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Thailand’s tourism authority is considering creating its own utility token

The proposed TAT Coin will enable tourism operators to cash in on the popularity of cryptocurrencies.

The Tourism Authority of Thailand (TAT) is considering creating its own utility token to capitalize on the growing popularity of cryptocurrencies.

Named after the agency's acronym, the plan to launch TAT coin will have to navigate through Thailand's complex legal framework and regulations before coming to life.

The Bangkok Post reported today that the TAT is in discussions with the Stock Exchange of Thailand regarding its ambitions and how the transfer of value can be achieved without introducing the speculative aspects of trading.

TAT coin "would involve the transfer of vouchers into digital tokens that could help operators gain greater liquidity," according to the report.

Yuthasak Supasorn, TAT governor, said he values the potential that technologies like cryptocurrencies have to offer and believes it is a great opportunity for the Thai tourism industry to boost competitiveness in the short term by attracting cryptocurrency holders:

"We have to prepare digital infrastructure and digital literacy for our tourism operators in order to commence cryptourism as the traditional business model might not be able to keep up with the new changes."

The TAT’s long term ambitions would see them to partner with the local Bitkub exchange to develop a tourism platform featuring the TAT coin and possibly non fungible tokens. Although Thailand is among the first countries in Southeast Asia to enact cryptocurrency legislation, NFTs are not yet legal.

Related: Thailand's central bank outlines safeguards for a future retail CBDC

On Monday, the Thai government announced it would waive quarantine for vaccinated travelers in Bangkok and other nine provinces from November 1 onwards, in hopes to revive the economy, which has been one of the slowest in East Asia and Pacific to recover from the pandemic.

“The Thai economy will likely require a longer time to rebound owing to delay in foreign tourist return,” said Kiatipong Ariyapruchya, senior country economist of the World Bank for Thailand.

The World Bank released a report on Tuesday, further cutting Thailand's economic growth forecast in 2021, bringing it down to one per cent.

As Cointelegraph has reported, crypto assets offer an alternative solution to transform government services and promote economic growth in the region.

Bitcoin realized price rejections hint BTC price ‘weakening’ — Analyst

LCX price rallies 300%+ after the launching DeFi Terminal 2.0

Increasing trading volume at Uniswap, a rising TVL and upgrades to its DeFi platform were followed by a new all-time high from LCX.

The emergence of decentralized finance (DeFi) has reshaped the landscape of the cryptocurrency ecosystem, which was once dominated by centralized exchanges like Coinbase and Binance and helped to make it more accessible for users and projects seeking to gain access to the markets. 

As DeFi emerged as a cheaper, more accessible option for investors and projects, centralized exchanges saw their reserves of BTC and Ether dip and they began to compete for users as growing numbers of investors opted to give DeFi a try.

Instead of taking a 'centralized only' approach, LCX exchange has adapted its model to offer centralized and decentralized services and during this time its native LCX token climbed to a new record high.

Data from CoinGecko shows that since hitting a low of $0.034 on Aug. 21 the price of LCX has exploded by 430% to a daily high at $0.1775 on Sept. 18 as its 24-hour trading volume spiked 700% from an average of less than $1 million to $7.6 million.

LCX/USDT price. Source: CoinGecko

Three reasons for the rising price of LCX include the release of the LCX DeFi terminal, increasing trading volume and total value locked (TVL) on Uniswap and the expansion of the LCX exchange ecosystem.

LCX pivots to DeFi

On Sept. 17, LCX released an update to the protocol's DeFi Terminal 2.0, also known as the Fire Salamander DEX aggregator.

According to LCX, the update aim to improve the user experience and the upgrade improves gas efficiency and integrates six new decentralized exchanges to the interface.

The new DEXes added include Shibaswap, Swipeswap, Luaswap, Youswap, Polyient Dex and Emiswap, bringing the total number of integrated DEXs to thirteen.

Trading volume and TVL rise

A second reason for the surge in the price of LCX has been the increase in trading activity and available liquidity for the token on Uniswap.

LCX 24-hour trading volume on Uniswap. Source: Uniswap

As shown on the chart above, the surge in price seen for LCX lines up with a surge in the 24-hour trading volume on Uniswap.

