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The price of Bitcoin experienced a significant fall in the early hours of today, dropping from its initial $64,000 on July 25. The coin dropped by 7% to hover around the $50,000 price mark. Earlier in the week, Bitcoin traded above $68,477 until the euphoria of the Bitcoin miners selling their assets reached the public, thus triggering a pushback in the coin’s price.

Bitcoin and the rest of the cryptocurrency industry have been enjoying a robust market situation since July 5, a phenomenon linked to some viable macroeconomic indicators in the United States. Analysis from the June 2023 Consumer Price Index (CPI) report shows an increased demand for risky assets, including cryptocurrencies.

This price rally grew on July 22 and was linked to the news of the Ethereum ETFs, as well as the withdrawal of President Biden from the United States presidential race. This also positioned all Trump memecoins in a better position for a major price increase.

Chart Shows Bitcoin Price Retracting by 7%, Bitcoin Proposes $70,000

The clout surrounding the bullish trend contributed immensely to Bitcoin’s previous positive performance, increasing by 28% from $53,540 on July 5 to $68,477 as of July 22 – a 17-day price movement. Bitcoin’s price level of $68,477 is its highest trend in 30 days, starting from June 10, 2024.

In connection with this development, bull traders have staged a long position valued at more than $1 billion, getting ready for the proposed $70,000 price breakout. The available chart, as published on The Crypto Basic platform, explained that the price of Bitcoin is retracting by 7% from its initial all-time high of $68,477 as of July 22, after dropping significantly to $63,802 on July 25.

Many cryptocurrency traders who bought Bitcoin at the height of the selling frenzy are currently storing up the unrealized gains, which went up some two weeks ago. Bitcoin miners, in the recent selling trend, have started trading in a bearish manner.

Bitcoin Miners Hold 1.90 Million BTC, Doused Market Supply

Analysis from the chart by the Miner’s Reserves platform stated that the drop in the Miner’s Reserve is evidence that there is presently a selling trend, and it is responsible for the negative trend in the price of Bitcoin. This happened on July 23, the same time when the Ethereum ETF trend had gone widespread and was triggered by the announcement of the launch.

Bitcoin miners are cumulatively holding 1.92 million units of Bitcoin in their archives, which have been in their possession since July 15. This is also a reflection of the 20,000 units of Bitcoin that have been sold off in the last ten days.

According to the available records, the 20,000 units of Bitcoin sold by miners have drastically doused the market supply of Bitcoin by $1.28 billion. It also discouraged new prospects from entering the market, with the perception that the billion-dollar selling trend by Bitcoin miners could negatively affect their short-term gains.

Miners Take Advantage of New Investor’s Interest, SAR Indicator Explains

A freelance market watcher, Ibrahim Ajibade, is blaming the recent price drop on both the miners selling their Bitcoin holdings and traders locking their profits. Bitcoin miners have started leveraging the new investor’s interest, which they have rekindled to ute a big sellout.

Ajibade suggested that this trend has the propensity to shift the entire market towards the bearish trend, hence causing Bitcoin to face a significant price drop in the long run. According to the most recent Parabolic Stop And Reverse (SAR) indicator, there’s a prospective downward trend waiting to happen.

This is while the Balance of Power settles at -0.76, hence reintroducing a bearish sentiment at -0.76 as of press time. However, for Bitcoin to reclaim its former position and stop the ongoing decline, it must reverse its former resistance level of $66,000.

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at [email protected] if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

Recent events revealed that the giant stablecoin issuer, Tether (USDT), has vehemently denied the allegations laid against it by the United Nations concerning the use of USDT in several illicit and criminal activities, such as money laundering, especially in the pig butchering scams reportedly orchestrated by Southeast Asia hackers. In its defense, Tether highlights its total compliance with the global regulatory standards enforced by agencies like the USSS, FBI, and DOJ.

According to the report, the United Nations (UN) recently implicated the top-leading stablecoin issuer, Tether, for aiding and abetting criminals by allowing them to use its native stablecoin, USDT, to perpetrate their criminal activities. The UN added that many financial crimes, including money laundering and the Southeast scam rampage, were carried out using USDT mostly. However, Tether has strongly refuted the allegations in a rebuttal it published on January 16, 2024. The firm emphasized its proactive standpoint against illegal activities and advocated the use of blockchain innovation to combat related issues.

