Analysis of the Main Events and Prospects of the Crypto Market |
480

Analysis of the Main Events and Prospects of the Crypto Market

Can Bitcoin Reach $360,000? 

The cryptocurrency market is highly dependent on the Bitcoin price. Therefore, in long term, many people rely on models based on historical data. 

Traders take into account two previous BTC halvings, which occurred with surprising similarities: the breakdown of the underlying resistance always led to a sixfold increase: after the first halving, the Bitcoin price increased from $200 to $1,200, while after the second – from $600 to over $3,000. 

If we assume that history repeats itself, then, accordingly, the rise from the last resistance in the $60,000 zone can bring the price to the $360,000 zone. 

Promising altcoins, backed by real technologies and use cases, will certainly benefit from such a rally. 

El Salvador owns 700 BTC 

President of El Salvador Nayib Bukele said on his official Twitter account that the government has decided to buy 150 bitcoins additionally amid falling exchange rates. Thus, El Salvador became the first country to have 700 BTC (over $30 million) in its accounts. 

A total of 1.1 million Salvadorans use the Chivo Wallet. Moreover, more than 65% of smartphones are still not connected to the digital network. 

The popularization of cryptocurrency technologies in Latin America opens up new perspectives for the EDC Blockchain community in El Salvador. Now our community in this country can officially exchange EDC coins for Bitcoins and vice versa. See the list of exchanges here https://blockchain.mn/exchanges/

Ethereum creator is in TOP-100 influential people in the world

One of the creators of the Ethereum blockchain, legendary developer and CIS native, Vitalik Buterin, has officially become one of the 100 most influential people in the world according to TIME magazine. 

As you can see, blockchain technology is widely distributed in the world, and its leaders are gaining well-deserved recognition in the most authoritative nominations.

The world's largest cinema chain accepts cryptocurrencies 

AMC Corporation, the owner of the world's largest cinema chain, announced that it will begin accepting cryptocurrencies from its customers as payment for tickets and entertainment services at the end of 2021. 

AMC CEO Adam Aron said in his official Twitter account that, in addition to Bitcoin, Ethereum, Litecoin, and Bitcoin Cash will fully circulate on the network. Most likely this list will continue to grow. 

Another achievement of the Lightning Network Bitcoin 

The Bitcoin Lightning Network, which is designed to speed up and reduce the cost of bitcoin transactions, has increased its capacity by 100% in just 4 months. 

Now its performance is provided by 2,500 coins that users have blocked in the protocol, which is equivalent to over $108 million. This is exactly 1250 bitcoins more than in June 2021. 

The crypto market correction is the time to turn your attention to other sources of rewards. Staking remains one of the most popular tools. 

To receive EDC staking rewards, a user needs to freeze their coins for a selected period of time. Throughout this period, their coins will participate to maintain the development of the platform, its scalability, and stability. Some of the new coins generated by the platform are distributed among all users who have stacked their coins, depending on their stack. 

Staking allows users to compensate for exchange rate losses in a bear market through rewards that are accrued on a daily basis. 

New highs 

A number of coins reached their new all-time highs last week. This proves that the general market trend does not have to affect all market participants if the project meets the needs of its community and has technological advantages. 

If you have questions about EDC Blockchain products and services, you can send them to our official Telegram group. Subscribe to our Facebook and Twitter pages to keep you up to date with all the news.

up