Dear Teroxx Community,
This week we saw a digital asset market testing the deep support zones again.
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
Bitcoin would need to gain a bit more to get back on the upswing, with Wyckoff analysis even suggesting a jump to $40,000 is possible. Bitcoin (BTC) managed to catch itself at the important 30,000 US dollar mark today, June 27, and climbed back up slightly, but this maintains the ambiguous market situation. “BTC’s bounce gives hope, but the 50 WEMA has not yet been re-established as support! A weekly close above US$33,500 would still be enough to regain the 50 WEMA as support.”
In the next three years, it will be possible to pay with cryptocurrencies such as Bitcoin at 50,000 charging stations for electric cars across Europe. Two European payment service providers have teamed up to enable crypto payments at more than 50,000 electric car charging stations across the continent.
The two new partners are Irish online retailer and payment service provider HIPS Payment Group Ltd and Sweden’s Vourity, which specializes in charging station payment transactions.
The collaboration to integrate crypto payments for electric car charging will run from November 2021 for the next three years. “Currently, we are still evaluating which cryptocurrencies to support” as Hans Nottehed, CEO of Vourity, explains in this context.
The hash rate is plummeting, Chinese miners are unplugging their devices in droves, and Bitcoin is plummeting in price…. But instead of panicking, Bitcoiners should welcome the geopolitical reshuffling of the hash rate.
There’s no other way to put it: the Chinese mining exodus is in full swing. With several county governments pulling the plugs out of mining rigs, the hash rate is plummeting. The accumulated computing power in the network is currently just over 100 exahashes per second (EH/s), the same level as a year ago. For Bitcoin, meanwhile, the geopolitical reordering of mining is undoubtedly good news. Time and time again, Bitcoin experts had turned up their noses at China and voiced their displeasure about the alleged centralization of the network. With the departure of the mining caravan, for example to Kazakhstan, Russia or the USA, the distribution of mining nodes should become much more decentralized on paper.
Technical term of the week
Mining Rig: A large number of mining devices (up to 100,000) linked together to “mine” a cryptocurrency. Often operated by large scale companies.
Bullish Outlook: A positive quarterly close and positive volume could send the market up towards $40,000.
Bearish outlook: $30,000 as a low, often tested support should hold. If this is permanently lost, the market could see further sell-offs in the medium term.