Total value locked in LCX pools on Uniswap. Source: Uniswap

As of Sept. 21, the total value locked in LCX liquidity pools on Uniswap stands at $3.15 million, a 267% increase from its TVL of $1.18 million on Aug. 21.

Ecosystem expansion, exchange listings and governance features

Another reason for the gains seen in LCX includes the expansion of the LCX ecosystem and the upcoming launch of governance features.

Over the past few months, LCX exchange has added popular altcoins to its list of offerings, including Cardano (ADA), Polkadot (DOT), Hedera Hashgraph (HBAR) and Polygon (MATIC).

At the same time, LCX’s founder Monte Metzger has hosted a series of podcast interviews with the project leads.

These interviews have introduced the communities behind these tokens to the LCX ecosystem and helped explain ongoing collaborations such as the partnership between LCX and Polkadot to build out its security token standard using Polkadot's parachain technology.

This has brought a new level of exposure to the LCX project and shone a light on the fact that the exchange is fully licensed and will offer a legally compliant way for users to access security token offerings (STO). There are also plans to roll out a governance token for the LCX DEX and this aligns with the popular trend of DeFi exchanges rewarding early stakers with governance tokens. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin realized price rejections hint BTC price ‘weakening’ — Analyst

Altcoin Roundup: High Ethereum fees kick-start a liquidity migration to layer-1 platforms

Ethereum competitors and layer-one projects are capitalizing on the network’s untenable gas fees by launching mining and developer incentives that are also boosting token prices.

In the ever-evolving world of cryptocurrencies and blockchain technology, the race to establish a highly scalable, user-friendly network capable of being adopted on a global scale is a never-ending marathon where new competitors regularly join in on the race. 

Bitcoin is undoubtedly the market leader when it comes to network security, active users and market capitalization value, while Ethereum has thus far established itself as the top smart contracts platform, but the continued difficulty in getting these networks to scale has opened the door for next-generation blockchain protocols to gain a foothold in the market.

The tenuous nature of Ethereum’s reign has begun to come under increased pressure in recent months as several up-and-coming layer-one- and layer-two-based protocols have launched incentive programs to attract liquidity and users to their ecosystems.

Here’s a look at some of the rising layer-one smart contract platforms that are vying for an increased share of liquidity in the crypto market.

Fantom incentivizes developers to migrate

Fantom is a protocol that utilizes a directed acyclic graph architecture to perform its consensus and is, in theory, infinitely scalable based on this design.

The high-speed, low-cost nature of the network has been gaining increased attention from participants in the crypto community in recent months because the Ethereum network continues to suffer from high transaction costs and slower confirmation times due to network congestion.

Activity on the network really began to increase following the Aug. 30 announcement of a 370-million-FTM incentive program aimed at rewarding developers who build new protocols on the Fantom network.

In the time since the launch of the FTM incentive program, the total value locked (TVL) on the Fantom protocol has increased from $691 million to a new record high at $1.44 billion on Sept. 9, based on data from Defi Llama.

Total value locked on Fantom. Source: Defi Llama

According to data provided by the Fantom Foundation, a TVL of $1.44 billion makes Fantom the fourth-largest Ethereum Virtual Machine (EVM)-compatible network on the market and is currently adding more than 20,000 new addresses and processing over 1.5 million transactions on a daily basis.

Multiple new nonfungible token (NFT) and decentralized finance (DeFi) protocols are launching on the network, and it’s possible that this trend will continue to rise as liquidity migrates to Fantom.

Liquidity “rushes” to Avalanche

Another network that has been draining liquidity from the Ethereun network is Avalanche, an open, programmable smart contracts platform specifically designed for decentralized applications.

Activity for the protocol saw a significant uptick following the launch of the Avalanche Rush DeFi Incentive Program on Aug. 18, which dedicated $180 million to DeFi protocols and liquidity to the Avalanche ecosystem.

The program initially integrated with Curve and Aave, two of the top DeFi protocols on the Ethereum network, but has since expanded to include other protocols, such as SushiSwap, Benqi Finance, YAY Games, Kyber Network and ParaSwap.

Following the launch of the incentive program, data from Defi Llama shows that the total value locked on the Avalanche protocol surged from $311.5 million on Aug. 18 to an all-time high at $2.42 billion on Sept. 5 before a market-wide pullback dropped its value to $2.11 billion at the time of writing.

