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In what case bitcoin will continue to grow

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Experts say what marks the cost of the first cryptocurrency should reach to continue the recovery

Over the weekend, bitcoin prices continued to rise and by Monday morning crossed the $22,300 mark. On July 18, the first cryptocurrency was trading at $22,200. It rose in price by 3% over the past 24 hours and by 8.7% over the week.

The incomplete week from July 11 to July 15 was not easy. In the first half of the week the pair BTC/USDT declined to $18,900. The fall began on July 10 and intensified on Monday amid a sell-off. in U.S. stocks. Investors “went to the cash” before important data on inflation and the beginning of the II quarter reporting season in the United States. Also, risk appetite declined because of an increase in the number of coronavirus cases in China.

On Tuesday, the downtrend intensified as the dollar rallied and the S&P500 and Nasdaq indices fell. The dollar index rose to a multi-year high amid a collapse in the euro. The dollar reached parity with the euro. Sellers sold the single currency because of the energy crisis and problems in the manufacturing industry.

On Wednesday, the situation on the crypto market stabilized after multidirectional fluctuations. The sharp fluctuations were caused by a report on inflation in the U.S. in June. Buyers could defend the $20K level and closed the day at $20,234. The U.S. inflation data fueled fears that the Fed might raise key interest rates by 100 basis points this month.

The S&P500 and Nasdaq indices declined after the statistics were released, but recouped some of the losses. The market did not collapse as two Fed officials indicated they were in favor of a 75 basis point rate hike in July rather than a 100 bps hike. This reduced the likelihood of a more aggressive move on the latest inflation data. The market is ready for a 75bp hike.

On Thursday, buyers took advantage of a correction in the dollar and a weak rise in indices. BTC/USDT rebounded to $20.9K. On Friday, the price rebounded to $21K following the move by the US indices. During the day, the situation has not changed.

The market is controlled by sellers. BTC hashrate fell 27% to 159.41 EH/s due to the shutdown of miners in Texas. For miners and the market, this is a bearish signal. Investors still fear a collapse to the $10-$13k range.

From the point of view of technical analysis, to level out the “bearish” sentiment after the conquest of the $22k mark, buyers need to pass the level of $23.5k. The faster it will be passed, the higher the probability of recovery to $26.5k.

The idea of short positions at $22.5k-$23k worked out. Last week the price continued to move within the limits of the large horizontal channel.

The bulls managed to break through the inclined trendline inside the channel. Next week we will be watching the price’s approach to the upper border of the channel, and we will already try to work for the breakdown. It will be the third touch: the more touches, the higher is the breakdown probability.

Also, the Ethereum chart is also bullish. A very similar channel was formed there and the price is actively testing the upper boundary. We are very close to a breakout. Ethereum should drag the rest of the market with it. 

Cryptocurrency

Portugal and cryptocurrency: 12 companies await permission to operate

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Portugal and cryptocurrency

Portugal and cryptocurrency news: Central Bank is considering 12 applications submitted by companies that intend to provide cryptocurrency services in the country. These include the Binance exchange.

Final decisions on the applications are expected by the end of this year, unless the regulator asks the companies to provide additional information. 

Among the applicants for the license is the world’s largest cryptocurrency exchange, Binance. The company has already started recruiting staff in the country, posting six vacancies on its website. 

Portugal is still considered one of the most favorable countries for digital asset businesses in Europe. Among those already approved are Mind the Coin, Criptoloja, Digital Luso, Bison Digital Assets and Utrust.

However, major Portuguese banks Banco Comercial Portuguesa and Banco Santander, as well as two smaller local banks, have recently suspended services to several cryptocurrency exchanges, including CriptoLoja and Mind the Coin. This probably happened because of the situation in the cryptocurrency market.

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Vitalik Buterin: Transition to Ethereum PoS algorithm could make crypto payments popular again

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Ethereum PoS algorithm

During the Korea Blockchain Week 2022 conference, Ethereum co-founder Vitalik Buterin said that the network’s move to Ethereum PoS algorithm could increase the popularity of cryptocurrencies for everyday payments.

Buterin recalled that previously using cryptocurrencies for payments was more common, but most blockchains faced scalability issues and high fees. So now everyday payments using digital assets are not as popular.

“Cryptocurrency payments somehow lost popularity after 2018. And, naturally, transaction fees were one of the reasons for this. In the future, after the implementation of rollups, after all the efficiency improvements, transaction fees may come down to 5 or even 2 cents,” Buterin stressed.

Recall that Ethereum is to switch to the Proof-of-Stake (PoS) algorithm in mid-September. This will increase the bandwidth of the network. In the future, with the introduction of sharding and other technologies for scaling, the figure will grow even more. Accordingly, transaction fees will also decrease.

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Hodlnaut news: cryptocurrency lender halted cryptocurrency withdrawals

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Hodlnaut news

Urgent Hodlnaut news: Cryptocurrency lending site Hodlnaut has unilaterally frozen cryptocurrency withdrawals. This is reported in the blog of the service. Representatives of the project claim that the reason for the stop was the need to “stabilize liquidity.” What exactly hit Hodlnaut’s liquidity remains unclear.

Meanwhile, the company “can’t” give an exact date for the resumption of cryptocurrency withdrawals because the details have not yet been agreed upon between “all stakeholders.” However, Hodlnaut hinted that the process will not be quick, as the company has begun work to “restructure” the business.

“We believe that stopping the withdrawal of funds will give us the necessary respite to explore possible restructuring options and recovery plans with our legal advisors,” Hodlnaut said.

At the same time, the media revealed that Hodlnaut had withdrawn its application for a Singapore license that would have allowed the project to provide a token conversion service. Users who were receiving interest payments on deposits before the freeze will continue to receive rewards until the service expires.

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