Tether Highlights Its Alliance With Prominent Law Enforcement Agencies

Stating in its response to the UN, Tether pointed out its currency compliance with prominent global law enforcers such as the Federal Bureau of Investigation, the Department of Justice, and the United States Secret Service. The USDT issuer used these cooperations as a testament to its dedication towards combating fraudulent financial activities and conscious effort to help authorities in mitigating these crimes.

Furthermore, the firm claimed that the core component of the blockchain innovation on which it operates enables it to track and thwart fraudulent activities, debunking the UN’s allegations. Moreover, Tether pointed out that its blockchain prioritizes transparency, allowing for thorough supervision of transactions. With this feature, Tether argued that it has an edge over conventional financial s in terms of detecting and solving illegal transactions

Also, the company highlighted its ability to take spontaneous decisions such as freezing illegal transactions, showcasing its role in preventing the misuse of its stablecoin, USDT, by fraudsters.

UN Invited For A Collaborative Dialogue

In addition, Tether shed light on the general significance of the blockchain innovation in improving transparency and security. The firm frowned at the UN for leaving out the traceability feature of the Tether token in its report, highlighting previous records of cooperating with law enforcers to tackle financial crimes. Moreover, the firm pointed out that it has successfully frozen numerous suspicious transactions, totaling about $300 million in USDT in recent months, depicting its proactive efforts in mitigating the misuse of cryptocurrencies for criminal activities.

Furthermore, Tether urged the United Nations to review its perception and acknowledge the capacity of the blockchain innovation in connecting financial-related crimes. Also, it called for a more comprehensive and cooperative approach toward comprehending and using the potentials of blockchain and crypto innovations. Tether’s goal is to facilitate a collaborative effort to combat illegal financial activities in the digital assets sector by asking for a dialogue with the UN, highlighting the significance of contemporary techniques and clear cryptocurrency rules.

Tether’s Perspective On Preventing Financial Crimes

While addressing the UN’s accusations against it, Tether emphasized its commitment to maintaining its accountability and transparency reputation in the digital assets sector. The move by the firm to request a cooperative dialogue with the UN showcased its earnest wish to mitigate concerns and join hands in addressing fraudulent activities in the crypto industry.

Furthermore, Tether’s stance aligns with the trendy movement in the broader crypto community where individuals and firms are adapting and complying with regulatory directives in their jurisdictions as well as contributing to the enhancement of security in the sector. Also, Tether’s actions reflect a growing awareness and accountability across firms in the sector as they join forces in actively fighting financial crimes.

In addition, Tether’s move to deny UN’s accusations and point out its efforts in cooperating with agencies to combat misuse of digital currencies reflects its aim of reshaping the sentiment around the use of stablecoins in illegal activities. The firm maintained a simple belief that when blockchain innovation is used ideally, it can eradicate financial crimes, not promote it.

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at [email protected] if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

According to research, the quantity of new Bitcoin ATMs continued to increase during the last decade. However, in 2022 the steady incline changed into a reverse trend. Researchers claim that during 2023, the total number of newly installed Bitcoin ATMs decreased by 11.1%. This is a deviation from the historical trend of a steady increase in Bitcoin ATMs during the beginning of every New Year.

As per Coin ATM Radar, the total number of Bitcoin ATMs was recorded at 33,628. In comparison with 37,827 on the same day last year the number is a few units behind. However, the total number of Bitcoin ATMs recorded at the beginning of the year end declined in 2024.

The tracker started to record Bitcoin ATMs in October, 2013. Since that time the total number of monthly Bitcoin ATMs has continued to increase on a monthly basis until recording ATH of 39,376 in August, 2022.

Bitcoin ATMs Declined More in the US

Since 2013, total Bitcoin ATM installations have continued to decrease. An important drop was noticed in 2023. The biggest decline was recorded in the United States. As per the statistics, total Bitcoin ATMs declined from 32,672 to 27,631 noticing a 15.4% decrease.

