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New Banknotes Help Venezuela Set A Bitcoin Trading Record

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New banknotes that are hyperinflated help the number one cryptocurrency set a record in trading in Venezuela this week when the informal markets reached a new all-time high. Following the coming altcoin news, we take a closer look at the analysis.

The data from the monitoring company Coin Dance revealed that up to the 15th of June Venezuelans transacted more than 46 billion sovereign bolivars on the popular bitcoin exchange LocalBitcoins. This is a newly reached figure after the one of 40.9 billion was set earlier in May.

The ongoing bitcoin activity in Venezuela become extremely popular after the new banknotes appeared in August 2018. Under the regime of the Venezuelan president Nicolas Maduro, the national bolivar reached to a point where five zeros were deleted from the exchange rate overnight. This was a very controversial move that laid the foundation for the issuing of the new national cryptocurrency Petro. The hyperinflation has set the currency since it was founded with annual rates to increase up to 8 million percent in 2019.

This week, Maduro rejected the VES and issued new banknotes in larger denominations to counter the slipping value. The Central Bank of Venezuela claimed the move happened in order to ‘’ make the ‘’payment system more efficient and facilitate commercial transactions’’ but there seems to be little sign of appreciation from the consumers. With the BTC price upstick which set at the end of last week, there was some renewed enthusiasm on the part of traders in countries such as Peru, Argentina, and Colombia. All of these countries have been heavily involved in the Venezuela crises and the reports show that the officials are now attempting to increase border control in order to decrease the flow of refugees.

As noted in the latest cryptocurrency news, the president of Brazil Jair Bolsonaro also stated that Latin America should introduce its own version of the Euro but didn’t seem to know what Bitcoin was. He stated that he canceled a project that was aiming to integrate the native Indian population of Brazil by using cryptocurrency. Argentina on the other hand, as a more progressive country, says that the government is in talks with the billionaire investor and bitcoin advocate Tim Draper in order to develop an Argentinian peso –based exchange.

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Bitcoin News

BTC Retracement To $7,150 Could Mean A Visit To $7,800 Soon

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The BTC retracement to the $7,150 level could mean that the next price level for the largest cryptocurrency will be $7,800 as per the crypto analyst and trader Crypto Michael. Checking on the charts, we discuss more the price and the possibilities for the coin in the bitcoin news now.The BTC trends go back and forth in the market with almost no indications of a consolidating price momentum anytime soon. However, the crypto trader and analyst Crypto Michael believes otherwise. He said that the BTC retracement to $7,150, could be a means to retest the $7,800 resistance level. Since Bitcoin emerged about 10 years ago, the crypto analysts have played a huge part in the path of its development and growth. This is why their opinions are all considerable.As bitcoin displays slow growth, the crypto trader hinted about the possibility of Bitcoin retesting the $7,800 price region anytime soon if the digital token could flip above the $7,150 resistance. He explained:
 “Wouldn’t surprise me to see something like this, as long as we hold green. Breaking and flipping back above $7,150 would make the price go back in the range & then we’re eager to look for $7,800 later on. Crucial to hold green, nonetheless.”
The bears are resilient over the price of Bitcoin on the market since it became a thing of concern to most of the enthusiasts, investors, and traders. Bitcoin recorded yearly price highs and has been a cause for agitation in the crypto community especially among the newcomers in the trading and investment area. The majority of the analysts believe that the Bitcoin halving will cause a massive turning point for the Bitcoin price as they considered the previous halving into consideration.According to the history of the previous Bitcoin halving, one year after the event is expected to welcome a parabolic price uptrend of the altcoin. This event is scheduled to take place every four years and this was last conducted in 2016 so the next halving is expected in May 2020. To be fair, the halving has been mostly favorable to the price of BTC and it was also believed that the effect of the 2016 bitcoin halving aided the price of the crypto to the record-time high of $20,000.
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Altcoin News