Total value locked on Avalanche. Source: Defi Llama

Avalanche has also seen a number of new DeFi and NFT protocols launch on the network, including a partnership with the collectible and trading card maker Topps, which launched its “2021 Topps Major League Baseball Inception NFT Collection” on the Avalanche network.

The ongoing migration was made possible by the launch of the Avalanche Bridge in June, and this enabled users to transfer any asset on the Ethereum network to Avalanche at a fifth of the cost previously required through the bridge.

Related: As Bitcoin debuts in El Salvador, Honduras and Guatemala study CBDCs

A competitive field gets even more crowded

Fantom and Avalanche are two of the more recent rising stars in the layer-one game that have been siphoning users from the Ethereum network, but they are far from alone.

Other EVM-compatible networks that made headway earlier in the year are the Binance Smart Chain and Polygon. Both networks allow users to keep their assets on the Ethereum network while avoiding the high fees on the base layer.

Top 7 blockchain protocols by total value locked. Source: Defi Llama

The biggest threat posed to Ethereum from a non-EVM-compatible chain comes from Solana, which has seen the biggest gain in TVL over the past seven days, followed by the stablecoin-focused protocol Terra.

Two final notable mentions include the self-amending blockchain protocol Tezos and Algorand, which is a pure proof-of-stake protocol.

Data from Defi Llama shows that each network’s TVL increased by 207% and 71%, respectively, over the past seven days, while their token prices spiked close to their all-time highs thanks to protocol upgrades and, in the case of Algorand, adoption by the government of El Salvador.

As mentioned at the outset and shown in the TVL figure above, the Ethereum network is the dominant smart contract blockchain in terms of users, protocols and TVL, but the current limitations of the network have left the door open for competitors to chip away at its market share.

It remains to be seen whether Ethereum 2.0 will solve the problems faced or if a next-generation protocol will rise to the top and offer the optimal solution to the blockchain trilemma of providing decentralization, security and scalability on one easy-to-use platform.

Want more information about trading and investing in crypto markets?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin realized price rejections hint BTC price ‘weakening’ — Analyst

Publicly-backed XREX raises $17M to solve dollar liquidity issues through blockchain

Blockchain technology is being posited as a potential solution to U.S. dollar liquidity issues in emerging markets.

Blockchain fintech company XREX has concluded a $17 million pre-A investment round led by a consortium of global investors, underscoring heightened institutional demand for crypto-focused startups. 

The consortium was driven by CDIB Capital Group, a publicly traded company in Taiwan, and includes investors from major banks and venture capital firms in North America, Europe and Asia.

Several other publicly listed companies also participated in the investment round, including SBI Investment, which is a subsidiary of SBI Holdings, ThreeD Capital, E.Sun Venture Capital and Systex Corporation. Black Marble, New Economy Ventures, Metaplanet Holdings, Seraph Group and the Taiwan government’s National Development Fund also participated in the round.

XREX said the funds will be used to expand its fiat currency portfolio, acquire licenses and enter into new partnerships with financial institutions and digital wallet providers. The company’s reported mission is to utilize blockchain technology to solve dollar liquidity shortages in emerging markets.

Although the U.S. dollar’s position as global reserve currency is under threat due to massive intervention from the Federal Reserve and de-dollarization efforts in China and Russia, the greenback is still the most widely used currency in the world. As the Bank for International Settlements explained in its 2020 U.S. dollar funding report, the greenback accounts for well over 80% of foreign exchange transaction volume. It also represents more than 60% of official foreign exchange reserves.

The Covid-19 pandemic introduced additional strains in U.S. dollar liquidity, especially in emerging markets that rely heavily on the greenback. These liquidity issues were impacting global commerce and trade long before the pandemic took root. Case in point: A 2019 Asian Development Bank trade finance survey found that nearly 30% of respondents cited dollar liquidity as a major obstacle.

XREX co-founder and CEO Wayne Huang said, “We keenly understand the struggles faced by many cross-border merchants who lack safe access to U.S. dollar liquidity.” In response, his firm is working with regulators and financial institutions to develop tools that will aid merchants and small businesses in emerging markets to reduce forex loss and gain more reliable access to U.S. dollars.

