Latest Market News
After a brilliant start to 2021, the cryptocurrency market now seems to have entered a downwards trend. While Bitcoin has shown some signs of recovery, it did see a staggering price drop from its all-time high of $64,800 on April 14 all the way to $30,000 on May 19.
DOT is up by a strong 8.2% today as the coin continues to trade inside its period of consolidation in a symmetrical triangle. A break above $25 would indicate a bullish breakout of this consolidation and is likely to kickstart a bull run back toward the May highs again.
Bitcoin is up by a strong 7% over the past 24 hours of trading as the cryptocurrency reverses and heads toward the $37,000 level. Earlier in the week, BTC had dropped beneath a symmetrical triangle pattern that it had been trading within over the previous 20-days.
Polkadot founder Gavin Wood has published a blog post in which he shared recommendations for the rollout of parachain slot auctions for Kusama. According to these recommendations, the first Kusama parachain slot auction would start on June 15, with four more auctions taking place every week from June 22 forward.
El Salvador is now the first country in the world to recognize Bitcoin as legal tender. 62 (out of a total 84) deputies in the Legislative Assembly voted in favor of the proposal, which was introduced by the country’s president Nayib Bukele.
While the overall market seems relatively stagnant, SOL managed to surge by a strong 17.5% today as the cryptocurrency heads above the $40 level and is currently testing resistance near $44 - provided by a bearish .618 Fibonacci Retracement level.
The main hurdles many of the current blockchain solutions stumble on have to do in some way with the scalability aspect. In short, scalability allows for unimpeded expansion of the network that doesn’t inhibit its ability to function according to the original intent. This invisible but rather crucial wall is one of the most muddling aspects of cryptocurrency adoption. This is one of the main reasons for an array of forks that happen with Bitcoin and Ethereum blockchains - dislodge the load from Bitcoin. The approach however doesn’t heal the malady but instead only treats the symptoms.
Volatility is generally viewed as the achilles heel of the cryptocurrency market. It causes market crashes such as the recent plummet that saw Bitcoin lose up to half its value in the space of a week. But could this volatility, that seems to feature so heavily in the media, in fact be a positive attribute of cryptocurrency?
Elon Musk's Twitter posts about Bitcoin haven’t gone unnoticed by the Anonymous, a group of hacker activists, who have posted a video with the title “Message to Elon Musk” on their YouTube channel.
By launching its SDK stack, Polygon has provided the underlying framework and tools to enable one-click deployment of Ethereum-compatible chains and the option to build custom blockchains.
