President Nayib Bukele told Steve Hanke that they extract most geothermal energy from wells near inactive volcanoes. Technicians from a power plant confirmed that they could only do it when volcanoes were extinct.

Salvadoran president Nayib Bukele recently confronted renowned economist Steve Hanke on Twitter. The latter criticized the possible energy source for the Bitcoin City project, as it comes from a dormant volcano.

Hanke is a professor of applied economics at Johns Hopkins University in Maryland, USA. He suggested the impossibility of using a dormant volcano as an energy source for the project, which Bukele announced in November 2021.

In response to the critical observation by Hanke, Bukele clarified that volcanic activity is not the source of geothermal energy. He explained that most geothermal energy comes from wells near inactive volcanoes and said nobody would build a city on an active one.

Bukele added a meme alluding to that comment, which more than 600 people have shared, and other 6,000 have indicated they like it.

Bitcoin evangelist Stacy Herbert and her husband Max Keizer, among other well-known bitcoiners, reacted to the tweet. Herbert posted the famous image of the charred lovers of Pompeii with an ironic comment. He wrote they were he and his wife after moving to a Bitcoin City built on an active volcano.

How a Dormant Volcano Will Power Bitcoin City

Geothermal plants use the internal heat of the Earth or volcanoes to produce electricity for potential Bitcoin mining farms.

There is a geothermal power plant in Berlin, a town located in the southeastern part of San Salvador. In late November, technicians from the plant confirmed that they could only obtain geothermal energy from an extinct volcano.

Roberto Montes, an engineer from La Geo (Salvadoran geothermal plant), said that the process involves capturing the geothermal steam that flows into the atmosphere. After that, they take it to the treatment plant to convert it into energy.

That steam comes from the fissures in the subsoil that the volcano left each time it erupted. Montes explained that El Salvador has reservoirs that generate temperatures above 300 degrees Celsius.

Conchagua, in La Unión, is the region where they project to build Bitcoin City. However, there is not yet a geothermal plant in operation, and nobody knows when its construction will begin.

Nayib Bukele Defends Bitcoin in Social Networks

In early December, the Salvadoran president also made headlines for an intense debate with anti-Bitcoin financial broker Peter Schiff on Twitter.

The debate took place when El Salvador bought Bitcoin on December 4^th, expanding the treasury of the Central Latin American nation by 150 BTC. Peter Schiff responded to Bukele that there would be further falls if he kept  using the money from taxpayers on what he considered a waste.

Nayib Bukele compared the performance of gold to that of Bitcoin throughout 2021. The president noted that the precious metal had caused losses to El Salvador during the year. However, he said that the same amount of Bitcoin increased by almost 160% over the same period.

In that regard, Schiff stated that Bukele was making a big bet with the money of other people, which might not end well for anyone.

Bitcoin is currently trading at around USD 39,876 and has accumulated a 16.2% loss in the last week. Its trading volume is above 19.80 billion, and its market capitalization is about USD 754.48 billion, according to CoinGecko.

By Alexander Salazar

In 2021, the Thai government expressed its interest in promoting cryptocurrencies but is now telling traders to pay a tax. The co-founder and CEO of Zipmex Thailand said an advanced data analytics system would help calculate cryptocurrency earnings accurately.

Cryptocurrency users in Thailand will now have to pay a tax of 15% on their earnings. According to the newly established rules, all profits from operations with cryptocurrencies will be subject to that compulsory contribution. That decision will apply to all cryptocurrency users, without exception.

Sommai Siriudomset, a spokesperson from the Revenue Department, recently said that they advise investors to indicate their income from cryptocurrency holdings. Specifically, she stated that traders in Thailand would have to pay a 15% tax on their revenues from crypto assets.

The strategic advisor pointed out that the department will summon the related parties if they find any irregularity in the payment of taxes. She highlighted that they would request the financial institutions and trading platforms involved in that situation to provide information.

