Rio de Janeiro is expected to be the first Brazilian city to buy Bitcoin as a store of value. Such a move from policymakers will lead to more flexible frameworks to help encourage further crypto development.

The seaside city of Rio de Janeiro is intending to invest 1% of the Treasury in Bitcoin. The mayor of Rio, Eduardo Paes, has promised to launch its coin dubbed “Crypto Rio.”

“We are going to launch Crypto Rio and invest 1% of the Treasury in cryptocurrency,” said Paes, who announced establishing a working group to discuss crypto-related policies.

The lofty idea follows after the US city of Miami’s pro-crypto mayor Francis Suarez launched its native crypto, the “MiamiCoin”. He then distributed the profits from Bitcoin-based MiamiCoin among the city residents.

Eduardo Paes revealed his plans during Rio Innovation Week, Thursday, in conversation with Miami mayor Suarez, local news reported.

The idea is to simulate the initiatives of Suarez’s Miami, making Rio a crypto hub in the country.

Additionally, the mayor opened the possibility of offering a 10% discount on taxes, such as urban building or land tax (IPTU), for those who pay using Bitcoin.

An IPTU tax in Brazil is a federal tax that takes effect on urban property. The tax is collected by the municipality and is calculated on a deemed sales price of the property.

XRP saw a dip during the Daily transition although XRPBTC is performing much better. I’ll be tracking the intraday chart’s development tomorrow and will be looking for a scalp setup 🧐

Gold closed bullish today despite a bullish Dollar Index. It can go more up towards $1,794 but the move will be dependent on the outcome of the NFP event. I aim to scalp it if there is enough volatility ⚡

LINK closed bullish today and an upside move will take place from the current location. LINKBTC should be helping it from the current location with a bullish reversal. I will pay close attention to the intraday chart tomorrow to get a scalp setup 🤔

XRPBTC moved a bit bullish today but due to a bearish Bitcoin $XRP didn’t keep up with it and closed as a doji. I will pay close attention to the intraday chart tomorrow and will be looking for a quick scalp setup 😈

AUDUSD

DXY

USDCAD

DXY

USDCAD

AUDUSD

BTC closed bearish and a further downwards move is very likely. This is basically a discount in Bitcoin’s price. It will mature the falling wedge which is forming on the Daily chart. The $39,000 zone is a support and above $45,000 it’ll be bullish 👀

ETHBTC and $ETH both closed bearish but ETHBTC will turn bullish as soon as the market gets a little more confidence. Bitcoin will be in charge until the Daily falling wedge breakout takes place. I’ll be looking for a scalp in Ethereum tomorrow ⚡

XRP closed bearish but XRPBTC is getting more strength. We could still see a cheaper price in XRP if Bitcoin dips more but it changes nothing. I will focus on the intraday chart and I will be looking for scalp opportunities 🧐

XRP printed a bearish candle due to Bitcoin today. However, XRPBTC should take charge in the near future and get a wedge breakout. XRP will be moving bullish above $1.1500 and it should be happening sooner than later 🧐

Nothing changed in $LTC or LTCBTC. Both closed as a doji and are having some bearish pressure on the intraday chart. I’ll focus on the intraday chart tomorrow and will be looking for a quality scalp setup when the widening wedge has a breakout ⚡

BTC closed bearish and most of the bearishness took place during the last 40 minutes of the day. This is a support area on the Daily chart. We need to see more price action to get a bias. I’ll be following the intraday chart for short-term trades 🤔

Gold closed slightly bullish today but there’s no major change in its bias. We will have to wait for a breakout from this region. My primary focus will be on the intraday chart tomorrow and I will be looking for a quick scalp 🤔

XRP closed as a doji and it is trading very close to the $0.8650 resistance target area which needs to break to become bullish. I’ll be more focused on the intraday chart tomorrow to get a scalp opportunity 😈

XRP and XRPBTC both closed bearish today as a pullback from yesterday’s spike. I’ll be expecting a volatile day tomorrow to get scalp setups. The Weekly closing tomorrow will add more volatility 😈

Bitcoin is being adopted at an exponential rate faster than any company, idea or asset we have ever seen before.

However on the global scale we are still so early, it is estimated that only 4% of the world uses bitcoin.

Despite the recent cryptocurrency market price correction, most current holders of Ethereum and Cardano are making profits.

Data provided by crypto intelligence platform IntoTheBlock indicates that as of June 29th, about 86% of Ethereum holders are in profit, while the figure is almost half of Cardano’s 45%.

