Breaking News in Crypto World and Market Forecast.

Breaking News in Crypto World and Market Forecast.

1.0 Bitcoin Officially becomes a Legal Tender: El- Salvador emerges the First Country to adopt Bitcoin as official currency.

The Latin America country El-Salvador has gone down in history as the first country to officially adopt Bitcoin as an official currency backed up by law for legal transactions within the country. Recall that during the Bitcoin conference 2021 at Miami, Florida, the El-Salvadorean President had initially announced that his country will consider accepting Bitcoin as a legal tender. Following this presidential declaration, the bill was immediately passed in the Congress. A week after the bill was passed, the President-Nayib Bukele came out to announce on June 9, 2021, that the Bitcoin Law has been officially passed in the Salvadoran Congress with a strong majority of 62 votes.

This definitely has gone down in history with El Salvador being the first country to officially accept Bitcoin (BTC) as a legal tender alongside USD in the countrys financial system. The Bitcoin Law is expected to come into effect in the next 90 days.

As a further back up, the President has revealed that he we will be meeting with the IMF (International Monetary Fund) in a crucial meeting that will decide the course of change in the global financial system. During the recent announcement, the El Salvadoran President said that making Bitcoin a legal tender will provide a major boost to the countrys economy and this step does not in anyway intend to demean the regard for dollar.

With this law in place currently, all the consumer goods prices shall now be available in BTC along with the U.S. Dollar. Equally, tax contributions will be paid all in Bitcoin and the exchanges for BTC wont be subjected to capital gains tax.

According to the president, the government will launch a Bitcoin wallet for its citizens, but people will also be able to use any wallet. The country will also be running a trust fund—which will hold roughly $150 million worth of BTC— to offset the volatility to ensure that merchants won't have to take a risk in trading Bitcoin.

2.0 Get Permanent Citizenship in EL-SALVADOR with just 3 Bitcoins:

As a way inviting more Bitcoin investors into the country, during a live audio conversation hosted within “Spaces” on Twitter, President Nayib Bukele said El Salvador would grant permanent residency for immigrants that post 3 Bitcoins available in their wallet. This definitely will see the influx of huge Bitcoin investors and other Crypto traders into the country increasing the bourgeoisie's presence in this country. Equally, this will boost the El-Salvadorean economy and reduce the risk of illegal immigrants. Our hopes are high now that other countries will soon follow this great lead and adopt Bitcoin as an official currency as well.

Interestingly, following this recent development, Wikipedia and Google have been quick to add Bitcoin as one of the the Legal Tenders obtainable in this country.

3.0 Bitcoin Still trading below $40K the Bears VERSUS Bulls Fight:

The Crypto market is commonly known to comprise two Communities as - The Bears and Bulls. This is the market term for referring to the Buyers and Sellers. In either case, each comprise big institutions, hedgefund managers and wealthy individual traders (Whales), who influence (including manipulations) the market direction for their own benefits. Following this two possible position these big players may exert in the market, the market is therefore divided into two seasons. Thus, when they decide to sell collectively, we say it is the Bearish season, but when they Buy with great force as never before then we call it the Bullish season. These big players listed, influence the market direction by shorting when the price is high as to rebuy again at the lowest possible bottom so as to maximize profits.

3.1 The two Divisions: The Bears VERSUS Bulls Fight

The Bears and Bulls fight begins in determining the would-be support and resistance for each market movement. This is where these big players are divided and categorized as either Bears or Bulls.

The big players that would keep projecting the market to a higher resistance as to maximize profits becomes the BULLS. While on the contrary, the big players that would always prefer to sell at a given resistance when they feel the price is already high enough as to rebuy lower are the BEARS. They could be seen as temporary investors or false Bulls. They are only present in the market to milk inexperienced traders. They push the market down buy taking quick profits and creating more FUD and Panic inside the market to cause more people to sell with them and bring the market price all the more lower for them to rebuy. The media and the Chinese proscription of crypto (often false alarm and revival of old legislation) have today become the greatest tools for creating FUD in the market by this Bears, to further influence more people to sell and bring the price lower for their own gains and lowest possible re-entry.

