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Honduras’ Santa Lucia Launches ‘Bitcoin Valley’ Merchant Center



Honduras’ Santa Lucia Launches ‘Bitcoin Valley’ Merchant Center

Honduras has launched a ‘Bitcoin Valley’ in the tourist town of Santa Lucia. The goal is to encourage tourism, with 60 businesses initially offering the payment feature.

Honduras is the newest country to see a town accept cryptocurrency as payment, as the tourist town of Santa Lucia now has a “Bitcoin Valley.” Businesses can accept cryptocurrencies for payment in the town, which is a short drive from the capital of Tegucigalpa.

The launch is a bid to attract more tourism. Other countries, including El Salvador, have benefited from becoming more crypto-friendly, attracting tourists and entrepreneurs alike. Initially, 60 businesses will be able to accept cryptocurrencies, and they will be trained to do so before it is expanded to other areas and businesses.

Honduras’ Blockchain Honduras organization, Guatemalan cryptocurrency exchange Coincaex, the Technological University of Honduras, and Santa Lucia’s municipality have jointly collaborated on the effort. Leonardo Paguada, the founder of the Blockchain Honduras organization, also said that merchants will be able to receive instant payments in the local currency.

However, this is not the first time that Honduras has worked with crypto. The country appears to be warming up to crypto, like many others in the region.

Honduras and other Central American countries eyeing crypto

Countries in the Central American continent have been testing crypto initiatives to better weigh the risks and benefits. The Honduras Economic Zone recognized bitcoin as a legal tender in April 2022 and allowed taxes to be paid in BTC. It has also permitted entities to issue bitcoin bonds.

Of course, El Salvador is the most gung-ho about crypto, with the government recognizing bitcoin as a legal tender nationally. This has repeatedly resulted in warnings from global organizations, who worry that it may risk financial stability and facilitate illicit activity.

Experiments closely watched by global organizations

The International Monetary Fund (IMF) and the Bank for International Settlements (BIS) have both issued statements about the risks of cryptocurrency. The latter said that the fears of crypto have come true, pointing to the recent market crash and TerraUSD collapse.

The IMF has expressed concern over adopting bitcoin as a legal tender for El Salvador and the Central African Republic. It has also been said that DeFi poses a risk to financial markets and needs regulation.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Altcoin Season 2022: Is This the Beginning of Big Gains for Alts?



Altcoin Season 2022: Is This the Beginning of Big Gains for Alts?

Altcoin enthusiasts have experienced a lot of suffering in 2022. Not only has the BTC price fallen drastically over the past 10 months, but the valuation of most altcoins against Bitcoin has also collapsed sharply.

Everyone is asking the question: When is the altcoin season 2022? In today’s analysis, BeInCrypto addresses this issue by looking at the chart of altcoin market capitalization, altcoin season indicators, and the valuation of ETH against BTC. As a result, it appears that perhaps the worst period for altcoins is over, and the market stands on the verge of a massive altcoin season in 2022.

TOTAL2 begins upward impulse

If we look at the chart of the altcoin market capitalization (TOTAL2), we see that it has been generating only green candles for the past 6 weeks. This probably means that we are currently in the first wave of an upward impulse, which began with a bottom at $427.5 billion on June 18, 2022. So far, altcoin market capitalization has increased by almost 60%, reaching a peak of $693 billion.

However, prior to that, altcoins, like the BTC market, experienced a sharp decline from the all-time high (ATH) of $1.7 trillion on November 10, 2021. Since then, the altcoin index has fallen along a descending resistance line (blue) and has been repeatedly rejected by it (red circles).

Then, in March, TOTAL2 broke out of this line (green arrow), suggesting that the altcoin season 2022 had begun. The rise did not last long, however, as just three weeks later the index reached a local peak at $1.27 trillion and began an accelerated decline.

It led to reaching the aforementioned June low. This time the blue resistance line turned into support (R/S flip) and had already been validated twice. However, before that, there was a significant breakdown from the long-term support line, which had been in place since February 2021 (orange line and arrow).

Currently, the line is expected to act as resistance and is currently located at around $1.05 trillion. In addition, it is near the 0.5 Fib retracement level, measured for the entire drop from the ATH.

TOTAL2 chart by Tradingview

Cryptocurrency market analyst @StockmoneyL tweeted a 5-day chart of TOTAL2. He compares the fractals of the current altcoin market and the 2018-2021 period with each other. The analyst points out the analogous structure, which in the coming weeks could lead to large increases and a booming altcoin season in 2022. Interestingly, if the fractal were to repeat again, the nearest resistance would be around $1 trillion.

