El Salvador Bitcoin pump failed to attract smart money, for now

El Salvador Bitcoin pump failed to attract smart money, for now

El Salvador’s bitcoin charity pump has failed to attract the kind of money that would make it a success.

El Salvador Bitcoin pump failed to attract smart money, for now

An article appeared in the local press this week, reporting on the failure of El Salvador’s Bitcoin pump. It seems the company has lost patience with the lack of demand for its services, and has decided to close down. The article mentions that the pump “received thousands of requests, but no one had deposited any coins”.. Read more about when to buy bitcoin 2021 and let us know what you think.

On Wednesday, bitcoin (BTC) posted its best daily performance since the 8th. In February, Tesla announced that it had added $1.5 billion in BTC to its balance sheet. The flagship cryptocurrency jumped 11.98 percent to $37,573 after Salvadoran President Nayib Buquele passed a law recognizing it as legal tender. In short, the Central American country will now be able to price goods and services in BTC and will even accept the crypto currency for taxes. Meanwhile, Bukele said his government will not impose a capital gains tax on bitcoin investors. He also announced that El Salvador will use excess energy from the volcano to mine the cryptocurrency, weeks after Tesla CEO Elon Musk stopped supporting bitcoin payments because of its troubling carbon footprint. I just asked the president of @LaGeoSV (our state geothermal energy company) to come up with a plan to create #bitcoin mining capacity using the very cheap, 100% clean, 100% renewable, emissions-free energy from our volcanoes. This will grow fast! pic.twitter.com/1316DV4YwT – Nayib Bukele (@nayibbukele) June 9, 2021

Bearish sentiment prevails

But El Salvador’s historic decision to legitimize bitcoin as a future store of value hasn’t provoked a bullish response from savvy investors, according to Lennard Neo, head of research at Stack Fund, a Singapore-based crypto investment fund. According to a recognized financial analyst, bullish sentiment in the bitcoin market remained low on Wednesday, even after the news from El Salvador. The popular Fear & Greed Index indicated extreme fear, while Bitcoin smart money derivatives contracts were purely short by 11.98% during the BTC/USD rally. CME bitcoin derivatives were mostly short on Wednesday. Source: Ecoimetrics El Salvador Bitcoin pump failed to attract smart money, for now Commercial activity also seems weak, Neo noted, adding: Don’t expect a big impact on bitcoin for a country whose per capita GDP is less than 7 percent of that of the United States, whose economy last year suffered its worst slump in decades. Ben Lilly, an analyst at Jarvis Labs, provided additional anecdotal evidence as to why continued bearish movement remains a real risk, even though bitcoin is showing its best daily candles in recent months. He drew attention to the recent increase in BTCUSD shorts – a dataset that tracks the number of marginal short positions on the Bitfinex exchange – on the same day that the pair rose in spot markets. The white vertical lines coincide with important shifts in interest in short films. El Salvador Bitcoin pump failed to attract smart money, for now A sharp increase in short positions in BTCUSD usually leads to a decrease in the spot price of bitcoin. Conversely, a short BTCUSD position falling is a signal that a price recovery is imminent. Correlation of bitcoin spotwith BTCUSD short positions. Source: TradingView El Salvador Bitcoin pump failed to attract smart money, for now

Pablo, whales, etc.

Meanwhile, Lilly also gave Pablo back his bear analogy. The analyst coined a fictional character last year to refer to a bitcoin wallet owner who he said played a major role in dumping and pumping the BTC/USD market on several occasions, including the March 2020 crash. Lilly warned that the anonymous trader still had a supply of bitcoins that he could later dispose of. He added: Pablo doesn’t seem to be ready yet. He’s been making erratic movements since Monday and has another bullet in the chamber. The CVD indicator has reinforced the bearish bias in the bitcoin market. The indicator, divided by Lilly, shows a spike in bitcoin sell orders from $100,000 to $10 million. The wave ofbitcoin orders was caused by the whales. Source: Jarvis Laboratories El Salvador Bitcoin pump failed to attract smart money, for now Lily said there were no market drivers behind the rise in the price of bitcoin in El Salvador, noting that they can influence the price unhindered. Wherever it lands, it lands. Meanwhile, bitcoin’s dominance index – a metric that measures the strength of a benchmark cryptocurrency relative to competing cryptocurrencies – rose from 41.28% to 44.23%. Bitcoin dominance index rises after news El Salvador. Source: BTC.D at TradingView.com El Salvador Bitcoin pump failed to attract smart money, for now The upward movement suggests that traders have unloaded their altcoin positions in search of opportunities in the bitcoin market, especially after the cryptocurrency became the official legal tender in El Salvador.El Salvador has been an epicenter for Bitcoin activity for most of 2018, with the developing economy of the country becoming an investment hot spot for digital currency enthusiasts. It’s not the first time that the small Central American nation has been on the Bitcoin radar. In 2014, when the price of BTC was just a fraction of what it is today, the country’s central bank, Banco Central de El Salvador (BCES), announced a new push to attract foreign capital to the local Bitcoin ecosystem.. Read more about next bitcoin stock and let us know what you think.

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