Following El Salvador’s recent decision on Bitcoin, making it the first sovereign nation to make Bitcoin a legal tender, the price of Bitcoin is eyeing $35,000, with some crypto traders optimistic that this could be the end of the bearish stage. As reported by Tokenhell, El Salvador’s President, Nayib Bukele happily announced in the early hours of June 9 after the country’s congress had ratified the bill he submitted to adopt Bitcoin as a legal tender simultaneously with the US Dollar.
The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.
62 out of 84 votes!
— Nayib Bukele (@nayibbukele) June 9, 2021
According to the chart obtained from the crypto exchange BitStamp, Bitcoin moved towards the $35,000 mark with El Salvador’s Bitcoin milestone prompting its move. However, traders are skeptical about the current move of Bitcoin even the reactions that trailed the congress’s approval. The expectations of some traders is that after Bitcoin’s brief climb to the $35,000 mark, there will be retracement after which there will be a deeper downturn in the price of Bitcoin.
A popular crypto trader, Crypto Ed, had tweeted on his page– “Bitcoin printing a higher low, expecting some more bounce today,” popular trader Crypto Ed summarized on Twitter. “Not sure yet if bottom is in, will update later today.” A sterner forecast was issued by another popular trader, Crypto Cobra, who has since the beginning of the week been issuing a series of predictions about the massive downturn the crypto market would experience. He had said he could Bitcoin plummeting to $25,000, thereby affecting the price of other cryptos by 20%.
Despite this, Crypto Ed had further opined that the plummeting US Dollar, which as at Monday experienced a little uptrend could create the requirements that would spur a miraculous growth in Bitcoin. He was quoted saying “All we need for a bullish BTC” after posting recent observations from the USD currency index (DXY).
BTC’s Move Towards $35k Positively Affect Altcoins
Altcoins experience recovery from the dip following Bitcoin’s new move to the $35k mark. A study of top fifty cryptocurrencies by market capitalization revealed that there was a percentage gain of almost 3% today, with only a few exceptions that showed otherwise. The price of Ethereum posted over $2500, however more than 5% lower than its price last week. The total market capitalization of the crypto market was below $1.54 trillion. Bitcoin’s dominance stood at 41.6%.
President Bukele is billed to meet with the International Monetary Fund on Thursday, June 10 to discuss the modalities for its new law. We may see an uptick following the outcome of the meeting. With El Salvador’s decision, other countries may follow suit and enact laws legalizing the use and adoption of Crypto. The crypto market had taken a massive hit during Mid-May following a series of bearish events.