Source: Twitter

Altcoin season 2022 is already on!

The analysis of the altcoin market capitalization chart and the similarities with the previous cycle are not the only reasons behind the continuation of altcoin price increases. According to data from BlockchainCenter, the altcoin season 2022 has just begun.

Their daily updated altcoin season chart indicates that the index entered altcoin dominance territory in early August. As we read on their website:

“If 75% of the Top 50 coins performed better than Bitcoin over the last season (90 days) it is Altcoin Season.”

On August 10, the altcoin season index they created recorded a near-maximum value of 98. These levels have not been seen since the April-June 2021 period. Thus, if the index remains above the value of 75 for the next few weeks, we may experience a strong altcoin season 2022 in the near future.

Source: www.blockchaincenter.net

In addition, the site posts an overview of the TOP 50 cryptocurrencies for the last 90 days and compares them with the change in Bitcoin’s price. It turns out that BTC lost -20.2% in the ongoing season, while most altcoins recorded increases or lost less.

Among the leaders are CEL (342%), ETC (109%), UNI (71%) and LINK (20%). Also, some of the largest projects were ahead of Bitcoin, even though they experienced declines, such as ADA (-3.1%), ETH (-5.5%) and XRP (-12.6%).

Source: www.blockchaincenter.net

Ethereum leaves Bitcoin behind

Another indicator of a potential altcoin season in 2022 is the performance of Ethereum (ETH), which is the largest altcoin, against BTC. The technical analysis of Ethereum against the USD indicates that there has been a dynamic rise in the ETH price in recent weeks. In addition, it is possible that the RSI has made a breakout from the long-term resistance line and may continue to rise all the way to the $2100 level.

If we now look at the relation to BTC, the weekly chart provides an even more bullish perspective. ETH/BTC has been rising since the bottom at 0.05 BTC, which previously served as resistance. Validation of this area was a bullish signal that initiated the ongoing rise.

Currently, ETH is at 0.081 BTC, rising 66% from the aforementioned low. Moreover, this week’s large green candle led to a breakout above the resistance area at 0.075 BTC (red line), which had previously repeatedly rejected the price (blue arrows).

Technical indicators confirm the initiation of a bullish trend. The RSI has broken out both above the falling resistance line (blue) and the 50 level. Meanwhile, the MACD has recently made a bullish cross and is generating increasingly higher bars of upward momentum. All these developments are strong signals for continued upward momentum.

ETH/BTC chart by Tradingview

Cryptocurrency analyst @el_crypto_prof has drawn a monthly chart of ETH/BTC, in which he suggests that we are on the verge of a huge increase in Ethereum’s valuation against Bitcoin. He pointed out parallels in the fractals of historical upward waves, stating that today’s price action corresponds to the period of early 2017 (orange ellipses).

According to his prediction, ETH could see a 379% rise from the bottom in the coming months and reach 0.25 BTC. If this is indeed to be the case, Ethereum’s rise would be a powerful catalyst for altcoin season 2022.

Source: Twitter

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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BTC On-Chain Analysis: Puell Multiple Confirms Bitcoin Has Reached Macro Bottom



BTC On-Chain Analysis: Puell Multiple Confirms Bitcoin Has Reached Macro Bottom

Today’s on-chain analysis highlights the famous Puell Multiple indicator, which has broken out of the oversold area in recent days. Historically, the move was a signal confirming that Bitcoin’s macro bottom had been reached.

Reaching a bottom by Bitcoin’s price does not necessarily mean the immediate start of an uptrend. Looking at the behavior of the Puell Multiple after leaving the oversold area, we see that each time the indicator had to test and validate the area of its breakout. For the BTC price, this meant about a 3-month accumulation.

What is Puell Multiple?

Puell Multiple was created by analyst David Puell. It is one of the indicators of the health of Bitcoin miners. It expresses the ratio between the daily value of Bitcoin issuance (in USD) and the 365-day moving average of the daily value of issuance. This simple relationship provides an elegant tool for assessing market cycles from the perspective of miners’ profitability.

In an on-chain analysis last month, BeInCrypto noted that Puell Multiple has reached an oversold level that has historically corresponded to the macro lows of bear markets (green circles). This area is within the green range of 0.3-0.5.

