A crypto news roundup is not complete without addressing the question: when will Bitcoin reach the bottom?
Bitcoin dominates 43% of the crypto market and most other cryptocurrencies rise or fall along with BTC. Bitcoin fell to a macro low of $17,600 on June 18th. This was the lowest price since December 2020 – so how much further will it fall?
In a major boost for crypto adoption, Visa has also released crypto-enabled cards in South America (Latam). It comes as Mastercard is looking to swiftly follow suit.
In other crypto news today, the Cardano hardfork is now delayed – as is the NFT marketplace from EverGrow Coin.
Bitcoin could still fall another 40% – to $13,000 – according to past data.
Ian Harnett, co-founder of Absolute Strategy Research, told CNBC that Bitcoin tends to fall 80% from all-time highs. In 2018, Bitcoin fell to $3,000 from an all time high of $20,000 reached in late 2017.
An 80% drop from the Bitcoin all-time high of $69,000 (reached in November last year) would bring Bitcoin down to $13,800.
Harnett added that macroeconomic conditions make another Bitcoin price crash likely.
"In a world where liquidity is plentiful, the bitcoins of this world do well," Harnett said. "When that liquidity is taken away — and that's what the central banks are doing at the moment — when you see those markets come under extreme pressure."
Visa has partnered with fintech startups in South America to launch crypto-enabled cards.
Users can spend and purchase crypto wherever Visa cards are accepted, and receive crypto cash back.
Visa's partners are Lemon Cash and Satoshi Tango in Argentina, as well as Crypto.com, Alterbank, and Zro Bank in Brazil.
Romina Seltzer, the vice-president of products and innovation for Visa Latin America and the Caribbean, said the company was to 'build the future of crypto and create more 'use cases'.
Visa rival Mastercard has also signed a partnership with Mercado Libre to secure transactions on its crypto exchange.
Two anticipated drops are delayed until at least July: Cardano's Vasil hardfork, and the LunaSky NFT marketplace from EverGrow Coin.
Input Output Hong Kong (IOHK) – the blockchain engineering firm behind Cardano – pushed back the previous June 29th hardfork date to the 'last week in July'. IOHK said 'seven bugs' remained and required extra work.
The Vasil hardfork is the biggest upgrade to Cardano since the Alonzo hardfork last September. Vasil is expected to reduce the size of transactions, thereby increasing Cardano's throughput and lowering transaction fees.
Cardano is a proof-of-stake hybrid blockchain aiming to compete with Ethereum. It is currently seventh in the crypto rankings by market cap.
Meanwhile the anticipated LunaSky NFT marketplace from EverGrow Coin is only 86% complete according to progress reports on the EverGrow Coin website.
LunaSky is housed on the BNB Chain and enjoys minting fees as low as $0.20 – compared to often over $30 and even up to $70 on the Ethereum mainnet, which houses OpenSea. LunaSky will also be the first NFT marketplace to rollout NFT staking to offer crypto loans with only NFT assets as collateral.
LunaSky is the first key utility in the EverGrow Coin ecosystem. EverGrow Coin calls itself a 'share' rather than a 'currency' as it pays out BUSD reflections from a 14% transaction tax. Investors are encouraged to hold long-term and earn passive income while the ecosystem grows.
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