A classic buy signal, negative SOPR implies that sellers have been dumping BTC at a loss, and the oversold market, therefore, is ripe for longer-term hodlers to profit from cheap coins. The last time SOPR went negative was July 20, right before Bitcoin took off to reclaim $50,000. “Spent Output Profit Ratio went negative (green) yesterday as on-chain speculators were selling at a loss,” Philip Swift, an analyst at trading platform Decentrader, summarized to Twitter followers Thursday.
In what could be the beginning of a global trend, Panama is exploring a fast follower of El Salvador's official embrace of Bitcoin. The day after El Salvador adopted Bitcoin as legal tender, Panamanian Congressman Gabriel Silva introduced a bill designed to provide "legal, regulatory, and fiscal certainty to the use, holding and issuance of digital value and crypto assets in the Republic of Panama." The new Panamanian bill aims to promote the use of cryptocurrency and other digital assets, similar to legislation in its fellow Central American country El Salvador. But it also outlines an expansion of government use of blockchain technology for purposes of identity and transparency.
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