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BITCOIN BILL IN PARAGUAY
Bitcoin is winning hearts in Paraguay – Bill of approval to be tabled next month. Paraguay plans to debate a Bitcoin bill.
It appears that more nations are waking up to smell the coffee in regard to Bitcoin’s global power. The top crypto has been winning hearts in numerous corners across the world. Just a few days ago, El Salvador, a country in Central America, resolved to approve Bitcoin as legal tender to be used by its citizens.
Now, another country is contemplating to follow in El Salvador’s footsteps. Paraguay, another South American country, is now warming up to BTC.
Most recent news indicate that the country’s Deputy of Nation, who is also a member of the Paraguayan Congress, is planning to present a bill for debate by the Congress sometime in the coming month. The bill could be centered around the possibility of accepting BTC as legal tender in the country, just like in El Salvador.
In an address, the Deputy of Nation opined,
“Our country needs to advance hand-in-hand with the new generation.”
Indeed, Bitcoin, and blockchain technology in general, is the new generation in matters finance. BTC has gone from a largely ignored and overly ambitious “fun game” to a globally recognized network linking numerous economic sectors within a decade.
Recent aggressive entrance of big-money investment institutions like Grayscale and MicroStrategy into the BTC ecosystem is clear indication that the coin is gaining ground in every aspect.
BTC for freedom
It’s largely understood that part of the reason that some countries, and people, are embracing cryptos like Bitcoin lies in its apparent power to help them get free from the hegemonius shackles of the Petro-Dollar as well as the uncertainty of fiat currencies in general. For the people, the continued fiat inflation is enough incentive to ditch the fiats and deal with BTC. For countries, freedom from the US Dollar as the global reserve currency is their motivation.
For countries like El Salvador and Paraguay, making Bitcoin a legal tender will make it easier for their people working abroad to send money back home. This, in turn, will help rejuvenate their economy with fresh and steady injection of money into the economy. This could also help them deal with inflation....
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BITCOIN STUCK BETWEEN A ROCK AND A HARD PLACE
Bitcoin rejection from June highs of $41,300 results in declines to $37,000. The 100 SMA secures the downside as bulls battle the seller congestion zone at $38,000.
Bitcoin bulls have had a challenging time this week, trying to sustain the price above $40,000. Unfortunately, the upswing from the primary support at $31,000 hit a massive barrier at $41,300, sabotaging the uptrend.
Sellers took advantage of the weakening bullish camp to reverse the gears. As a result, Bitcoin price slipped below $40,000 and has stretched the bearish leg to $37,000, perhaps to close the recent CME BTC futures gap.
In the meantime, the flagship cryptocurrency trades at $37,850 amid a growing bearish momentum. Realize that the 200 Simple Moving Average (SMA) and the 50 SMA reinforce the barrier at $38,000, hinting at delayed or undermined recovery to $40,000.
The short-term technical picture is highly bearish based on tools such as the Moving Average Convergence Divergence (MACD) indicator and the Relative Strength Index (RSI). The former has a vivid bearish outlook presented as the MACD slides to the zero line amid a possible cross into the negative territory. Moreover, after the MACD line crosses below the signal line, it increases the divergence, emphasizing the bearish signal.
At the same time, the RSI shines a light on the growing bearish grip after dropping from the overbought region. Currently, the momentum indicator seeks support at 40 but points toward the oversold territory, insinuating a possible price drop to $36,000 and $34,400, respectively.
Note that two regions will characterize Bitcoin’s trading on Friday; action above $38,000 may validate the uptrend to $40,000 while sliding beneath the 100 SMA at $37,000 could trigger massive losses to $36,000, which may extend to $34,000.
Spot rate: $37,850 Trend: bearish Volatility: Growing
Resistance: $38,000 and $40,000. Support: $36,000 and $34,000...
ETHEREUM PLUNGES 5%‚ CAN BUYERS SAVE THE KEY $2‚300 SUPPORT
Ethereum extended its downside correction below $2,500 against the US Dollar. ETH price is recovering higher, but it is now trading below the 100 hourly SMA.
Ethereum failed to stay above the $2,500 support zone and extended its decline.
The price is now trading well below $2,500 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $2,460 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to face a strong selling interest near the $2,460 and $2,500 levels.
Ethereum Price Extends Losses
Ethereum topped near the $2,640 level and started a fresh decline, similar to bitcoin. ETH even struggled to stay above the $2,550 support zone and moved into a bearish zone.
There was a clear break below the $2,500 support zone and the 100 hourly simple moving average. Ether even declined below the $2,400 level and it traded as low as $2,353. It is now correcting losses and trading above the $2,400 level.
