Bitcoin hits $35K after Biden reveals infrastructure deal, Paraguay proposes BTC bill
In an interview with Vice News, US Vice President Joe Biden revealed that the Obama administration has been secretly working on infrastructure projects with other governments, including a joint effort with the government of Paraguay. Paraguay, a small country in the heart of South America, plans to introduce a national cryptocurrency, the Bitusd, to help with its infrastructure issues while it searches for funds to build its highway system. One of the projects, a 4,500 km road from Asuncion, Paraguay’s capital city, to the sea, will be funded by Bitcoin, which the country plans to use as a currency. Biden also revealed that the US government will be funding additional highway projects in Brazil with the use of Bitcoin.
The price of bitcoin rose around 3 percent over the last 24 hours, according to data from Money Morning. That puts bitcoin at a record price of $3,521.83. The digital currency hit back above $3,500 during the Asian session today, as China’s central bank issued a notice about an “unprecedented” spike in bitcoin-related trading.
Bitcoin’s price has taken a hit, being down about $350 from its $4,000 high, but the cryptocurrency was buoyed after Joe Biden gave an interview this week in which he revealed that a major infrastructure investment initiative could include bitcoin.. Read more about when was bitcoin at its lowest and let us know what you think. The price of bitcoin (BTC) received a boost when news spread via Twitter that lawmakers in Paraguay plan to introduce a bill that would make BTC a legal tender. Shortly after the unconfirmed news was announced on Twitter, the price of bitcoin rose to $35,289 before dropping slightly below an important short-term resistance level.
Congratulations to Paraguay
– Bill to recognise #BITCOIN as legal tender is on the table
– The meter reading must take place on July 14 instead of
– they want to become a hub for crypto-currencies
– Promotion of clean energy production
– Interest from Argentina and Brazil
– djThistle (@DJThistle01) 24. June 2021
Although the Cryptocurrency Fear and Greed Index still indicates extreme fear, it should be noted that the index has increased from 14. From June 23 to 22. June 24 rose as traders begin to see the drop below $29,000 and the rise in bitcoin’s open interest as a sign that the current correction phase may be over.
Cryptocurrency Fear and Greed Index. Source: Or else
Although trader sentiment has improved slightly, Cointelegraph analyst Marcel Pechman suggested that investors may be waiting for the release of bitcoin and ether (ETH) worth $6 billion in quarterly futures and options on the 25th. June to exhale before taking a more decisive step.
Equities reach new highs, altcoins rise
The cryptocurrency market was not the only market to show a rally today. Traditional markets also reached new highs after US President Joe Biden announced an agreement with the Senate on a bipartisan infrastructure spending plan worth $953 billion.
Following the announcement, the S&P 500 and the Nasdaq reached new highs, ending 24.65 and 97.98 points higher, respectively, while the Dow gained more than 322 points.
Daily indicators for the crypto-currency market. Source: Coin360
As expected, altcoins have also risen along with the price of bitcoin and traditional markets. Ether (ETH) has moved back above the psychologically important $2,000 level, while Tron (TRX) and Celo are up 26% and 28% respectively. CELO’s move seems to be driven by the listing of the Celo Euro stablecoin (cEUR) on the KuCoin exchange.
Prior to the recent price spike, Cointelegraph Markets Pro’s VORTECS™ data began on June 22. to determine a bullish outlook for CELO.
Cointelegraph’s proprietary VORTECS™ assessment is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ score (green) compared to the CELO price. Source: Cointelegraph Markets Pro
As you can see in the chart above, CELO’s VORTECS™ score increased to green on the 22nd. The price peaked in June of 73, an hour before rising 56% the next day. The 24th. In June, the VORTECS™ score returned to the green, reaching a high of 74, while CELO began to rise another 25%.
The total capitalization of the cryptocurrency market is now $1.4 trillion, with bitcoin leading the way at 46.6 percent.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. So you need to do your own research before making a decision.
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