However, the USA has remained home to 82% of the total Bitcoin ATMs around the globe. On the other hand, the number increased in other national jurisdictions such as Canada, Spain, Poland, and Australia.

BitAccess’s Data Projections

Meanwhile, data projections from BitAccess, a firm that generates and installs units, have noted that its net installations declined by 26% going from 9,160 in August 2022 to 6,774 on 1st January, 2024.

On the other hand, two major ATM manufacturers namely General Bytes and Genesis Coin continued to increase total Bitcoin ATMs regardless. In the same manner, Bitcoin Depot one of the big firms in ATM sector also filed for public listing on NASDAQ on 3rd July and expanded operations to the 28th state of the United States.

Bitcoin Depot Files for Public Listing on NASDAQ

Bitcoin Depot recorded revenue of $179.5 million during the third quarter of 2023 recording a 3% year-to-year increase. Fintech firm GSR II Meteora Acquisition Corporation confirmed the acquisition of Bitcoin Depot in a public announcement on 30th June, 2023. The deal was finalized in August, 2022 in a $885 million special purpose acquisition deal.

According to Coin ATM Radar, there are 498 digital currency ATM operators with unit installations active in 71 nations. Bitcoin is the most popular listed cryptocurrency on most ATMs. Other most offered cryptocurrencies on the automated teller machines are Bitcoin Cash, Ethereum, Litecoin, and others.

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at [email protected] if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

The co-founder of Ethereum, Vitalik Buterin, has released an ambitious vision for the blockchain network that he believes will outline significant projects and goals to take it to new heights by 2024. Buterin has established a daring objective under the moniker “The Surge”: using rollups to enable 100,000 Transactions Per Second (TPS) on the Ethereum network.

Buterin’s roadmap, specifically designed to direct Ethereum’s course in 2024, consists of six essential elements. Some of these elements, according to Buterin, are “The merge,” “the surge,” “the scourge,” “the verge,” “the purge,” and “the splurge.”

Every component is a strategic emphasis area intended to solve different issues and enhance the Ethereum network’s capabilities. Buterin’s audacious plan, “The Surge,” calls for increasing Ethereum’s transaction processing capacity to 100,000 TPS.

Rollups, a layer-2 scaling approach, will be key to achieving this. Rollups process transactions off-chain and then publish a summary to the main chain, intended to improve Ethereum’s scalability.

Buterin Lists Plans in Detail, Explains Mention Merge, and Surge

To manage the increasing amount of decentralized apps (DApps) and smart contracts, Ethereum must pursue higher TPS. By shifting transaction processing to more effective layers, the rollups approach seeks to alleviate Ethereum’s ongoing scalability issue.

As for the Merge, Buterin describes the changeover of a proof-of-stake (PoS) consensus method from a proof-of-work (PoW) mechanism. This change is a component of Ethereum’s larger initiatives to improve productivity, lower energy usage, and prepare Ethereum 2.0. The Surge intends to use rollups to reach 100,000 TPS, representing a major improvement in Ethereum’s transaction processing speed.

Ethereum Roadmap Continues: Hints on Purge, Verge, Splurge, and Scourge

The Scourge tackles security and network resilience issues. Buterin stressed the significance of protecting Ethereum against possible attacks and weaknesses. The Verge focuses on enhancing Ethereum’s user interface and experience.

It also works as an enhancing feature that is easy to use and is essential to drawing in more users.

The Purge involves clearing the Ethereum network of any unnecessary or out-of-date components. The goal of this streamlining process is to maximize the performance and efficiency of the network.

The Splurge suggests that eco growth and development activity may be about to pick up. It is also expected to upgrade and improve Ethereum, which is expected to lead to a thriving eco that draws in more developers, projects, and consumers

Experts Wades in, Interprets Bullterin’s 2024 Ethereum Roadmap

Interpreting the latest development, Newton Gitonga from ZyCrypto wrote that Ethereum’s dedication to ongoing development and adjustment in response to the changing needs of the blockchain industry is reflected in Buterin’s roadmap.