Related: Diversification into Bitcoin a ‘prudent move,’ says Bloomberg strategist

Bitcoin realized price rejections hint BTC price ‘weakening’ — Analyst

Bitcoinsv Chain Suffers 51% Attack: Analyst Claims BSV Network Experienced a 100-Block Reorg

Bitcoinsv Chain Suffers 51% Attack: Analyst Claims BSV Network Experienced a 100-Block ReorgReports show that the Bitcoinsv blockchain suffered from a 51% attack on Tuesday, August 3, 2021, as the founder of Blockchair, Nikita Zhavoronkov explained the network endured a 100 block reorg “wiping out 570k transactions.” Onchain Observers Witness a Deep Bitcoinsv Reorg The Bitcoinsv (BSV) network has been having issues lately following problems the protocol […]

Bitcoin realized price rejections hint BTC price ‘weakening’ — Analyst

Smart contract automator Gelato brings liquidity management to Zerion

The partnership enables Zerion’s retail users to provide liquidity without the fear of volatility.

Gelato Network, a protocol that automates smart contract executions on Ethereum (ETH), has integrated with decentralized finance (DeFi) aggregator Zerion to help users better manage liquidity when interacting with decentralized exchanges (DEXs) like Uniswap. 

The partnership enables Zerion’s over 200,000 monthly active users to have their Uniswap v3 positions managed automatically, Gelato Network announced Tuesday. “With this integration, Zerion has become the go-to DeFi aggregator to natively offer fungible Uniswap v3 LP positions at a massive scale,” they said.

Gelato Network has been designed to address liquidity challenges in cryptocurrency markets emanating from extreme price volatility. Wild price swings, like the kind we saw in May, make it difficult for retail liquidity providers to offer concentrated liquidity on DEXs without opening themselves up to significant risks. The company explained:

“DApps powered by Gelato Network address this shortcoming, by allowing users to have the same capabilities as professional liquidity providers by automating the process of fee compounding and rebalancing around the current price.”

Zerion has emerged as a popular aggregator in the DeFi market. It claims to have powered over $750 million in volume since its launch.

Related: DeFi aggregator Zerion snags $8.2M in Series A

Zerion concluded a highly successful Series A funding round last month led by Mosaic Ventures with participation from Digital Currency Group and Blockchain.com Ventures.

DeFi continued to be a magnet for capital and new users in the second quarter despite a massive decline in digital asset prices. By June 30, DeFi protocols had been used by 2.91 million Ethereum addresses, according to new research by ConsenSys. Non-custodial wallets also registered significant user growth, with MetaMask recording 8.5 million monthly active users by the end of July.

Related: How cross-chain liquidity aggregation can shape the future of DeFi

Bitcoin realized price rejections hint BTC price ‘weakening’ — Analyst

5 easy ways crypto investors can make money without needing to trade

Want to get paid to HODL? Here are five easy ways crypto investors make money without trading.

Large price jumps and 100x gains get a lot of attention from pundits and influencers in the cryptocurrency community because they offer the hope of overnight riches.

In reality, these opportunities are few and far between. Not to mention, only a handful of traders actually manage to catch these waves and cash out in time to lock in life-changing money. 

Fortunately, catching a large price surge is far from being the only way for crypto investors to make a buck, and the recent rise of decentralized finance (DeFi), nonfungible tokens (NFTs) and the slow march of mainstream crypto adoption provides a near endless stream of investment opportunities.

Let’s have a look at five different ways crypto holders can make an easy buck without actually having to trade.

Staking

Staking, which rewards users for locking tokens on a protocol as collateral for transaction validation, is one of the best ways to earn a yield on assets held in a crypto-based portfolio.

In August, the Ethereum network will switch from a proof-of-work (PoW) consensus model to a proof-of-stake (POS) model, and Ether (ETH) holders who stake in the Eth2 contract can earn up to 5.83%.

Under this new PoS system, token holders actively participate in transaction validation by locking their coins in nodes on the network that then vie for a chance to verify transactions, create new blocks and receive the rewards that come along with it.

Data from Staking Rewards shows that a stake of 10 Ether currently results in a weekly earning of 0.0075 ETH, worth $17.96 at current prices, and a yearly earning of 0.3876 ETH which is currently worth $933.69.

Calculated staking rewards for Ether. Source: Staking Rewards

The percentage yield for Ether decreases as more tokens are locked on the network so the final earnings may change.

