The Influx of Positive Vibes In Bearish Market
The Crypto market in 2021 is almost completely bearish. This is affecting investors and their financial balance significantly. Multiplication of negative news’ inflow in the market could be credited for it. However, this bearish market is a great investment opportunity for many.
Change is an inevitable law in all walks of life in this world. The world of crypto is also not an exceptional case as per this law. Meaning, the bear seems to be leaving this form of the decentralized virtual financial market. The bull is following the bear for tossing the market up.
The influx of positive vibes through news proves this. We are going to cover some key positive news to help you make the right decision.
El Salvador Government Reveals Bitcoin Law Enforcement Date.
The government of El Salvador has taken a step forward in the direction of making Bitcoin a legal tender for use in all walks of life throughout the nation. The government achieved this incredible feat through the introduction of the relevant laws.
Now the Central Government of El Salvador has revealed the date of enforcement of the Bitcoin law introduced. The bill will come into effect in all walks of life in September 2021.
El Salvador Government Planning Airdrop for Adult Citizens:
The Central Government of El Salvador plans on airdropping Bitcoin worth $30 to every adult citizen. The president of El Salvador has confirmed it.
Bitcoiners and influencers welcomed the news wholeheartedly. However, the government of El Salvador will have to purchase the amount of BTC that it plans on distributing, speculated some bitcoiners and influencers. This may add buying pressure up to $100 million on markets.
This is likely to add to the global user base of Bitcoin by 2.5%. The credit goes to the influx of 4.5 million El Salvadorian investors, tweeted Willy Woo, an onchain analyst.
If Zack Gunzman, a Yahoo Finance Anchor, is to be believed, at least $195 million worth of BTC will be airdropped by the government of El Salvador.
It is not possible to find exact figures. However, the count of adult El Salvadorians is more than 4.72 million, says 2019 Statista report.
According to a report of Prensa Latina, a local publication, The Central Government of El Salvador has set eligibility criteria for this. Every adult El Salvadorian will have to download and install a government-issued cryptocurrency wallet and application to be eligible to receive his/her share of BTC worth $30.
If the reports are to be believed, it was announced during a press conference held on June 25, 2021. The government-supported cryptocurrency wallet and application will work anywhere with a cell connection.
Users will not have to bother about having a cell phone plan for this app. said Mr. Bukele, The President of El Salvador.
Ethereum London Upgrade Live on Testnet:
This is major crypto news you must know about. The upgrade contains much anticipated EIP (Ethereum Improvement Proposal) 1559. You can experience this update on Ropsten Testnet.
June 24th, 2021 is the date of this upgrade’s launch. Therefore, specialists are expecting London to leverage the potential of Goerli, Rinkeby, and Kovan testnets. This is expected to happen on a weekly basis.
This is exactly the point from which Ethereum Community is expecting a date about mainnet deployment firm up. This is likely to see transaction fees burned.
This is not the only upgrade Ethereum Community is expecting from London.
NYDIG and Q2 Partner To Help 18 Million US Customers Trade-in BTC:
This is another wave of positivity the crypto market needs. New York Digital Investment Group and Q2 have partnered to help more than 18 million customers in the United States trade in BTC directly from their bank accounts.
If reports are to be trusted, this partnership will open up Bitcoin buying, selling, and custody channels for about 18.3 million bank account holders in America.
In addition to this, both of these firms have partnered with Alkami, a cloud-based digital banking service provider, and FISERV, a global payment services outfit. The purpose is to ensure access to BTC for more customers of financial institutions.
First Foundation Bank, a California-based financial institution, is also an important part of the process. The bank is working towards on-boarding BTC trading and custody for customers. The bank is working in this direction in collaboration with NYDIG and Q2.
These strategic collaborations are important for making Bitcoin readily accessible through reputed financial institutions. These types of integration efforts will ensure the constant and consistent expansion of the BTC network, says Robert Gutmann, NYDIG Co-Founder, and CEO.
The purpose of updating your knowledge about crypto market happenings is to help you stay in touch with the market. Moreover, it will help you make the right decision.