Bitcoin under threat, El Salvador rejected and other news

Hawkish Fed comments push Bitcoin price and stocks lower again

View this email in your browser One week in review:  June 13–19 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: #1. Hawkish Fed comments push Bitcoin price and stocks lower again The crypto markets had started the week with a spring in their step. Last Sunday, Elon Musk revealed that Tesla would be prepared to accept Bitcoin as a payment method again — once it could be proved that 50% of the energy used by miners comes from clean, renewable sources. Traders reacted positively to the tweet, and there were green candles aplenty. Upbeat sentiment helped drive Bitcoin above $40,000 for the first time in over a fortnight. Unfortunately, though, it seems prices above this level were unsustainable. A new wave of selling reared its ugly head days later after Federal Reserve chairman Jerome Powell suggested that interest rates may rise in 2023 — a year earlier than planned. Other officials went further, indicating the first increase could happen in late 2022. Bitcoin wasn't alone in suffering the sell-off. Stocks and gold also fell, eating away at the narrative that BTC is an uncorrelated asset. With prices falling as low as $35,000, there are now fears that a "death cross" may be forming for Bitcoin. Some traders are forecasting that $32,500 could be the next stop before BTC revisits the swing low at $30,000. Read more #2. World Bank refuses El Salvador's request for help on BTC transition As determined as El Salvador's president may be to introduce Bitcoin as legal tender, a series of unfortunate events this week showed that it's harder than it looks. The World Bank has refused to assist the country in its transition, citing "the environmental and transparency shortcomings" associated with the digital asset. Although prominent Bitcoiners weren't pleased with the World Bank's refusal, it's fair to say that they weren't surprised either. One particularly sarcastic contribution came from Blockstream's chief strategy officer Samson Mow, who tweeted: "BREAKING: WORLD BANK CANNOT HELP EL SALVADOR MAKE WORLD BANK OBSOLETE." Miaow. Elsewhere, an El Salvadorean minister denied reports that the country was examining the possibility of using Bitcoin for salary payments, warning such talk was "too premature." Economists have also been continuing to issue warnings about the potential ramifications of El Salvador's move. Steve Hanke pulled no punches when he said going through with this law has the potential to "completely collapse" the country's already fragile economy. Striking a cheery note, he said the politicians who backed President Nayib Bukele's Bitcoin Law were "stupid," adding: "You're not going to pay for your taxi ride with a Bitcoin. It's ridiculous. [...] 70% of the people in El Salvador don't even have bank accounts." Read more #3. 'I have nothing': Imprisoned John McAfee claims his crypto fortune is gone Still behind bars in Spain as he battles extradition to the U.S., antivirus software pioneer John McAfee has told his one million Twitter followers that he doesn't have hidden crypto. He wrote: "I wish I did but it has dissolved through the many hands of Team McAfee (your belief is not required), and my remaining assets are all seized. My friends evaporated through fear of association." And, striking a defiant note, he added: "I have nothing. Yet, I regret nothing." A Spanish court is set to make a decision on whether to approve McAfee's extradition within days. The businessman is accused of tax evasion and failing to declare income from paid crypto promotions, consultancy work, and gains from his investments. During a court hearing earlier this week, he claimed the charges against him were politically motivated — and that he would die behind bars if he is flown to the U.S. Read more #4. Prediction of the week: Even Elon Musk can't save Dogecoin from crashing another 60%, analyst asserts A dreaded "head and shoulder" pattern has emerged in Dogecoin's charts — and according to one analyst, this indicates the meme coin's price could fall by another 67%. Pseudonymous trader Tyler Durden claimed in a tweet that a fall to $0.05 is "programmed," adding: "Even Elon can't save this with his tweets. He's tried and each time he just created another lower high." Gulp. With prices now dipping below $0.30, DOGE is a long way from the all-time highs of $0.73 seen in the first week of May — the culmination of a jaw-dropping 15,000% increase since the start of the year. Interest in the joke cryptocurrency is now falling across several metrics, indicating Doge may have had its day. Read more #5. FUD of the week: Scammers mail out fake hardware wallets to victims of Ledger data breach The consequences of Ledger's major data breach continue to be felt almost a year later. A Reddit user who was among those affected claims they received a fake Ledger Nano X wallet in the mail — wrapped in seemingly authentic packaging. The device came with a poorly written letter purporting to be from the Ledger's CEO that warned "you must switch to a new device to stay safe." Even worse, they also received a fake manual asking them to enter their private Ledger recovery phrase to connect their cryptocurrency wallet to the new hardware. Read more Feel free to explore the most important news with Hodler's Digest: Read more 1.5 million people follow us on social media Download our official app:

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