Currently, the top five crypto assets by staked value are Cardano’s ADA, Ether, Solana (SOL), USD Coin (USDC) and Polkadot (DOT).

Top 5 crypto assets by staked value. Source: Staking Rewards

All things considered, staking provides one of the best low-risk opportunities in crypto to gain a bigger stack regardless of market sentiment or performance, while also helping to support the network through transaction validation.

Lend crypto for low-risk yields

The growth of the DeFi sector led to the development of a diverse crypto lending ecosystem, where users can deposit their cryptocurrencies to various lending protocols in exchange for rewards in the underlying token or in different assets like Bitcoin (BTC), Ether and various altcoins.

Aave is the top lending protocol at the moment and the platform offers yield opportunities for tokens on the Ethereum and Polygon network with its native coin MATIC.

Top 7 Aave lending pools on the Polygon network. Source: Aave

The chart above shows the top seven lending pools available through the AAVE protocol on Polygon and rewards are paid in Wrapped MATIC (WMATIC), with the current deposit annual percentage yield (APY) being 1.92% and a yearly estimated APY of 6.1%.

Other top lending protocols include Curve (CRV), Compound (COMP), MakerDAO (MKR) and Yearn.finance (YFI).

Lending offers another low-risk way to earn a decent yield, in both bull and bear markets, on tokens that don’t offer user-controlled rewards like staking.

Earn fees and tokens from providing liquidity

Liquidity provision is one of the primary components of a DeFi platform, and investors who choose to provide funds to emerging platforms are often rewarded with high percentage returns on the amount staked, as well as a percentage of the fees generated by transactions within the pool.

Rewards for ETH-USDC liquidity pool on QuickSwap. Source: QuickSwap

As seen in the image above, providing liquidity to an Ether/USDC pool on QuickSwap will entitle an investor with a percentage of the $23,098 in total daily distributed rewards and a fee APY of 33.81%.

Ideally, long term investors would be wise to research the available pools on the market, and if a liquidity pair comprised of solid projects or even a stablecoin pair such as USDC/Tether (USDT) looks appealing, it has the potential to be the blockchain version of a savings account that offers far better yields than can currently be found in any bank or legacy financial institution.

Maximize returns by yield farming

Yield farming is the concept of putting crypto assets to work in a way that generates the highest yield possible while minimizing risk.

As new platforms and protocols emerge, they offer high incentives to depositors as a way of mining for liquidity and increasing the total value locked (TVL) on the protocol.

Rewards for STKGHST-WETH LP deposits on DinoSwap. Source: DinoSwap

The high yields offered are generally paid out in the native token of the platform as seen above, where a user has deposited a liquidity pool token for an STKGHS-WETH pair which has an APR of 189.2% and has so far generated a reward of 3.312 DINO.

For long investors who hold a portfolio filled with an assortment of tokens, yield farming is a way to gain exposure to new projects and obtain new tokens without having to spend new funds

Related: Here’s why DinoSwap’s (DINO) TVL rose above $330M a week after launch

NFT and blockchain gaming make ‘play-to-earn’ a reality

Blockchain gaming and NFT collecting is another way to produce a return on a crypto portfolio without spending new funds.

Axie Infinity is the most popular example at the moment, and the in-game play involves trading, battling, collecting and breeding NFT-based creatures known as Axies.

Playing Axie Infinity generates rewards in the form of Smooth Love Potion (SLP), an in-game token that is used in the Axie breeding process and also trades on major cryptocurrency exchanges. Users can swap SLP for dollar-based stablecoins or other large-cap cryptocurrencies.

According to data from Your Crypto Library, “Today, the average player earns between 150 to 200 SLP per day,” which, at current market value, is worth between $40 and $53.50.

In some parts of the world, that amounts to the income provided by a full-time job. For this reason, Axie Infinity has seen a massive uptick in user activity and new accounts in countries like Venezuela and Malaysia.

Crypto investing, lending, staking and play-to-earn blockchain games provide a much higher return on investment than traditional banks offer on savings and checking accounts. As the blockchain sector grows, it’s likely that investors will continue to flock to platforms that offer high yields for engaging with the protocol.

Want more information about trading and investing in crypto markets?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin realized price rejections hint BTC price ‘weakening’ — Analyst

Bitcoin security still a concern for some institutional investors

Security of cryptocurrency custodial services is still among significant hurdles preventing institutional investors from buying crypto for the first time, new data suggests.

