Recent news for Bitcoin:
The DOJ's recent recovery of the bitcoin stolen in the ransom of the Colonial Pipeline served as a bullish case for crypto. The fact that over 80% of the money taken by cybercriminals was recovered shows that it is not as difficult to track as we had it out to be. The US government's argument has always been that the decentralization and anonymity provided by crypto platforms is a major obstacle standing in the way of government endorsements. However, this recent discovery made by the DOJ helps to shed light on the digital market as a whole.
Cardano makes big moves:]
The rest of the altcoins tend to move in the same direction that bitcoin moves, and this tends to create many of the same trade setups in the market. Having that said, Cardano (ADA/USD) shows something promising on the fundamental side. Earlier this month, the coin and Nervos Network (CRB/USD) partnered on a project to what looks like a public network of cryptocurrency.
ETH 2.0 and Space Chain
Ethereum 2.0 is working to reduce blockchain energy consumption through proof-of-stake. They are also planning to send a beacon chain node in orbit to help reduce costs in the long run. Their plan is to maximize decentralization along with security. Zee Zheng, CEO of SpaceChain believes the future of crypto is literally among the stars as he plans to help take Ethereum 2.0 to outer space.
6/22/2021 The yen index is down -0.33% on the day and is extending its losses to the downside on weakness in the currency. The Fed's decision to raise rates sooner than we expected has caused US bonds to slip as well, sending yields closer to Japan's bond yields, thus decreasing appetite for the USD. JXY […]
Crypto Stumbles to Lows, EU Awaits PMI Data, SPX Flat6/22/2021 EUR/USD Analysis EU bounces off support and oscillates between support and resistance from 1.19100 and 1.18700. German and French PMI data will report tomorrow which could add extra volatility in the market. The US also has PMI news coming out that day, so we can […]
6/21/2021 Recent News China cracks down: China's attempt to ban mining comes to fruition as their grip gets tighter around this policy. These digital miners now have no choice but to stop everything they're doing in China or move elsewhere which is temporarily hurting the coin's hash rate. Banks are now being told to cut […]