Unsure about buying the dip? This key trading indicator makes it easier

When an asset enters a bear phase and the headlines are negative, analysts project further downside, and the sentiment shifts from optimism to pure gloom and doom. This results in panic gripped traders dumping their positions near the bottom of the downtrend instead of buying.  How can traders go against the herd and build the courage to buy in a bear market? It is not easy because if they purchase too early, the position may quickly turn into a loss. However, if they wait for too long, they may miss…

Hodler’s Digest, May 30–June 5

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week   “Largest Bitcoin event in history” kicks off in Miami Sun, sea and satoshis were on the agenda as the biggest Bitcoin event in history kicked off in Florida. Organizers were expecting a huge turnout for the sold-out event, with some predicting there would be…

Traders, analysts offer mixed reactions to El Salvador’s BTC announcement

While it was billed as the “one of the biggest announcements in Bitcoin’s history,” the market seems to be puzzling over the landmark reveal that El Salvador’s sitting President will be submitting legislation to recognize Bitcoin as legal tender.  In a presentation at Bitcoin 2021 from Jack Mallers, CEO of Zap — developers of a previously low-profile Lightning Network wallet app named Strike — Mallers showed a short video from Salvadorian president Nayib Bukele where the leader of the 104th largest global economy announced the historic legislation. Strike currently has…

BTC, ETH, ADA, SOL, THETA

When the sentiment in the market turns bearish, every bit of negative news, however insignificant, pulls the price down as traders panic sell. This is what happened after China’s social media giant, Weibo, suspended a number of crypto-related accounts and triggered fears that a wider crackdown could occur. In other news, a note from Goldman Sachs said their meetings with 25 chief investment officers of long-only and hedge funds revealed Bitcoin (BTC) as the least favorite asset for investment. Crypto market data daily view. Source: Coin360 While the news may…

Developer talks new vaults, products, and verticals

Two sweltering blocks from the gated entrance of Bitcoin Miami I managed to track down a core contributor for one of the most important projects in decentralized finance (DeFi). Flanked on all sides by clueless Bitcoiners, pseudonymous Yearn Finance vault security specialist “Doggy B” chatted with Cointelegraph about the future of the yield vault protocol — the anoles scurrying by our feet just as oblivious to the alpha being leaked as the maxis chatting about Tony Hawk and Floyd Mayweather.  Describing without doxxing is a delicate exercise, but here goes:…

The impact and importance of energy use for PoW

While writing the world’s most famous white paper, Satoshi Nakamoto defined the Bitcoin (BTC) mining process. It was established that the minting of new coins would take place through proof-of-work. To carry out this verification and to be able to mine the cryptocurrency, computers would need to solve complex mathematical calculations. In the beginning, there were not many miners. However, that changed before the first Bitcoin bull run. Mining competition skyrocketed, causing a sharp increase in the cost of machines capable of competing. Even more importantly, energy demand exploded with…

GBTC premium stays negative, suggests Bitcoin price sentiment still low?

Bitcoin (BTC) is facing difficulty breaching the $40,000 mark again after briefly crossing it on May 26. The cryptocurrency is currently exchanging hands at around the $36,000 mark, which is a 44% drop from its all-time high of $64,889 on April 14. Among others, a key difference between macroeconomic conditions affecting the cryptocurrency market as a whole is institutional demand. One of the key investment vehicles for set demand is the Grayscale Bitcoin Trust (GBTC), a BTC trust of Grayscale Investments, one of the most significant investment managers for institutions…

El Salvador Plans to Make Bitcoin Legal Tender

Share this article El Salvador looks set to become the first country to make Bitcoin legal tender.  El Salvador’s Bitcoin Bet  El Salvador is planning to adopt Bitcoin as legal tender, the country’s President Nayib Bukele announced last night. Speaking in a pre-recorded video message at Bitcoin 2021, Bukele revealed that he will be submitting a bill to the country’s congress next week. He said:  “In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy. And in the medium and long…

Hybrid smart contracts will replace the legal system

The era of unintelligible contracts written in legalese by lawyers in $2,000 suits with degrees from Ivy League schools is over. The contracts of the next century will be hybrid smart contracts, written in code by programmers wearing $20 hoodies and living in their NYC-shared apartment. What is a hybrid smart contract? Smart contracts are self-enforcing contracts, written in code and executed by the blockchain. These smart contracts are great at sending and receiving money, and doing simple calculations, but they cannot access off-chain data, perform complex calculations or generate…

The rise of NFTs must be accompanied by further decentralization

The rise of the nonfungible token (NFT) has been a sight to behold, with the market seemingly garnering an increased amount of mainstream traction with each passing day. To put things into perspective as to how big this space has actually become, conservative estimates suggest that the amount of money that has entered into this fast-evolving sector currently totals above $500 million. Another way to gauge the impact that NFTs have had on the global economy is by looking at the diverse range of artists, celebrities, musicians — basically just…