The price recovered above the 23.6% Fib retracement level of the of the recent decline from the $2,638 high to $2,353 low. On the upside, an initial resistance is near the $2,450 level.
There is also a major bearish trend line forming with resistance near $2,460 on the hourly chart of ETH/USD. The main resistance is now forming near the $2,550 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the of the recent decline from the $2,638 high to $2,353 low.
A close above the $2,500 level and a follow up move above the $2,550 level is needed to start a steady increase in the near term.
More Losses in ETH?
If Ethereum fails to clear the $2,450 and $2,500 resistance levels, it could continue to move down. An initial support on the downside is near the $2,400 level.
The first major support is near the $2,350 level. A downside break below the recent low and the $2,350 support level may possibly push the price towards the $2,300 level. Any more losses might call for a move towards the $2,250 level in the near term.
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently rising towards the 50 level.
Major Support Level – $2,350
Major Resistance Level – $2,500...
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INDONESIA′S CENTRAL BANK MARSHALS STAFF TO ENFORCE CRYPTO PAYMENTS BAN
Indonesia’s central bank governor, Perry Warjiyo, is mobilizing official supervisors to enforce the country’s ban on financial institutions using crypto assets as a means of payment.
During a virtual seminar on Tuesday, June 15, Warjiyo reiterated that local financial firms and payment provided are prohibited from facilitating the use of cryptocurrency to settle payments or as an instrument used in other financial services.
The central bank governor emphasized that crypto assets are “not legitimate payment instruments under the constitution, Bank Indonesia Law, and Currency Law,” noting that field supervisors will be sent out to ensure that local financial institutions adhere to the policy.
Bank Indonesia prohibited financial institutions from using crypto for payments in late 2017, with the central bank halting payment processors from using cryptocurrency to settle transactions the previous year.
Despite the central bank’s prohibition of crypto for payments and its early 2018 warnings against virtual currency, Indonesia’s Commodity Futures Trading Regulatory Agency issued regulations in February 2019 that legitimized cryptocurrencies as speculative commodities and paved the way for cryptocurrency derivatives to be traded on local stock exchanges.
The guidelines provided a legal framework for “the trading of crypto assets as commodities that could become the subject of futures contracts and other derivative contracts traded in the stock market.”
Warjiyo’s warning emphasizing the ban comes just weeks after he announced Bank Indonesia is working on a central bank digital currency (CBDC). The CBDC was announced on May 25, with Bank Indonesia noting the use of digital payments had increased 60.3% year-over-year as of April, with total settlement value up 46% to tag $217.4 billion.
On May 30, the central bank provided more details on the CBDC via Instagram, stating that a state-backed digital currency aligns with its policy of digitization initiative and advances its overall monetary objectives.
According to the Bank for International Settlements, central banks representing 20% of the globe’s population are expected to launch CBDCs within the next three years....
ETHEREUM TRIMS GAINS WHY $2‚500 IS THE KEY FOR FRESH RALLY
Ethereum corrected gains from the $2,640 zone against the US Dollar. ETH price is now trading above a major support at $2,500 and the 100 hourly SMA.
Ethereum failed to clear $2,650 and started a downside correction.
The price is now trading above $2,500 and the 100 hourly simple moving average.
There is a key declining channel forming with resistance near $2,550 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to start a fresh increase as long as it is above the $2,500 level.
Ethereum Price Holding Key Support
Ethereum gained pace above the $2,600 resistance and extended its upward move. However, ETH failed to surpass the $2,650 resistance. A high was formed near $2,638 before it started a downside correction.
There was a break below the $2,600 and $2,550 support levels. Ether price declined below the 50% Fib retracement level of the of the recent increase from the $2,461 swing low to $2,638 high. The price even traded below the $2,520 support.
It is now trading above $2,500 and the 100 hourly simple moving average. It is holding the 76.4% Fib retracement level of the of the recent increase from the $2,461 swing low to $2,638 high.
There is also a key declining channel forming with resistance near $2,550 on the hourly chart of ETH/USD. A clear upside break above the channel resistance and $2,550 might start a fresh rally. The next key resistance is near the $2,600 level. The main resistance is still near $2,640 and $2,650. Any more gains could open the doors for a larger increase towards $2,750.
Downside Break in ETH?
If Ethereum fails to clear the $2,550 and $2,600 resistance levels, it could continue to move down. An initial support on the downside is near the $2,510 level.
The first major support is near the $2,500 level and the 100 hourly SMA. A downside break below the 100 hourly SMA could push ether price towards the $2,450 support zone. Any more losses might clear the path for a drop towards the $2,400 level in the near term.
Hourly MACD – The MACD for ETH/USD is now losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently close to the 50 level.
Major Support Level – $2,500
Major Resistance Level – $2,550...
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