In September 2021, the Thai government expressed its interest in promoting cryptocurrencies. However, they are now telling the taxpayers of the country who benefit from those assets to pay a tax. They argue that the cryptocurrency industry has become increasingly significant in the financial system.

Cryptocurrency Users in Thailand Will Have to Pay a 15% Tax

The Revenue Department of Thailand plans to improve the existing security in the cryptocurrency industry. For that reason, it has decided to force the users of those assets to agree to pay additional taxes in 2022.

They stressed that this compulsory contribution would apply to all taxpayers who have profited from transactions with cryptocurrencies. They will include investors and operators of mining facilities but exempt exchanges from the measure.

Therefore, the Revenue Department of Thailand decided to collect a tax of 15% on the profits from cryptocurrencies. However, it is not clear when they refer to those benefits. Besides, many expect them to control and oversight in the direction of the crypto space to increase.

How They Will Calculate the Profits from Cryptocurrencies

The gains from crypto assets are the income assessable under Section 40 of the Royal Decree amending Revenue Code No. 19. Amid the significant expansion of that market in 2021, the Thai financial authorities plan to improve their supervision of cryptocurrency trading activities.

Akalarp Yimwilai, co-founder and CEO of Zipmex Thailand, thinks tax calculations and methods should be concise and easy to understand. He noted that several people are willing to pay taxes but have no idea how to calculate them.

In addition, he said that an advanced data analytics system would allow the Revenue Department to calculate cryptocurrency earnings accurately. Besides, he believes it would be beneficial to share such an invaluable tool with the sector.

Sanjay Popli, the co-founder of Cryptomind and owner of Merkle Capital, expressed his viewpoint in that regard. He mentioned that many investors still do not know how to calculate profits and losses from trading cryptocurrencies.

The relevance of cryptocurrencies in the economic system is increasingly evident, which regulators do not overlook. For that reason, the Revenue Department of Thailand decided to apply a tax on those profiting from crypto assets.

By Alexander Salazar

The controversial Canarian Youtuber plans to invest his fortune in a laboratory of immortality. The Youtuber will keep the bitcoins while he figures out how to carry out the ambitious project.

A multi-million dollar -and mysterious- donation of Bitcoin has just made a Spanish Youtuber rich. The famous and controversial influencer Daniel José Santomé,  known as Dalas Review, revealed to his fans that he received an anonymous donation of at least 233.4 bitcoins, equivalent to just over 10 million euros (USD 11.3 million).

In a video launched on his YouTube channel, the young Tenerife native told the story to his more than ten million followers. Dalas revealed that he had become a crypto billionaire. He spoke about the amount by showing a screenshot of his wallet with the BTC fortune.

Dalas shared on his channel that he was thinking about the creation of a laboratory to research cell ageing. He said he wanted to know more about immortality. At that time, he even admitted that he would leave YouTube in the future to dedicate himself to that research.

A Ridiculous Amount of Bitcoin

As crazy as it sounded, it seems that some people took the project seriously, as, in December; an anonymous follower contacted him to say they wanted to contribute to the cause. According to Dalas, he made contact with a temporary account suggesting funding for his lab project.

The person then invited him to continue chatting via TorChat, a decentralized and anonymous instant messaging platform that provides cryptographically secure text messages and file transfers.

The Youtuber acknowledged that the proposal was not believed and described the anecdote as ridiculous, admitting it was an incredible amount. He said he was not expecting such a donation.

The famous Youtuber says that he has thought about returning the money due to doubts of its origin, but that this option was impossible because he lost the chat, and now he lost total contact with the person. A few days before the video got published; he had taken to Twitter to ask how to recover a TorChat account.

The Spanish highlighted that he received the bitcoins from different addresses and assured that he would not touch the wealth of Bitcoin for the moment until it is more clear how to carry out the project.

