Category: Cryptocurrency News

Like most of the world’s, Zimbabwe ’s economy is in shambles. Is a gold coin the solution, though? It might just be. The country’s central bank announced “the “Mosi-oa-tunya” coin, named after Victoria falls.” It’s Zimbabwe’s response to a dire situation. According to Reuters, “annual inflation, which hit almost 192% in June, cast a shadow over President Emmerson Mnangagwa’s bid to revitalize the economy.” In a highly unusual move, Zimbabwe ’s government created both a hedge against inflation and a highly-demanded product. A solution to a problem they created, sure, but still. The “Mosi-oa-tunya” coin might just work. “The gold coin will contain one troy ounce of gold and will be sold by Fidelity Gold Refinery, Aurex and local banks,” the article detailed.  A gold coin is no bitcoin, but it certainly provides a solution for analog people. At the present moment, the necessary technology to use bitcoin is not accessible to everyone. Everyone deserves a hedge against inflation, though. And if it’s easy to get to, all the better. Back to Reuters’ Zimbabwe report: “The central bank governor John Mangudya said in a statement on Monday that the coins will be available for sale from July 25 in local currency, U.S. dollars and other foreign currencies at a price based on the prevailing international price of gold and the cost of production.” Of course, this leads to a giant unanswered question, Why Don’t You Use Bitcoin, Zimbabwe? Almost 8 months ago, rumors that Zimbabwe might be the second nation to adopt bitcoin as legal tender made the rounds. This was a massive step, considering Zimbabwe banned all kinds of cryptocurrencies “to protect the public” just four years ago. However, it more than made sense considering a new Finance Minister formed a governmental cryptocurrency unit to study the subject around the same time. Africa is primed for crypto adoption. 10-20% banked. Need financial access and inclusion. Blockchain provides that with a smart phone. — CZ 🔶 Binance (@cz_binance) July 6, 2022 Always ready, NewsBTC reported on the bitcoin as legal tender rumor: “Now that many citizens are demanding crypto, the government is considering the option seriously. They disclosed this information through one of their local news outlets. The news also disclosed that the country is already discussing using Bitcoin as a legal tender – the Perm Sec Brig. Colonel Charles Wekwete confirmed this information. He also declared that the blockchain offers both positives and negatives.” As it turns out, Zimbabwe wasn’t ready for hyperbitcoinization just yet. However, the Reuters story buried the lead. Hidden between the article’s lines was the real story. BTC price chart for 07/06/2022 on Kraken | Source: BTC/USD on TradingView.com US Dollar As Legal Tender? Let’s not beat around the bush. The gold coins are cool, but a five-year dollar run is the real interesting part. “Last week, Zimbabwe more than doubled its policy rate to 200% from 80% and outlined plans to make the U.S. dollar legal tender for the next five years to boost confidence.” For those not up to date with Zimbabwe’s economic history, Reuters provides the cliff notes: “Zimbabwe abandoned its inflation-ravaged dollar in 2009, opting instead to use foreign currencies, mostly the U.S. dollar. The government reintroduced the local currency in 2019, but it has rapidly lost value again.” So, the country is no stranger to the U.S. dollar and it’s about to lose its local currency again. A country without a local currency, like El Salvador and the Central African Republic. That makes Zimbabwe a prime candidate for bitcoin adoption down the road. There’s no rush. It’s not clear if this was in reaction to the “Mosi-oa-tunya” coin news, but Binance’s CEO CZ recently tweeted, “Africa is primed for crypto adoption. 10-20% banked. Need financial access and inclusion. Blockchain provides that with a smart phone.” Featured Image by Tim C. Gundert from Pixabay | Charts by TradingView

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A hedge against the traditional market? Nope, crypto assets are now looking closer in risk profile to oil and gas, or EV stocks like Tesla, says Coinbase Institute’s chief economist.

Ethereum is showing positive signs above the $1,100 zone against the US Dollar. ETH could rise further above the $1,170 resistance zone. Ethereum gained strength for a move above the $1,100 and $1,120 levels. The price is now trading above $1,120 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,120 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if there is a move above the $1,170 resistance zone. Ethereum Price Remains Supported Ethereum made another attempt to clear the $1,165 and $1,170 resistance levels. However, the bears were active near the $1,170 level. The recent high was formed near $1,169 before there was a downside correction. The price traded below the $1,150 and $1,130 support levels. Ether price traded below the 50% Fib retracement level of the upward move from the $1,076 swing low to $1,170 high. However, the bulls seem to be active near the $1,120 support zone. It also found support near the 61.8% Fib retracement level of the upward move from the $1,076 swing low to $1,170 high. Ether is now trading above $1,120 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,120 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,150 level. Source: ETHUSD on TradingView.com The next major resistance is near the $1,170 zone, above which the price may perhaps surpass the $1,200 resistance. In the stated case, the price could rise towards the $1,250 resistance. Any more gains might send the price towards the $1,320 zone. Fresh Decline in ETH? If ethereum fails to rise above the $1,170 resistance, it could start another downside correction. An initial support on the downside is near the $1,120 zone. The next major support is near the $1,100 zone and the 100 hourly simple moving average. A downside break below the $1,100 support may perhaps spark another decline. In this case, the price might drop towards the $1,070 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now well above the 50 level. Major Support Level – $1,100 Major Resistance Level – $1,170

I'm not involved in Celsius in any way. I had no funds nor did I particularly care about them either way. I thought perhaps some of the things they were doing may have been too good to be true, but my decision to stay away was more out of laziness than anything else. However, their…
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Citizens of Argentina are hedging their savings by using stablecoins amidst the recent climate of uncertainty created by the resignation of certain key members of the government. The minister of economy in the country resigned last weekend, alongside other personalities, creating the turmoil that prompted the price of stablecoins in the country to rise by […]

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My understanding is that if a zkrollup operator suddenly ceases operation, you have to sync the rollup’s history from genesis to get the current state. In other words, if the transaction data has been posted to 500 ethereum blocks, you would need all the data from all 500 blocks to recreate current state. Is this…
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The underlying tech of a central bank digital currency wasn’t enough to convince some panelists at a Fed conference that it could change the international currency system.

Everytime someone is excited about a coin, or bull market, or just trying to shill shitcoins, somehow , somewhere along the lines of the shill, we hear, "I know this guy that knows EVERYTHING about crypto!". "This guy I know makes so much money!". And you know what he said? What? "He said he's all…
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