If you could buy Bitcoin straight from your bank account would you do it?
Well 24 million Americans are going to be able to soon and we’ll tell you how in just
a second.
Cardano is the number one blockchain in the world on this one key metric and the Bitcoin
mining adjustment is about to do something that’s never happened before.
All the crypto news highlights served on a silver platter on this week’s Exodus Crypto
News.
After the news about El Savlador making Bitcoin legal tender, this is one of the most bullish
Bitcoin stories I’ve heard all year.
The payments company NCR has teamed up with digital-asset management firm NYDIG and they’re
bringing Bitcoin to a bank near you.
The deal is pretty simple: 650 banks, located throughout the United States, are going to
let clients purchase Bitcoin directly from their bank account.
NYDIG will custody all of the Bitcoin so that banks don’t have to go through the regulatory
process of doing it on their own.
One of the most interesting parts of the story is why hundreds of banks decided to start
supporting Bitcoin.
According to NYDIG president Yan Zhao, quote, “A lot of these banks have seen that one
of the biggest outflows from their depositors is moving money from the bank to exchanges
like Coinbase, and so that’s part of why banks are so excited to have this capability
for themselves and for their consumers.”
In other words, if you can’t beat ‘em, join ‘em.
Clients were taking money out of their accounts to buy Bitcoin and instead of fighting it,
the banks are going to support it.
Even though it’s a bank and a custody solution, the move is exciting and we’re really looking
forward to seeing how popular this service is because it opens up a new asset class to
a whole new market.
The long romance between Bitcoin and China is finally over.
The Chinese government has made Bitcoin mining illegal, which has put the Chinese miners
in a very difficult spot.
Hundreds of thousands of ASICs have been turned off overnight and as you’d expect, Bitcoin’s
hashrate has plummeted.
Thankfully, Satoshi Nakamota anticipated this type of scenario and that’s why there’s
the mining adjustment.
Every two weeks the Bitcoin network makes mining more or less difficult, depending on
whether more miners have joined or left the network.
Since all of the Chinese miners have stopped mining the difficulty adjustment is trending
down and has been for a while.
The mining difficulty went down by 16% on May 30th and 5% on June 14th.
It’s not over though, and various sources project that the difficulty is going to fall
by another 25% during the next adjustment.
Notably, this will be the first time in Bitcoin’s history that the difficulty has adjusted down
3 times in a row.
That’s a big drop but the good news is that it’s not permanent.
The Chinese miners will relocate to other countries like Kazakhstan and the USA and
once they boot up their rigs the Bitcoin network will be more decentralized than ever!
Bullish.
Bill Foster is a Democratic Representative from the state of Illinois.
Here’s a quote from him, talking about people holding cryptocurrencies like Bitcoin.
“For most people, if they’re going to have a big part of their net worth tied up
in crypto assets, they’re going to want to have that security blanket of a trusted
third party that can solve the problem.”
What a ridiculous statement!
One of the primary reasons that people get into crypto is that there isn’t a third
party controlling their money.
There’s no Fed inflating away the money or PayPal reversing transactions and freezing
accounts for no good reason.
When you keep your crypto in a non-custodial wallet like Exodus the coins are yours.
Nobody can stop you from transacting or take your money.
Foster goes on to suggest that there needs to be a way to reverse crypto transactions,
and of course it would be the government that does the reversing.
Another brilliant idea, since the politicians and the Fed have proven themselves to be so
good at managing money.
There’s not enough time in the day to fight back against all of this nonsense, suffice
to say, next election cycle we’re rooting for Illinois to elect someone who is more
knowledgeable about crypto and how blockchains work.
Cardano is showing some real signs of life as 30 Billion ADA tokens are now being staked
on the network.
That’s equal to about 75% of ADA’s circulating supply, making Cardano the number one Proof
of Stake network in the world measured by the percentage of coins being staked.
One of the reasons so many people are interested in buying and staking Cardano is that after
years of research and development the team is finally rolling out smart contracts.
This should be a major boost to the platform since Cardano will finally be able to compete
with other protocols like Ethereum.
Noted Bitcoin analyst Willy Woo, and frequent guest on Peter McCormack’s What Bitcoin
Did podcast, doesn’t believe that Bitcoin is in a bear market.
To prove that investors are still bullish on BTC Willy looks at a signal that he refers
to as the Rick Astley indicator.
The indicator, in reference to Rick Astley’s song; Never Gonna Give You Up, measures the
behavior of OG Bitcoin hodlers.
If the hodlers are selling that’s bearish, since it shows that people who have believed
in Bitcoin for a long time have had a change of heart.
However, selling is the farthest thing from their mind right now…
Willy Woo points out that according to his indicator, the only people selling right now
are those who’ve bought Bitcoin in the last few months.
And who is scooping up all the Bitcoin that the weak hands are dumping?
You guessed it, the Bitcoin OGs.
Once the market runs out of paper hands Woo thinks we’ll see a reversal and prices will
start to trend higher.
It’s unclear how long it will take for this to happen, however, Woo has stated in previous
media appearances that he thinks Bitcoin is going to make significant new all time highs
in 2021.
What do you think?
Are we going to the moon ore is it time to trade the new lambos back in for Nissan sentras?
Let us and everyone else know what you stand in the comments below.
Thanks for watching everyone, make sure to hit those Like and subscribe buttons, and
until next time hodl on!