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24 June 2021

BTC price doesn't care about El Salvador? 5 things to watch in Bitcoin this week

BTC price doesn't care about El Salvador? 5 things to watch in Bitcoin this week


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Bitcoin (BTC) begins another week below $40,000 but with two major new landmarks under its belt.

After falling over continued FUD from China over the weekend, Bitcoin adoption has also seen an unexpected first — from El Salvador and Paraguay?

Cointelegraph takes a look at five things which may change the status quo in BTC/USD over the coming days.

Inflation is still the talk of the town in the United States, with Treasury Secretary Janet Yellen revealing that she would be in favor of higher rates.

Speaking to Bloomberg over the weekend, Yellen voiced support for President Joe Biden’s latest giant spending package, and argued that this should be given credence even if it resulted in inflation.

After payment gateway Strike began making serious inroads in the country, President Nayib Bukele formally announced that he would send a bill to parliament to make Bitcoin legal tender.

Look at immediate price action and anyone would be forgiven for having cold feet over Bitcoin on Monday.

This would cement existing fears that Bitcoin is not yet done with its bearish retreat.

With some cryptocurrencies scoring sustained upside despite a declining crypto market cap, hopes remain that an opportunist “alt season” can still emerge.

Of particular interest this week is Ether (ETH), which against Bitcoin is approaching its recent local highs of 0.081 from last month.

On Monday, the majority of the top fifty cryptocurrencies by market cap saw modest gains as Bitcoin dithered, while some outperformed, including Solana (SOL) with 10% returns and Tezos (XTZ) with 12%.

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