Bitcoin was up 3.8% on Friday at around $34000 level for a short period, following the news that the El Salvador government is doubling down on fully adopting it as a legal tender. A few days ago, the world bank stated that it would not help El Salvador with its process of making cryptocurrency an official legal tender. It seems the El Salvador government has decided to push on forward on its own, with a $1m funding for new staff and opening an office.
The aftershock of China’s Bitcoin crackdown is still in effect, as Bitcoin’s $34000 position is short-lived and already dipping back down when this article is written. Bitcoin mining consumes energy comparable to that of a small nation, which is the main argument Elon Musk had made that crashed the entire cryptocurrency market back in May. With El Salvador’s aggressive deployment, it’s hard to say how the coin will behave and its effect on the Central American country.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.