The Youtuber will Remain HODL

Dalas understand that his best alternative is to store the coins in a hardware wallet, away from possible cyberattacks. Dalas went to Twitter to share that he was learning how to “set up” a cold wallet. This situation further means that the Youtuber has become a crypto-millionaire and a great Bitcoin HODler.

Many videos are circulating on YouTube disproving Dalas’s story about anonymous Bitcoin donation. Multiple theories are lurking in cyberspace that cast doubt on the anecdote. Some users suggest that the fortune came from a person seeking to launder funds. Others spoke about the possibility that it is a marketing tactic, and it comes from himself.

By: Jenson Nuñez

The reduction in the number of transactions per week does not mean that the whales are inactive. They prefer to hold their tokens until the bullish trend returns, but other forces also affect the price.

Bitcoin whales started 2022 in a particular way, moving 91,365 BTC through 69 transactions. Below are the details about how that has influenced the value of the pioneering cryptocurrency.

There must always be a context to understand the behavior of the whales and the market as a whole. The following is only a micro approach to one of the factors that can influence the performance of BTC.

The Activity of the Bitcoin Whales and How they Start 2022

The 69 operations the Bitcoin whales made this week are relatively few, considering that 100 per week was usually the minimum. However, that small figure does not mean that the whales remain inactive.

The predominant trend was the transfer between unknown wallets but only regarding BTC transferred. The tendency of finding repeated transfers of 10,157 BTC continues but less than in the previous weekly report. The whales moved 30,471 BTC, equivalent to 33.35% of the weekly total.

The second highest trend was accumulation, as 26,640 BTC went from exchanges to unknown wallets during the last week. That represents 29.16% of the weekly total.

In third place, the whales introduced liquidity to the market by moving 23,366 BTC from unknown wallets to exchanges. That represents 25.57% of the weekly total, 3.59% weaker than accumulation.

In addition, there were also transfers between exchanges, which barely added 10,888 BTC, equivalent to 11.91%, during the week. That outlook shows the way Bitcoin whales start January, but there is more into which to delve.

Understanding the Performance of Bitcoin Until Now

Bitcoin is currently trading at around USD 41,939 and has accumulated a 0.40% loss in the last 24 hours, according to CoinDesk. That represents a continuation of the downward trend since the beginning of this year and the last days of 2021. That has been the longest losing streak of Bitcoin since 2018.

The Bitcoin whales seem to respond to the market instability, preferring to hold their tokens until the return of the bullish trend. Removing supply from the market could boost the price, but the whales are not the only force affecting it this week.

Analysts agree that January is usually a seasonally weak month for BTC, but its price has dropped by 11% so far this year. Some bulls bet that the market is at the peak of another bullish run. However, the market seems to have little short-term price support until it drops to USD 39,570. In September 2021, the value of the cryptocurrency bottomed out at about that level.

The drop in the mining hash rate due to the current situation in Kazakhstan has affected the price of Bitcoin. Compared to the relevance of that factor, the whales seem to take a back seat for the moment.

By Alexander Salazar

The price of BTC is about to close a candlestick with a great bearish force breakthrough crucial support at USD 43,000. The bears control the market, but that will change when the price begins to reach increasingly high lows.

The outlook for Bitcoin (BTC) does not look optimistic, as the bearish force dominates and is causing problems in the short term. As the price of the crypto asset drops, fear spreads throughout the market, creating a wave of uncertainty that seems not to reach the bottom.

BTC is currently trading at around USD 41,939.46 and has accumulated a 0.3% gain in the last 24 hours. Its daily trading volume is above 27.42 billion, and its market capitalization is about USD 789.35 billion, according to CoinGecko.

The Bitcoin sentiment indicator went into the extreme fear zone, although this can cause problems in the short term. Large investors usually take advantage of low prices to continue accumulating when fear takes over the market.

The metrics on demand and supply, and those tracking the behavior of whales, are mainly bullish. However, technical oscillators are bearish in the short term, showing that Bitcoin is in trouble.