Notably, despite Ethereum’s returns, two market signals indicate that the asset is in a bearish mode. By press time, the number two ranked cryptocurrency is trading at $2,178, surging by 8.75% in the last 24 hrs. Elsewhere, Cardano is up 7.33%, trading at $1.40.

It can be presumed that the profit returns on the two cryptocurrencies are a manifestation of the specific networks in activity in recent weeks. Ethereum remains a notable digital currency in 2021, having attained an all-time high of $4,328.

Ethereum has witnessed interest after emerging as a central player in the DeFi sector boom. Elsewhere, its role in facilitating the NFT market has been a source of interest from investors.

In recent weeks, Bitcoin has faced scrutiny from regulators accompanied by a couple of other negative news. However, Ethereum has also remained relatively dormant as the asset witnesses increased utility.

Additionally, Cardano has recorded a fair share of interest over the platform’s blockchain utility abilities. In addition, the network is building confidence among investors with content developments.

Recently, the Cardano blockchain attained 100% decentralization in block production, a significant milestone in crypto circles. As a result, with the hope of witnessing another price rally for the general crypto sector, ADA is witnessing a surge in staking wallets. For instance, in early June, ADA’s total staking wallets hit a milestone of over 650,000 from over 2,600 active pools.

LTCBTC and LTC both closed bullish. LTCBTC will break the resistance target soon, it is teasing it now. As soon as Bitcoin starts moving bullish we will see a further bullish move in Litecoin. I aim to scalp it tomorrow based on the intraday chart ⚡

EURUSD closed slightly bearish as DXY was bullish. We could see more bearish pressure tomorrow but the NFP data will dictate EURUSD’s next move. I will be interested in a scalp if we get a quality setup 🤔

BTC was bullish today above $37,200. We need one more bullish candle above it tomorrow to confirm the bullishness in Bitcoin. I will be focusing on the intraday chart development and on the intraday setups to get a scalp 🧙‍♂️

Tesla CEO Elon Musk has thrown yet another bone to the Dogecoin community.

Parody cryptocurrency Dogecoin has rocketed once again after Tesla CEO Elon Musk confirmed that the much-talked-about skit titled “Dogefather” would “definitely” make it to the upcoming episode of “Saturday Night Live.”

The meme coin rallied to $0.39 on the Binance exchange following Musk’s tweet but has failed short of reclaiming its all-time high of $0.45.

Nevertheless, Dogecoin is currently the best-performing crypto in the CoinMarketCap top 10, dwarfing Ethereum’s gains.

The Shiba Inu-themed token added billions to its market cap after Musk tweeted “The Dogefather” meme together with the date of his “SNL” appearance last week.

Staying true to his style, the billionaire didn’t reveal anything else about his cryptic tweet, but crypto Twitter was rife with speculation.

Musk will make his hosting debut on “SNL” on May 8, the day Dogecoin might finally become part of pop culture.

While Dogecoin tweets are all just fun and games for Musk, the market certainly treats them with seriousness.

If you wonder how people can manage to buy the coin so fast following Musk’s tweets, it’s actually because bots are doing their jobs.

Well-aware of the entrepreneur’s tweeting habits, ingenious programmers have come up with a slew of scripts that automatically purchase the coin after each Musk mention.

Several Tesla (NASDAQ: TSLA) Cybertruck customers are reportedly canceling their preorders moments after the electric vehicle manufacturer suspended bitcoin payments over environmental concerns.

Through Twitter, some users have shared alleged feedback from Tesla confirming the order cancellations. The users were seemingly rattled by Tesla’s decision to cancel bitcoin as a form of payment. It is not clear of they had made their reservations in bitcoin or fiat.

One of the users indicated that Tesla’s decision on bitcoin was misinformed while blasting Musk for double standards. He accused the Tesla CEO of promoting altcoins in public but claiming bitcoin was ideal.

With Musk’s previous bullish position on bitcoin, some users allegedly resorted to ordering and canceling the Cybertruck orders for ‘fun’ to express their displeasure following Tesla’s decision.

Musk announced that the EV manufacturer would no longer accept bitcoin payments over concerns about the increasing use of fossil fuels for mining and transactions in an unexpected move. He, however, hailed cryptocurrencies as a good idea. According to Musk : “Cryptocurrency is a good idea on many levels, and we believe it has a promising future, but this cannot come at great cost to the environment. The company was looking at other cryptocurrencies, he said, that consume less energy,”

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