Bitcoin price targets $35K bounce level on El Salvador legal tender milestone
While bitcoin has had its ups and downs, the cryptocurrency is still today the king of cryptocurrencies. With over US$1 billion worth of bitcoin circulating on the market, the value of bitcoin is still nowhere near the size of traditional currencies. But today, a milestone in the history of El Salvador was reached as the nation minted its first ever legal tender crypto-coin.
With the recent progress towards legal tender status by El Salvador, the Bitcoin price is expected to see a bounce from $3300 to the $35K area.
Bitcoin’s price tends to fluctuate wildly, but the 2 largest news events of the week were a combination of the El Salvador government minting its first physical coins and a ruling by a Brazilian court. El Salvador’s Central Bank officially launched the country’s new coin series called the “Metical” on Monday, which is expected to be accepted as legal tender by the government. The country’s central bank had previously sent out press releases in which it stated that the coin would be legal tender, but not the coins themselves. The coins will have a face value of 1 Metical, but the government has not decided on the price yet.. Read more about bitcoin price predictions and let us know what you think.
Bitcoin (BTC) reached its highest level on the 9th. June topping $35,000, boosted by the historic news that bitcoin has become a legal currency in El Salvador. 1-hour candlestick chart of BTC/USD (Bitstamp). Source: TradingView
Traders doubt bitcoin has hit bottom
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD rising on Wednesday, as bitcoin was accepted by the official state for the first time. The #Bitcoin law was overwhelmingly passed by El Salvador’s Congress. 62 out of 84 votes! The story! #Btc – Nayib Bukele (@nayibbukele) June 9, 2021 While reactions welcomed the Salvadoran parliament’s decision, operators remained cautious. According to Cointelegraph, a brief return to the $35,000 level is expected, before a reversal and deeper decline in the BTC price. Bitcoin printed a low high and expect a few more bounces today, one popular crypto-Ed trader summed up on Twitter. I don’t know what the background is yet, I’ll update later today. A harsher warning came from Crypto Cobra, a trader who this week reiterated his predictions of significant depreciation of cryptocurrencies. According to him, this would allow tokens to gain 20% of their value, which would mean that bitcoin would reach its goal of $25,000. However, Crypto-Ed added that the falling US dollar, which was still rising on Monday, could still pave the way for a miraculous growth spurt of bitcoin. Everything we need for a bullish BTC, he commented on the latest reading of the U.S. Dollar Money Index (DXY). The DXY is breaking down here, and it will.1-hour candlestick chart of the US Dollar Currency Index. Source: TradingView
At the same time, the resumption of bitcoin’s uptrend has had an overall positive effect on altcoins. A review of the top fifty cryptocurrencies by market capitalization showed growth of 3% per day overall, with a few exceptions on the upside or downside. Ether (ETH) broke through the $2,500 mark but, like bitcoin, is still down 5% from last week. The total cryptocurrency market was just under $1.54 trillion, with bitcoin accounting for 41.6 percent.Bitcoin is on the cusp of a big rally, after it appeared on the shelves of ATMs in El Salvador, providing buyers with some liquidity in the country. Bitcoin prices have surged and stabilized since the move, and as it moves into the mainstream it’s likely they will surge further.. Read more about when was bitcoin at its lowest and let us know what you think.
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