United Kingdom-based crypto fund Nickel Digital Asset Management released a survey of 100 wealth managers and global institutional investors to find out the biggest investor concerns associated with crypto. 

The survey features respondents from the United States, France, Germany, the United Arab Emirates and the United Kingdom, who collectively own $275 billion in assets under management.

Conducted online from May to June 2021, the survey found low confidence among institutional investors in crypto security, with 76% of respondents citing concerns about the security of custodial services as one factor stopping them from investing in crypto. 

Respondents also identified the regulatory environment as a significant hurdle. Other important concerns included a lack of transparency and volatility, and a perceived lack of reputable fund managers offering crypto investment.

Nickel Digital co-founder and CEO Anatoly Crachilov said that institutional concerns over crypto custody and security come despite the industry seeing “very strong progress on that front.” Crachilov stated that crypto service providers have been increasingly deploying sophisticated cryptographic solutions, such as distributed keys and multi-party computation vaults, while traditional financial institutions have been also moving into such services.

Related: BNY Mellon joins State Street to service new crypto exchange

“We are now seeing Fidelity, BNY Mellon, and State Street entering the market, thus further reinforcing market infrastructure. All of this increases the confidence levels in the sector and lead to ever-growing allocations to this fast developing asset class,” Crachilov said.

The new survey comes shortly after the Australia Securities Exchange issued a warning related to custodial services on centralized cryptocurrency exchanges, cautioning investors against cybersecurity risks in the form of theft by hackers.

Bitcoin realized price rejections hint BTC price ‘weakening’ — Analyst

Exchange Providers Halt BSV Services as Mining Pool Captures 78% of BSV Network Hashrate

Exchange Providers Halt BSV Services as Mining Pool Captures 78% of BSV Network HashrateThe cryptocurrency community has been discussing the Bitcoinsv network as a mining pool called Taal has well over 51% of the hashrate. Data from the analytical crypto website Coin Dance shows the mining pool Taal commands over 78% of the network’s hashrate during the last 24 hours. On Tuesday, the European cold storage provider, Gravity, […]

Bitcoin realized price rejections hint BTC price ‘weakening’ — Analyst

El Salvador Bitcoin move will put pressure on network: JPMorgan

Daily payment activity in El Salvador would represent more than 1% of the total value of BTC that have been transferred between wallets in the past year, JPMorgan experts say.

American megabank JPMorgan has continued criticizing El Salvador’s declaration of Bitcoin (BTC) as legal tender, warning of the potential risks for both the country and the cryptocurrency.

A JPMorgan expert group led by economist Steve Palacio released a report suggesting that El Salvador adopting BTC as legal tender could put strain on the Bitcoin network, Bloomberg reported Sunday.

The experts said that Bitcoin is highly illiquid, noting that most Bitcoin trading volumes are internalized by major exchanges, with more than 90% of Bitcoin not changing hands in more than a year.

The use of Bitcoin as legal tender in a country like El Salvador will potentially put a “significant limitation” on Bitcoin’s capability to serve as a medium of exchange, JPMorgan experts noted, pointing to the cryptocurrency’s illiquidity and trading nature.

“Daily payment activity in El Salvador would represent 4% of recent on-chain transaction volume and more than 1% of the total value of tokens which have been transferred between wallets in the past year,” they said.

The JPMorgan experts also noted other challenges associated with El Salvador’s adoption of Bitcoin as legal tender, including the potential impact on the monetary system alongside official dollarization. A continuous imbalance of demand for conversions of Bitcoin and the United States dollar could “cannibalize onshore dollar liquidity” and eventually introduce fiscal and balance of payments risk, the report added.

Related: UN commission serves new warning against BTC adoption in El Salvador

As previously reported, El Salvador’s parliament passed a bill to recognize Bitcoin as legal tender in early June, with President Nayib Bukele stating that accepting Bitcoin would be mandatory for all businesses. A number of global financial regulators and institutions expressed skepticism over the move, with the International Monetary Fund warning of potential legal and financial consequences. JPMorgan analysts suggested that El Salvador’s Bitcoin adoption could jeopardize IMF negotiations.

Bitcoin realized price rejections hint BTC price ‘weakening’ — Analyst