous-periorismous-stin-kina

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Which hedge funds giants enter the cryptocurrency market
Altcoins, Bitcoin, Multimedia
09/06/2021
27

Which hedge funds giants enter the cryptocurrency market

“King is dead, long live the king,” cryptocurrency users, investors and “lovers” shout after the betrayal of Tesla founder Elon Musk, who backed away from accepting Bitcoin as a trading medium, citing the high environmental costs that govern it.
The consequences of the Musk decision are well known, with the cryptocurrency market slipping to such an extent that $ 325 billion was wiped off the market in three to four hours.

However, for cryptocurrencies, it all starts now, as, according to information, three hedge funds – colossi Millennium Management, Point 72 Asset Management and Matrix Capital Management are planning a solid entry into a number of digital assets.

Point 72 Asset Management

Steve Cohen’s Point72 is expected to make a strong entry into the cryptocurrency market, adequately filling the gap left by Tesla founder and CEO Elon Musk.
On Wednesday, May 12, the second richest man in the world and until recently a big “lover” of both Bitcoin and other cryptocurrencies surprised hundreds of thousands of investors, with a tweet:
Tesla will no longer accept payments in Bitcoin, as mining the world’s most popular cryptocurrency harms the environment.
As a result, the digital asset fell 10% overnight on the night of May 13, slipping from $ 55,000 to $ 47,000 – a sharp drop in the car industry as well.
However, although Elon is now – and officially – out of the game, there is a successor and a man capable of filling his void.
According to Block Crypto, Steve Cohen fund Point72 is going to make a “significant entry” into the cryptocurrency market.
Point72, which manages $ 17 billion in assets, is said to be taking a holistic approach to the $ 2 trillion cryptocurrency market, “investing both through the Point72 Ventures business arm and as a hedge fund.”
Like many other companies, it follows in the footsteps of Eric Peters’s One River Asset Management, which last December became one of the first major investment institutions to announce significant investments in bitcoin.
As for Point72, the company is ready to “take a bigger risk when it comes to cryptocurrencies,” according to a source who spoke with Cohen.

Millennium Management – Matrix Capital Management

“Millennium is now hiring companies to create a crypto fund, while Matrix has also started creating a crypto group.”
The term “DeFi fund” refers to these hedge funds, the source added.
DeFi is booming and institutions are moving in its direction, trying to figure out how to get a bit of alpha odds over the market – something that is common on platforms like Aave, Uniswap and Compound.
Even the Dutch bank ING recently released a report on the DeFi sector.
Millennium, co-founded by fund manager and charity Israel Englander, has about $ 50 billion in assets under management (AUM).
At the same time, Matrix, founded by former Tiger Management trader David Goel, has about $ 10 billion in assets under management.

Source: https://www.bankingnews.gr/kriptonomismata/articles/561318/poia-hedge-funds-kolossoi-bainoun-stin-agora-ton-kryptonomismaton?fbclid=IwAR13k4Amg7BBf3L9tJ17eHVK7_7

 

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Can Ethereum With a Capitalization of 458 Billion Exceed Bitcoin 915 Billion
Altcoins, Bitcoin, Multimedia, Τεχνική Ανάλυση
07/06/2021
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Can Ethereum With a Capitalization of 458 Billion Exceed Bitcoin 915 Billion – Some Consider It Possible

If the value of Ethereum reaches $ 8,000 then its total capitalization will be the same as that of Bitcoin

Ethereum has grown by more than 400% since the beginning of 2021 and some already claim that Bitcoin could be capitalized.
$ 3,940 worth of Ethereum has a total market capitalization of $ 458 billion and $ 48,750 worth of Bitcoin has a total market capitalization of $ 915 billion.
For the record, the total capitalization of all cryptocurrencies is 2.28 trillion. dollars
Ethereum reached $ 4,063, recording gains of about 450% for 2021 … so far.
With a market capitalization of $ 500 billion, Ethereum must double in price to reach Bitcoin.
“You will not be surprised if the gap closure could not happen in late 2021 or early 2022,” said Seamus Donoghue, vice president of strategic alliances at Metaco.
“The investment position around bitcoin as gold number 2 or a wealth asset is interesting, but it represents a $ 10 billion to $ 12 trillion cryptocurrency market.”

Redistribution of funds in the cryptocurrency market

“A potentially much bigger opportunity is to re-evaluate the capital markets and that has to do with smart contracts and Ethereum starring.”
The issue of overturning one cryptocurrency to pass another is not new.
In the previous bull market of cryptocurrencies, Ethereum attracted a lot of interest, although together with Bitcoin they finally managed to raise the most funds.
Ethereum will play a big role in the future as many investors see this perspective, ie the redistribution of funds between cryptocurrencies.
Ethereum’s reputation as the future platform that could be the building blocks of this new economy is already growing.

The role of the European Investment Bank

In April, the European Investment Bank raised € 100 million by selling a two-year digital bond using Ethereum blockchain technology.
This was remarkable not because it is the first bond issue in cryptocurrency, but because it is the first with an AAA rating based on rating agencies.
It’s a hint for the future and it could work on a scale, with much lower costs, less mediation and more transparency.
But the journey to a possible redistribution of funds still has a long way to go.

The catalyst is the upgrade of Ethereum 2.0

There are endless things that need to happen on the Ethereum platform or network that need to be resolved.
One of the problems in a coded format is creating liquidity in a secondary market for Ethereum-related assets.
But if that could be resolved in the next 1.5 years, a lot could happen.
Other problems in Ethereum should also be addressed, such as speed and efficiency issues, high transactions.
This is widely expected to be resolved in an upcoming Ethereum 2.0 upgrade.
It ‘s still uncertain when the Ethereum 2.0 upgrade will be completed, perhaps in early 2022 as a possible timeline, but it could be the game of change that Ethereum will reach for Bitcoin.
If we get to the point where people believe this could happen then this will be an important catalyst.
Not far away… if the value of Ethereum reaches $ 8,000 then its total capitalization will be the same as that of Bitcoin.

Source: https://www.bankingnews.gr/kriptonomismata/articles/561443/borei-to-ethereum-me-kefalaiopoiisi-458-disek-na-kseperasei-to-bitcoin-915-disek-kapoioi-to-theoroyn-pithano?fbclid=IwAR3ZXlODcORyWkeyXalM3xxBTu9HXnRAh4WNA_tt7nW52_GB-1yiEbUZ4gg

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