Syrian Refugee Is Teaching Cryptocurrency Basics In A Camp In Iraq

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One Syrian refugee has just proved that the crypto industry is best understood through proper education. Despite the obstacles and fact that refugees in refugee camps do not have access to information about cryptocurrency, this refugee decided to teach everyone more about cryptocurrency.Situated in the Arbat refugee camp in Iraq, the 16-year old Yousif Mohammed Nor Aldeen teaches other people about cryptocurrency. As he says, “I want to solve a problem in my community. We have a lot of problems, like corruption."Aldeen still has some of his family left behind in Damascus and is particularly fond of the idea that they could all earn and send money among their social networks regardless of borders or the strict regulations in recent years.
“People really need to know all the things about the internet and their phones and laptops,” the Syrian refugee claims. “We are in an advanced world and we should learn."
Aldeen now owns a small amount of Ether (ETH) which he said he earned through a local education program run by the nonprofit Hello Future. However, as he claimed in the ETH news, his possessions are too little to spend so he is eager to earn more.As we could see from the Hello Future founder Charlie Grosso, most of the students in Aldeen's class think of mobile devices and computers in the same way like old-school Nintendos. They know that they could play games on them but are unfamiliar with Internet or access to global networks.
“The idea of searching to verify information is unknown to them,” she said. “They just don’t have that framework.”
The Syrian refugee is obviously looking to change this and teach them everything about cryptocurrency and the latest crypto news. Even though the learning curve is steep for people in this camp, Grosso is confident that all 44 teens who took her computer literacy class quickly grasped the concept of stateless digital money.
“Two years ago, I got my first phone. Now everyone in my family has a smartphone,” Aldeen said. “I like games like Minecraft because I can build things, design things and improve my English.”
The Syrian refugee also stated that cryptocurrency "might be good for saving money because if you put your money inside a bank, the bank might steal it."
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Bitcoin News

Four Common Bearish Patterns Every Bitcoin Trader Should Know

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Candlestick patterns can be bearish and bullish - and they are one of the most popular methods for analyzing price action by cryptocurrency traders. The truth is, there are so many patterns worth learning and understanding. Below, we are listing four common bearish patterns to let you know how they can predict a trend and identify potential patterns.Bearish HaramiThis is the first one in our list and a two candle pattern which signals a likely reversal in price. In this pattern, the first candle is large and green while the second one is a red one with a smaller body. In order to be valid, the second candle must be completely within the range of the body of the first candle. A situation like the bearish Harami has occurred many times in the cryptonews.Dark Cloud CoverSecond on our list of four common bearish patterns is the Dark Cloud Cover - another two candle pattern which signals a likely bearish reversal at the top of a bullish movement. The first candle is large and always green, followed by a similar red candle. However, what's important is that the second candle opens with a gap and closes more than halfway into the body of the first day's candle.The Evening StarIf you have studied the four common bearish patterns, you probably know The Evening Star - a bearish reversal pattern which appears on top of an uptrend with a large bullish candle and is followed by a gap to a small bodied candle and one to a red candle closing below the midpoint of the first day.Shooting StarLast but not the least is the Shooting Star, a bearish reversal pattern which is common in the Bitcoin news updates. Formed by two candles, it appears during an uptrend and signals that an upcoming reversal to a bearish bias is close. The first candle is green and is followed by a green or red candle with a long upper wick and a small body. It is the long wick which is the indication that bulls control much of the session, before losing their ground to bears.We hope that these four common bearish patterns will let you identify future bear markets!
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Best Investable Asset For 2019 Is Officially Bitcoin: Report

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Bitcoin is officially the best investable asset for this year despite having its share of unnerving periods and managing to become of the best assets as we are reading more about the report in the upcoming BTC news.Acquiring more than $1 worth of Bitcoin in 2020 would mean more than $90,000 today even after the price corrections. To compare, after the extremely successful decade for the stocks, $1 invested in big indices of the US equities would have reached $3.46. Of course, not everyone can sell during peak time so the stock indexes are historically less volatile and more liquid. Bitcoin is considered a wild card for personal finance and helps to build wealth for smaller-scale investors facing both risky markets and low real income.Bitcoin investment is not limited to US-based persons and it caused a boom of investments in Korea and the stagnant stock returns caused buyers to adopt crypto assets which moved beyond BTC and into the zone of the riskier assets. It’s possible that some of the other asset classes reached a huge growth as well in nominal terms over the past ten years and they have now arrived with significant quantitative easing thus boosting their valuations.  The next decade could bring slower growth but most of the indicators point to a recession getting avoided in 2020. Bitcoin has not faced a recession so far and has existed on the market in an environment of investment exuberance.Since then, despite the correction, the bitcoin ecosystem increased and the presence of the asset was established. With the mainstream futures markets and exchange-traded products across Europe, Bitcoin is starting to look like a serious asset class that the mainstream markets will have to compete in which is why it is proclaimed as the best investable asset for this year. Despite the crashes, bitcoin has posted higher lows each year and gained a lot of liquidity and support from the futures markets that helped it go around the periods of relative stability.BTC also build businesses around the activity of mining and it used the spare hydroelectric power to essentially build a new type of value. This month has been considered the final stretch of the decade for the benchmark cryptocurrency at least since the beginning of the trading. Bitcoin now trades at about $7065 on the slower volumes before the holidays start.
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