In contrast, the upper red range of 4-10 was reached during the historical peaks of bull markets (red circles). In the chart below, we use the 14-day Puell Multiple average to reduce the noise and look at the long-term trend.

Chart by Glassnode

Current readings and comparison with the COVID-19 crash

Looking at the current readings, we see that Puell Multiple has just broken out of the green oversold area (blue arrow). Of course, the breakout from the oversold area was made possible by the rise in the BTC price, which is today about 36% above its June 18 bottom at $17,622.

It is interesting to compare the current movement of the Puell Multiple with the previous situation when the indicator left the green area. This occurred during the COVID-19 crash in March-June 2020, when Bitcoin reached a macro bottom at $3782 (red circle).

However, the Puell Multiple did not fall into oversold territory until a few weeks later (green circle). By then, Bitcoin was already in the middle of a V-shaped recovery, rising by about 150% and leading the indicator to break out of the green oversold area. We are seeing a similar pattern today.

Chart by Glassnode

Waiting for a retest

Looking once again at the long-term chart of the Puell Multiple, we see a certain correlation between a breakout from the green area and the price of BTC. First of all, every time after a breakout, the indicator seems to return to confirm the oversold area (blue rectangle). It doesn’t always do it exactly and touch the green area, but the corrective movement after the first upward phase is clear.

Then, after confirming the oversold area as support, the Puell Multiple continues its upward movement. Interestingly, the rise of the indicator in the first weeks is not correlated with the rise of the BTC price. During this period, Bitcoin always undergoes a roughly 3-month accumulation phase, which begins a few weeks after the macro bottom is generated (yellow rectangle).

If a similar situation were to repeat now, the start of an uptrend for BTC could be initiated around October-November 2022. In addition, it would be worth waiting for the aforementioned retest of the Puell Multiple indicator, which would have to hold above the green oversold area. A clear consolidation of the indicator and the BTC price would be strong indications for the thesis that BTC reached a macro bottom in June.

Chart by Glassnode

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Coinbase posts $1.1B loss, Polygon DApps rocket 400% in 2022 and Elon Musk says inflation is on the decline: Hodler’s Digest, Aug 7-13



Coinbase posts $1.1B loss, Polygon DApps rocket 400% in 2022 and Elon Musk says inflation is on the decline: Hodler’s Digest, Aug 7-13

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

Elon Musk: US ’past peak inflation’ after Tesla sells 90% of Bitcoin

With Tesla now having sold 90% of its Bitcoin holdings during the bear market, Elon Musk says the U.S. economy is “past peak inflation” and predicts that only a “mild to moderate” recession could be incoming. “We sort of have some insight into where prices are headed over time, and the interesting thing that we’re seeing now is that most of our commodities, most of the things that go into a Tesla — not all, more than half the prices — are trending down in six months from now,” Musk said at Tesla’s 2022 Annual Meeting of Stockholders.

Coming sooner: ETH devs move up the date for Merge

The long-awaited Merge looks to be ahead of schedule, with Ethereum core developers Tim Beiko and Terence Tsao agreeing on a developer call Thursday to tentatively set the date of the Merge for Sept. 15. The previously estimated date from Beiko was Sept. 19, and suggested that the final preparation work is going smoothly after the final Goerli testnet merge went off without a hitch this week.

Coinbase posts $1.1B loss in Q2 on ‘fast and furious’ crypto downturn

Major crypto exchange Coinbase posted a whopping Q2 loss of $1.1 billion, citing a “fast and furious” crypto downturn during the quarter. The firm noted that Q2 was a “tough quarter” as trading volume and transaction revenue fell 30% and 35%, respectively. It marks the second consecutive quarter of loss for the company this year. “The current downturn came fast and furious, and we are seeing customer behavior mirror that of past down markets,” the firm wrote in a shareholder letter posted on Tuesday.

Decentralized apps on Polygon hit 37,000, rocketing 400% this year

The number of DApps on Ethereum scaling platform Polygon topped 37,000 this week, marking a 400% increase since the start of 2022. The project provided a breakdown of DApp projects built on Polygon, which notably showed that “74% of teams integrated exclusively on Polygon, while 26% deployed on both Polygon and Ethereum.” Polygon also stated that its ecosystem has now seen more than “142 million unique user addresses and $5 billion in assets secured,” with around 1.6 billion transactions processed on the network to date.

