Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Altcoins Facing Bearish Downturn: Is There Hope on the Horizon?

As Bitcoin (BTC) continues to cause huge concern in the market due to its current bearish downtrend, what about the altcoins? Is there hope on the horizon, or are we about to see a wipeout across the board? For those holding altcoin positions the current malaise in the crypto market must be extremely concerning, and very difficult to bear. Should one sell and then wait for the bottom, or are we on the brink of a recovery? Total3 could be heading to $800 billion Source: TradingView The Total3 chart tracks the combined market capitalisation of all cryptocurrencies, excluding $BTC and $ETH. One can see that the price has just fallen through the 0.382 Fibonacci level, and could be heading all the way down to the 0.618 Fibonacci, which would generally line up with the top of the bull flag which saw its peak at the end of March 2024. Bitcoin Dominance stops at 58% or climbs past 62%? Source: TradingView The Bitcoin Dominance chart (BTC.D) is a real conundrum. What initially looked like a confirmed dip below the ascending channel turned into a rally back inside the channel. That said, a trendline may be forming which could reject dominance from the 58% level. If it fails to do so, and dominance can break up through this trendline, plus horizontal resistance, a rise to the top of the channel could take dominance past 62%. Having the courage of one`s convictions With all this bearishness happening across crypto, it must be very difficult for the average investor to stop themselves from just selling up and getting out of the crypto market, perhaps once and for all. That said, markets are not for the weak-minded and those who do not have the courage of their convictions. It has always been the case that investors of this ilk have been crushed under the market bulldozer without pity. The current bull market is so far not acting like the previous ones. The days when this or that altcoin would make absolutely ridiculous gains based on nothing but thin air are probably well and truly over. However, there are certain altcoins that could excel in the coming huge changes to the financial sector, and probably in various other sectors. There is no alternative to doing one’s own research on the fundamentals of these altcoins, and even then, one must have the courage of one’s convictions to hold these altcoins through the worst of times. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. Bitcoin World

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Tether Group to Establish Headquarters in El Salvador in Emerging Markets Push

Tether, the crypto behemoth behind the $137 billion stablecoin USDT , is establishing headquarters for the group in bitcoin-friendly nation state El Salvador, the company said on Monday. The firm said the development came after acquiring all the necessary licensing as a stablecoin issuer in the country. The move will see Tether relocate incorporated subsidiaries to El Salvador and create its first brick-and-mortar headquarters, a company spokesperson said. Previously most of the group`s entities have been incorporated and licensed in the British Virgin Islands (BVI), a source familiar with the company`s operations told CoinDesk. The move does not affect the company`s existing presence in Swiss crypto hub Lugano, the source added. Two Tether-related companies — Tether NA El Salvador, S.A. de C.V. and Tether International El Salvador, S.A. de C.V. — obtained regulatory approval last August for most crypto-related activities in the country, according to the public registry of the National Commission of Digital Assets in El Salvador (CNAD), the government`s crypto regulatory body. "This decision is a natural progression for Tether as it allows us to build a new home, foster collaboration, and strengthen our focus on emerging markets,” CEO Paolo Ardoino said in a statement. “El Salvador represents a beacon of innovation in the digital assets space." The relocation is a massive development for El Salvador`s aspirations as a crypto hub. Tether is one of the biggest digital asset companies and reported $7.7 billion in net profits for crypto in the first three quarters of 2024. That`s roughly 20% of the country`s annual GDP, per IMF data .The move could also bring significant advantages for Tether, too, enjoying the country`s tax benefits aimed to attract tech and crypto firms. The "potential relocation leverages El Salvador`s new ICT Innovation Law, which offers 15-year tax exemption for tech firms on income, property and capital gains," noted Matthew Sigel, head of digital asset research at investment firm VanEck. Read more: An Interview With El Salvador’s Top Crypto Regulator: ‘Developing Countries Can Lead the Financial Revolution’ Tether`s USDT is the largest stablecoin and popular payments and remittances vehicle for users in emerging countries. El Salvador, a tiny country in Central America of over 6 million inhabitants, has become a nascent crypto hub under President Nayib Bukele. The country introduced bitcoin (BTC) as legal tender in 2021 and created comprehensive digital asset regulations attracting a range of crypto firms to settle. It`s also a significant bitcoin holder, currently holding over 6,000 BTC worth about $550 million, per Arkham data . In other El Salvador news, Rumble (RUM), the video-sharing platform Tether acquired a stake in for $775 million, struck a cloud services deal with the Salvadorian government last week. Bitcoin World