22 May, 2024

Laos Expands Telecommunications Network, Reaching Remote Villages

Laos has achieved a big step in its telecommunications system by adding fiber optic cable that stretches 98,524 kilometers. This means more villages across the country can now get mobile phone signals.As of now, over 6.1 million mobile phone numbers across Laos have been issued, enabling internet usage, with the public opening more than 4.6 million accounts. Minister of Technology and Communications Boviengkham Vongdara highlighted these achievements during a press conference for the 159th anniversary of the World Telecommunication and Information Society on 17 May.With a specific count of 6,113,455 registered mobile phone numbers, the Ministry of Technology and Communications aims to increase this figure to 6.5 million soon. Also, there are 4,614,752 registered internet users, approaching the ministry’s target of 4.7 million accounts.Boviengkham reported that mobile phone coverage has expanded to reach 8,245 villages across 148 districts in 18 provinces, covering 97 percent of villages nationwide, with the majority of network users utilizing 3G and 4G access. Meanwhile, the introduction of 5G high-speed internet earlier this year in Vientiane, Luang Prabang, and Bokeo provinces also represents a significant advancement in connectivity.Currently, Laos hosts five telecommunication service providers and over 20 internet companies, contributing to the country’s economy. In 2023 alone, these entities generated over LAK 5 trillion (USD 234 million) in revenue and paid more than LAK 391 billion (USD 18 million) in taxes to the government.Additionally, in terms of regional connectivity, Laos has also strengthened its ties with neighboring countries, boasting 18 transmission links, including six with Thailand, five with Vietnam, two with Cambodia and Myanmar each, and three with China.As World Telecommunication and Information Society Day is observed both globally and locally, it acknowledges the transformative impact of digital innovation. This innovation holds the potential to empower education by breaking down barriers through online platforms, revolutionizing healthcare through telemedicine, and fostering connections within communities through social media.However, despite these advancements, millions still lack access to digital tools.

17 May, 2024

Bitcoin’s Supply Plummets Amid Bullish Surge

Decreased Bitcoin Supply on ExchangesBitcoin's supply on exchanges has reached new lows amid a bullish market trend, signaling a shift toward long-term holding. Analysts attribute this decline to factors such as the recent Bitcoin halving and increased investments in U.S. spot Bitcoin ETFs. A Bybit report suggests the supply on exchanges could be depleted within nine months. Despite this optimistic long-term outlook, concerns linger about the Federal Reserve's reluctance to lower interest rates, which could impact Bitcoin's short-term price.Bitcoin’s Bullish Trend and Key FactorsCurrently trading at $65,300, Bitcoin has recovered from just above $66,500 earlier this week. The decrease in supply is seen as a positive indicator, with Bybit predicting depletion within nine months. Key drivers include the Bitcoin halving and rising investments in U.S. spot Bitcoin ETFs.Federal Reserve’s InfluenceThe introduction of U.S. exchange-traded funds investing in Bitcoin led to a surge in trading volume. However, activity has slowed amid financial uncertainty and the Federal Reserve’s approach to inflation. The April 19 Bitcoin halving reduced new coin supply, but the Fed's reluctance to cut interest rates could hinder Bitcoin’s price reaching targets like $100,000 by 2024. The short-term outlook remains uncertain without Fed action.Bold Predictions: Bitcoin to $5 Million?The Co-Founder of Apollo predicts Bitcoin could rally to $5 million, driven by institutional interest and significant market developments. Echoing Michael Saylor’s bullish sentiments, the Apollo Co-Founder points to a “holy trinity of bullish catalysts.”The Holy Trinity of Bullish CatalystsMichael Saylor recently highlighted growing institutional interest in Bitcoin, noting its acceptance among major financial and governmental institutions. The Apollo Co-Founder identifies three critical factors for Bitcoin’s potential surge:① Spot Bitcoin ETF Approval: Providing a regulated investment avenue, likely driving substantial capital inflows.② Fair Value Accounting Rules: Allowing companies to report Bitcoin holdings at fair value, encouraging more corporate investments.③ Institutional Custody Services: Increasing liquidity and providing a robust financial infrastructure.Market Trends and Technical IndicatorsBitcoin maintains a bullish trend, consistently finding support above $60,000. Currently, Bitcoin (BTC) is priced at $66,183 with a 24-hour trading volume of $23.8 billion. The coin has declined by 0.7% in the past 24 hours, trading between $65,842.40 and $66,408. Bitcoin’s live market cap stands at $1.2 trillion, with open interest at -1.81%, valuing $17.3 billion.Technical Indicators OverviewTechnical indicators support an optimistic outlook for BTC/USD, with many signaling a buy. The Relative Strength Index (RSI) shows above-average readings at 62.04, indicating potential buying pressure. The Moving Averages Convergence Divergence (MACD) indicator has seen a bearish crossover, suggesting a possible new bear market phase. However, the 20-SMA and 50-SMA remain bullish, providing strong support for Bitcoin’s price.