Cryptocurrency

News of the week: rumours about capitulation of miners and BTC in USD 28.000

Between the information-highlights of the week is related to a possible increase in the price of bitcoin, despite the recent drop below the USD 9.500 on the 2nd of June, so says a report on Bloomberg Crypto Outlook, the pandemic of Covid-19 has accelerated the maturity of Bitcoin

Meanwhile, the price of the main criptomoneda began to recover this week. The criptomoneda returned to ranks higher than USD 9,000 and even surpassed the 10,000 USD briefly. Your weekly average is located on 0,76%, according to data from Live Coin Watch. At the time of writing this article, BTC is priced in USD 9.684, as was reflected in the market price of Latin america and Spain, according to the price calculator of Breaking News.

With Breaking News, interested parties can keep up to date on changes in the market prices of bitcoin, ether, bitcoin cash and litecoin, with relation to your local currency. To do this, you can visit the section of the Market is Latin, which has a pricing calculator to perform conversions quickly and easily to your national currency.

These are the news highlights:

Last June 1 began to spread in social networks and other means the rumor about a possible capitulation enforced by miners of Bitcoin. The hypothesis is related to data that indicate that there are miners spending more bitcoins than what they are producing on their farms. According to Byte Tree, during the last seven days of the month may be issued 5.888 BTC, but spent it for the first time 6.561 BTC. This gives a deficit of -673 BTC, equivalent to 11%. With the title “Bitcoin $10,000 to win bracket” a study published in Bloomberg thinks that there is a consolidation of a “bitcoin bull”, and that the price could reach USD 28.000. He adds that the superiority of BTC in the market for cryptocurrencies is similar to the advantage of gold in comparison with the base freight. “In the unlikely event that there is a significant change to the worst-case scenario for bitcoin, we expect its price to continue to appreciate”, they say. The most popular way to use bitcoin outside of the chain is in Ethereum, according to a recent information. From 2016, the software engineers have been working to extend the use cases of the criptomoneda larger and older through a variety of protocols, such as Lightning Network for payment or Liquid Network for the trade. But to date, the protocol of string the more popular uses bitcoin runs on the biggest opponent of Bitcoin. After registering a bullish momentum on the first of June, which led him to over $ 10,000, the price of bitcoin recorded a sharp drop in the morning of 2 June, to levels below USD 9.500. During the end of the 1st of June, and part of the 2nd of June, the price of bitcoin hovered around USD 10.154 per unit. The data above mean that the price of bitcoin increased 6,28% in less than 12 hours. The president of the Federal Reserve (Fed) of USA. UU., Jerome Powell, said last may 28, the index reference based on Ethereum, Ameribor, is an alternative to “totally appropriate” to replace the Libor (the interbank offered rate in London) used by the world’s central banks. Libor is used by financial institutions to establish a reference rate for corporate loans, student debts and other credit instruments.

In Analysis with Breaking News

In this week’s edition of the audiovisual program dedicated to the analysis of the main news of the ecosystem, Hector Cardenas and Iván Gómez talk about the preparations for Uphold to launch a debit card for cryptocurrencies, first in Mexico, later to be extended to other Latin american countries. Also speaking of the decrease in the volumes of bitcoins in exchange houses from the end of march, and on the funding awarded per Square the developer Spanish Sergi Delgado, to continue working in The Eye of Satoshi, a watchtower in Lightning Network.

If you want to know the meaning of several words from the terminology of the criptomundo, you can reference the extensive Glossary of Breaking News.

Arbitration: a technique of investment based on the sale of an asset in different markets to profit from price differences. In simple terms, it comes to buy an asset at a low price in one market To, and sell them in market B at a higher price, earning the difference.

Criptotutorial of the week:

Once we have chosen a wallet, we probably have desires to test this network by doing some shopping. It is possible to. In fact, thanks to Bitrefill, we can use the Lightning Network to buy any product found in the digital catalog from Amazon.

Podcast of the week:

J. P. Thieriot is the CEO of Uphold for more than a year and a half, this episode takes us on a tour of the Bitcoin since its inception, to the various options of use of the platform of exchanges, their potential as a payment gateway and the ability to function as a house of change. We talk about the novelties that have prepared for Latin america, among them a debit card and the ability to invest in assets of stock exchange and gold.

About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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