El Salvador Now Holds BTC Reserves And Analysts See Bottom Signals
Last Updated on 9 June 2021 by CryptoTips.eu
Micheal Saylor is not ready to give up and asks the market for more money to allow MicroStrategy to load up on extra Bitcoin, El Salvador passes a law making it obligatory for its central bank to hold Bitcoin on its balance sheet and several technical analysts see bottom signals. An overview.
MicroStrategy
When Bitcoin traded above $50k, Wall Street granted MicroStrategy CEO Michael Saylor an air of wisdom and was willing to forget that the man actually lost a lot of money during the dotcom crisis.
Back in December of 2020, it was Saylor who spoke to Elon Musk about purchasing Bitcoin for Tesla, which the latter CEO did about a month later, sending the price of Bitcoin skyrocketing.
MicroStrategy announces pricing of $500 Million of 6.125% Senior Secured Notes due 2028 to acquire additional #bitcoin. $MSTRhttps://t.co/qEhHtJS69Q
— Michael Saylor (@michael_saylor) June 8, 2021
Now that Musk has apparently lost his love for Bitcoin and the worldâs biggest crypto is trading near $30k again, MicroSrategy is asking Wall Street for additional funds to purchase even more. Will investors heed the call?
El Salvador
Nicaragua is making most of the headlines in Central America today (as it arrests any politicians trying to unseat President Ortega), the cryptosphere is mostly still focused on El Salvador.
El Salvador is now required by law to hold #bitcoin in its reserves!
— Peter McCormack (@PeterMcCormack) June 9, 2021
Truly historic. https://t.co/81JcHA4eCZ
Whereas citizens were already purchasing coffee and other daily goods with crypto, that amount will only increase now that the central bank is now required by law to hold bitcoin in its reserves.
#ElSalvador âs #BitcoinLaw will be applied in a free marketplace. All prices can be shown in #BTC The dollar will be used as a reference.Â
— MĂłnica Taher (@monicataher) June 9, 2021
All economic entities can accept #Bitcoin , when a customer offers to pay with it. The government will offer conversion mechanisms for (1)
As crypto enthusiast Peter McCormack rightly remarked, this is truly historic.
Bottom signals
Technical analysts Ran Neuer and Scott Melker (who both have massive followings on social media) have released videos in the past day where they claim to see a bottom signal popping up and where the market is being steered by FUD (fear, uncertainty and doubt).
Of course both men could be biased as they are known as longtime bitcoin bulls, so always do your own research but the explanations make for interesting viewing.
Scott lastly explained how Bitcoin will normally bounce back up from the 61% area, known as the Fibonacci area.
Letâs see in the following few days whether these two are right.
hello.artmagination.com / Depositphotos.com