Anonymous user sends ETH from Tornado Cash to prominent figures following sanctions

One day after the U.S. Treasury sanctioned crypto mixer Tornado Cash over its alleged role in money laundering operations, intervals of 0.1 Ether transactions began being sent from the smart contract to prominent figures such as Coinbase CEO Brian Armstrong and American television host Jimmy Fallon. The move appears to be a critique or satirical commentary on the U.S. government’s current policy of also sanctioning addresses that interacted with Tornado Cash.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $23,840.93, Ether (ETH) at $1,882.20 and XRP at $0.37. The total market cap is at $1.13 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Celsius (CEL) at 93.85%, Ankr (ANKR) at 46.99% and Decred (DCR) at 26.34%.  

The top three altcoin losers of the week are ApeCoin (APE) at 9.03%, Curve DAO Token (CRV) at 5.01% and Kusama (KSM) at 4.53%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“A senior living community has almost no exposure to the crypto ecosystem unless their grandchildren tell them about it.” 

Owen Robertson, marketing associate at Dominant Strategies

“The fact that I don’t have an alternative to Facebook is the reason why Facebook is a monopoly. But if it was on a blockchain, I could transmit data freely, there could become [different] Facebooks.” 

Yat Siu, co-founder of Animoca Brands

“In the past six months or so, we’ve seen valuations on companies come down to a bit more realistic valuations, and it’s become a great time to begin allocating capital.” 

Gerard Berile, venture and investment principal at Wave Financial

“Going forward, that mentality towards risk management while still being bullish over the long term is very important. […] You can be bullish on crypto, but you can still sell out of the market.” 

Jeffrey Gao, CEO of Cypherpunk Holdings 

“Scalability isn’t just like some boring thing where you just need like ‘cost numbers go down’ scalability, I think actually enables and unlocks entirely new classes of applications.” 

Vitalik Buterin, co-founder of Ethereum

“So I think institutional adoption is where it’s going, and the institutions are what is going to enable […] that killer app for consumers to really bring crypto and DeFi to the next level.”

Boris Alergant, head of DeFi markets at Ripple Labs

Prediction of the Week 

$29K Bitcoin is closer than you might expect, according to derivatives data

With Bitcoin’s price continuing to battle $24,000 resistance, facing rejection on Aug. 10 but managing not to be knocked off the 52-day-long ascending channel, Cointelegraph market analyst Marcel Pechman suggested the price could eventually hit $29,000 by October. He pointed to a bullish chart formation with a support level of $22,500 that indicates the price could climb to just under $30,000. Pechman also noted that while BTC derivatives data show a lack of interest from leveraged longs, there is no indication of a surprise crash being priced into the market.

FUD of the Week 

ASIC chair troubled by sheer amount of ‘risk-taking’ crypto investors

Joe Longo, the chairman of the Australian Securities and Investments Commission (ASIC), has raised alarm bells over the number of Aussies that invested in “unregulated, volatile” crypto assets during the pandemic. As part of a media release on Thursday, Longo pointed to ASIC research from November 2021 that found that crypto was the second most common investment product, with 44% of those surveyed reporting holding it. Out of those investors, 25% indicated that crypto assets were the only investment class they were involved in.

Cross-chain bridge RenBridge laundered $540M in hacking proceeds: Elliptic

According to a Wednesday report from blockchain analytics firm Elliptic, crypto bridge RenBridge has facilitated the laundering of at least $540 million in hacking proceeds since 2020. According to the report, the laundering was conducted via a process known as chain hopping — converting one form of cryptocurrency into another and moving it across multiple blockchains.

Tornado Cash co-founder reports being kicked off GitHub as industry reacts to sanctions

Tornado Cash co-founder Roman Semenov claimed his account on developer platform GitHub was suspended on Monday. Semenov noted that, despite not being individually named as a Specially Designated National by the U.S. Treasury’s Office of Foreign Assets Control, he seemed to be facing repercussions relating to the Treasury’s allegations that Tornado Cash laundered more than $7 billion worth of crypto.

Best Cointelegraph Features

How to bake your own DAO at home — With just 5 ingredients!

Decentralized autonomous organizations come in all sizes and flavors. Some can seem sweet, others turn sour. It can be fun and interesting to create one that suits your needs and satisfies your hunger for something new.

Reinventing yourself in the Metaverse through digital identity

Metaverse users can reinvent themselves with a digital identity built upon avatars and digital assets, but there are challenges to consider.

How Bitcoin whales make a splash in markets and move prices

Are the whales selling in this bear market? A deep dive into their on-chain data.

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