John Bollinger expresses his opinion on the cryptocurrency market
John Bollinger, the creator of Bollinger Bands, made important comments about the future of the cryptocurrency industry and the crypto trading signals. Bollinger expressed his opinion on the future of the cryptocurrency market, citing a turning point.
Seasoned investor John Bollinger, creator of Bollinger Bands, which generates buy and sell signals, noted that the cryptocurrency market is at an important turning point. Bollinger said in his comments on Twitter that the cryptocurrency market will acquire a new identity. The well-known analyst identified several "unusual" trading patterns and drew attention to them. Bitcoin has been gaining momentum to move higher over the past two weeks. However, the fact that the price range between $ 35,000 and $ 35,500 could not be exceeded caused a downward movement - said the analyst of SafeTrading.
In addition, according to data from SafeTrading site, many DeFi cryptocurrencies, including Aave, Compound, Synthetix, have shown positive rates in recent days.
According to the latest news in the media, JPMorgan analysts believe it will be beneficial for the market if the leading cryptocurrency returns to its 50th level of market dominance. Currently, the dominance of bitcoins in the market is 44%.
Latest Bitcoin and Ethereum Price Situation
Leading cryptocurrency Bitcoin fell to $ 32,000 with a loss of $ 2,000 in the last 24 hours. While many altcoins are following the general market trend, the pundits have not given any sign of danger for this retracement. The $ 30,000 support level is key for BTC. Revisiting this level could put the cryptocurrency market in a heavy red.
The second most popular cryptocurrency, Ethereum, is trading at $ 2,177 at the time of this writing. ETH tested the $ 2,400 limit 24 hours ago and failed here. The largest altcoin remains on an upward trend despite falling. The development of the ETH network and the interest of institutional investors make it the second most popular cryptocurrency.
Which major countries are preparing to pay salaries in cryptocurrency?
This week, an Argentine lawmaker introduced a bill allowing employees and those exporting services abroad to receive payment in cryptocurrency.
Can prevent inflation in wages
Congressman Jose Luis Ramon said that since the peso, the local currency, currently suffers from inflation of about 50% a year, the people of Argentina introduced the bill to "strengthen their material independence and maintain the purchasing power of their wages."
This initiative stems from the need to increase the independence of wages and to facilitate their management without loss of rights or cases of abuse in labor relations.
Since 2019, residents of Argentina have been unable to access money transfer and exchange services without permission from the country's central bank. This means that residents who are paid in foreign currencies are forced to use a government-authorized channel to convert their currencies into pesos, often at significantly lower rates than the market rate, forcing them to experience severe depreciation.
Bitcoin Fortress Latin America
Latin America has come to the fore thanks to recent government decisions regarding cryptocurrencies. Just last month, El Salvador became the first country in the world to recognize Bitcoin as a legal currency. Some time later, the leader of the Panamanian opposition, Gabriel Silva, said that they want to follow in the footsteps of El Salvador.
However, El Salvador faced a number of major challenges in its implementation. Confusion arose as to which department was responsible for regulating the ability to pay wages in bitcoin, and the World Bank announced that it would not facilitate the rollout of bitcoin infrastructure across the country.
After El Salvador, it was Vietnam's turn.
SafeTrading continues to speak and discuss countries that are adopting digital currencies and stock markets as the technology of the future and investing in these assets. El Salvador recently announced that cryptocurrencies will become official and legally placed and crypto trading signals will be very popular in the country. We said that this is the first time, and this will continue. We think we are right in what we say. Vietnam is one of the countries where cryptocurrencies are under pressure and are suffering from sanctions. But an interesting step was taken, and shortly after El Salvador, Vietnam also took steps to adopt cryptocurrency as its official currency.
Pham Minh Chin gave instructions to the Central Bank of Vietnam and began the process of researching cryptocurrencies. The President, who continues that this can be done by public policy and regulated by law, is preparing to make an important decision.
As we just mentioned, Vietnam was one of the countries with the strictest and most red lines in this regard. We find it useful not to ignore the fact that such a step has been taken, which is surprising, but at the same time promising.
Cryptocurrencies will become official.
It is necessary to congratulate El Salvador on the opening of a new path. We expected this to be an example for other countries, but we did not expect it to happen so quickly. In Vietnam, one of the strictest countries in terms of cryptocurrencies, work was in progress by presidential decree. Cryptocurrencies can also become official in this country, and this is really good news for both world exchanges and the cryptocurrency market, and for investors.
Country positive approaches also mobilize other countries, making it easier to accept cryptocurrencies. We will continue to provide instant updates on developments and we think that many different countries with similar news will soon appear and intensify their activities. This is becoming a plus for cryptocurrencies.