The Technical Analysis of the Price of BTC

The weekly BTC/USDT chart shows that the price could close a candlestick with a great bearish force. It also indicates that the price is breaking through crucial support at USD 43,000.

That support is the neckline of a shoulder-head-shoulder formation, which heralds the change in trend.

The bears are clearly in control and could push the price towards the next support, at USD 39,000.

The breakout of the support might still become invalid, showing a considerable bullish force next week, which is very unlikely at the moment.

There is a necessary corrective process, but the bullish force is dominant. The whales continue to accumulate, and the supply continues to decline. For that reason, it is highly improbable that the bullish market is over.

Before thinking that the bullish run is over, the price has to break through the support at USD 32,200. However, that scenario is not even close to happening.

Investors must be considerably cautious at the present time, as buying right now can be highly risky. They can assimilate it only if they assess the asset correctly.

The Weekly Analysis of the Value of Bitcoin

The daily BTC/USDT chart clearly shows that Bitcoin is in trouble in the short term.

The great bearish force of the last few days has reaffirmed that the bears are in control. Besides, that will not change until the price begins to reach increasingly high lows.

On January 6^th, the price of BTC found support at USD 40,750. Although there could be a bullish rally in the coming hours/days, it could simply serve to pick up supply and continue dropping.

To think that a large rally will occur, sellers must show exhaustion during the next dip. Otherwise, Bitcoin could lose support at USD 40,750 and look for a minimum of USD 38,200.

By Alexander Salazar

If the price of Dash continues defending support around USD 140, it could be the beginning of a significant bullish rally. If there is an increase in selling pressure, the ground would be clear for at least USD 87.

Almost all the cryptocurrencies on the market have lost value in the last few years. However, Dash Coin (DASH) is among the few whose price is still increasing.

DASH is currently trading at around USD 151 and has accumulated a gain of 1.8% in the last 24 hours. Its daily trading volume is above USD 331.33 million, and its market capitalization is about USD 1.59 billion. It occupies 83^rd place in the cryptocurrency ranking, according to CoinGecko.

Throughout its history, that cryptocurrency has lost much prominence within the ecosystem. Despite that, it is still among the largest by market capitalization, and its utility is still growing.

Dash stands out as its network can process instant and secure payments, with operating costs below a penny per operation. Those are qualities that a cryptocurrency needs to become an alternative for daily purchases. For that reason, that crypto asset has remained one of the leaders on the market.

The Technical Analysis of the Price of the Dash Cryptocurrency

The monthly DASH/USD chart shows that the price has been rising little during the 2020/2021 bullish rally.

Among other reasons, that may have contributed to making it jump higher lately. Probably, it does not have much more to lose, as many holders are accumulating at low prices.

The price of the Dash cryptocurrency is currently defending support around USD 140. If it remains at that point, it could be the beginning of a significant bullish rally.

However, there is a dominant bearish risk, which could push the price of the crypto asset lower. That risk would not be a matter of concern as long as the support zone around USD 140 holds.

Before confirming that the bulls have regained control, the price has to break through the resistance at USD 222. That would open the way to purchases of as low as USD 473.

The Weekly Chart of the Value of DASH

The weekly DASH/USD chart shows a more detailed X-ray of what is happening with the cryptocurrency.

Since the widespread crash of the cryptocurrency market started in early May 2021, Dash has been in a descending triangle. That could be a sign of a further drop in the short term.

However, only if the price breaks through the triangle support at USD 115, there would be an increase in selling pressure. If that happens, the ground would be clear for at least USD 87.

The value of DASH is currently defending the immediate support level. Although it has not generated an overly optimistic rally, a big part of the probabilities still favors buyers.

Right now, DASH could have more problems in the cryptocurrency market due to fear and uncertainty. However, if the general decline reaches its bottom soon, that cryptocurrency could benefit quite a bit afterward.

By Alexander Salazar