The other big players as we have mentioned who would prefer a higher price for the market at each point, come in during this period to prevent the bears from taking down the price of the market so low. They do just the opposite of what the Bears are doing at this point and try to convince more people to resume buying. The pull in greater capital at different support to convince more traders to buy and prevent unrestricted pullback in the market. Of course, the market will always move in the direction of the highest bidder. If a greater number take side with the Bears and keep selling then the price keeps falling but if more gets convinced to resume buying at a new support outnumbering the sellers, then the Bullish market will dominate and new ATH would be created.

Application of the Bears VERSUS Bulls Fight into the current market situation: Predictions for the Coming week.

Definitely this Bears and Bull fight as we have explained is currently what is playing out in the market now.

The fight is for the final support for the Market before the resumption of the flight again. The Bears have pushed the price down so low till 30K and the Bulls have resisted any lower position below this. The market have been trying to recover from here.

However, with the many positive news in support of crypto as well as the possible global adoption which EL- Salvador has boldly initiated. The big players no doubt would want to acquire more Bitcoin at the lowest possible price before the eventual take off that will land us into a new ATH of 100K and above. This is why we have always experienced intermittent pullbacks. And with many institutions buying more at each pullback.

In the short term micro vision projections, the big players (whales) seem not to have accumulated enough Bitcoin as they would like to hold for the next Bitcoin Bubble upwards, that will land us into a new ATH never seen before due to the likely global adoption of Bitcoin and Crypto by other countries which we hope would follow suit. Hence, they are shorting the market to bring the price further down to the lowest possible level for them to acquire more Bitcoin. The government too are a party to this albeit covertly.

Despite the Bulls struggling hard to defend the 30K support trying to push the market higher from this point which brought Bitcoin to 38K last week, the Bears were quick to destroy all the BULLISH MARKET RESUMPTION pattern drawn by the BULLS last week and created further panic. They further proceeded to create their own pattern which is the BEARISH MARKET CONTINUATION pattern. What a market! This has left most Traders in the maze on which direction to follow and support.

However, this new week is going to be very critical for Bitcoin. It will serve as the major determinant if we are going lower below 30k before the flight or if we are to continue from the current support established firstly at 30k and currently at 33K. Any break below 30K this week, then we might see more bloodshed for Bitcoin and Altcoins in the market. But once the Bulls are able to hold above 30-31K this week, it will definitely signify bears weakness and inability to go lower at the PRIME of the Bearish season that has lasted from May till this point. Thus, as long as this region holds finally this week, then there will be more likely a reversal that will definitely SLAUGHTER all bears and wipe them out of the BULLISH season of this year. But if otherwise, then a lower support will be expected possibly towards 19,500K.

It is most advisable for new traders to trade with caution this week and avoid unguided entries. It is even better to take sides with the Bulls currently knowing fully well the market is set for a greater heights than to short currently and get trapped for a long period. Of course this may be the last time Bitcoin and Altcoins may see this very low support once Bitcoin becomes globally adopted, as we expect, without any moves towards centralization and further legislation by the government.

4.0 Moves Towards Crypto revival in Nigeria: Nigerias central bank plans to launch a Central Bank Digital Currency before the end of 2021.

Rakiya Mohammed, an IT specialist at the Central Bank of Nigeria (CBN) has announced that the central bank is making efforts to float a central bank digital currency in the country. This CBDC will definitely launch before the end of 2021.

According to a report by Peoples Gazette, Mohammed made this known after the Bankers Committee meeting held in Abuja on Thursday,c which disclosed the following information to reporters present:

“Before the end of the year, the Central Bank will be making a special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace.”

Recall that previously in the month of May, the CBN governor Godwin Emefiele had disclosed that digital currencies will “come to life” in Nigeria again despite the current ban.

The Nigerias central bank has early this year in February, banned commercial banks and other financial institutions from partaking in Crypto Transactions on the claim that Crypto currencies has been continuously used for illicit transaction by fraudsters and money laundering.

However, following the statements made by Mohammed, the CBNs digital currency will definitely complement the naira cash notes. He further revealed that the planned digital currency will be used to lessen forex restrictions in the country andnd other Crypto Transactions.

The Nigerian Central Bank seem to have borrowed a leaf from its neighbouring country Ghana, whose CB has revealed earlier in June of its plan to be the First African nation to adopt a Central Bank Digital Currency as a way of expanding Crypto dealings in the country.

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