In commendation, Gitonga added that the Layer-2 solution integration, the switch to proof-of-stake (PoS), and an emphasis on user experience and security all set Ethereum up for a revolutionary year. Buterin, while speaking on this proposed change on the ZyCrypto blog platform, mentioned the platform’s origin in decentralized file storage and peer-to-peer relations.

While commenting on the company’s growing interest in financial application, he admitted a shift in the company’s operations in 2017 The ambitious roadmap that Vitalik Buterin has laid out for Ethereum in 2024 provides a thorough plan for tackling major issues and opening up new possibilities for the network.

Meanwhile, Buterin revealed plans to enhance Ethereum’s Single Slot Finality (SSF) in 2024. The SSF feature is developed to ensure the irreversibility of the blockchain blocks and that it burns not less than 33% of all staked Ethereum tokens for any attempted reversal.

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at [email protected] if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

El Salvador, popularly known as the first country to adopt the primary crypto asset, Bitcoin, as legal tender, is currently struggling to boost the rate of Bitcoin adoption among its citizens, citing several unexpected challenges. Analysis revealed that China enjoys a better crypto adoption rate than El Salvador, as a significant number of citizens in the former own crypto wallets compared to the latter. As such, El Salvador has reportedly launched a citizenship-by-investment solution to increase the crypto adoption rate among its citizens.

According to the report, El Salvador made history when it took the bold step of announcing Bitcoin as its legal tender in 2021, embracing the versatile eco of decentralized finance. However, despite the numerous initiatives, promotional campaigns, and favorable policies the government of the country established to promote the growth of cryptocurrency in the region, it proves less effective as statistics show that the rate of digital asset adoption in the country is surprisingly low.

El Salvador Records Poor Crypto Adoption Rate

Furthermore, the report showed that despite the government’s effort to legalize crypto assets, only a few Salvadorans own crypto wallets. According to statistics from a crypto analytics firm, CoinGecko, only about 1.72% of El Salvador’s population currently has BTC in their wallet. This shows that the status of BTC as legal tender in the country is yet to be fully embraced by the citizens.

In addition, the report applauds El Salvador as the only country on the surface of the earth to embrace crypto assets as legal tender. However, it also pointed out that Salvadorians have not fully adapted to the use of digital currency as evident in the low adoption rate which the country suffers.

Moreover, a statistical report from Triple-A, another analytic firm, revealed that out of the total 6.36 million people that occupy El Salvador, only about 109,175 people currently have Bitcoin in their possession. The percentage is rather too small compared to the total number of individuals in the country that use crypto for their daily transactions.

Crypto Adoption Thrives In China Than El Salvador

Meanwhile, the report further revealed that in the worldwide index for cryptocurrency adoption, El Salvador ranks 55th. This statistic indicates that the nation is still far behind other countries, such that even the ones that have implemented strict regulations on cryptocurrency are still thriving better than it.

For instance, China, whose government had placed a ban on cryptocurrency for the long term, seems to be thriving more than El Salvador, as reports revealed that about 4.08% of its population engages with digital currency. The percentage contrasts steeply with the numbers recorded for El Salvador, which had its government fully supporting cryptocurrency.

However, despite the trying times crypto adoption is facing in the country, the El Salvadoran government remains steadfast in facilitating and promoting the growth of cryptocurrency in the region. According to the report, the country recently deployed a new solution called citizenship-by-investment. This program reportedly offers citizenship and residency to people who accept to invest Bitcoin or Tether that are worth $1 million in the country.

Large-Scale Crypto Adoption Is Complex And Challenging

Meanwhile, crypto enthusiasts pointed out that the low adoption rate of crypto in the country suggests deeper societal fears and hesitation from the citizens to fully transition from a traditional economic to a financial based on digital currency. Furthermore, they believe that while the country may seem to rank low globally in terms of crypto adoption, the ultimate effort by the government of the nation to implement cryptocurrency into its economy would pay off in the future as the country gradually picks up momentum in the rate of crypto adoption.

However, the unexpectedly low numbers of adoption of crypto in the country did not fail to raise questions among the crypto community on the challenges surrounding the integration of crypto assets into daily transactions. El Salvador’s current issue serves as a case study, pointing out the complexities and challenges countries might face while trying to facilitate large-scale crypto adoption.

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at [email protected] if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.