Bitcoin Back Above $37,000 after a Solid U-Turn

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Created by TradeOr

3rd Party Analysis 15 Jun 2021

Key Takeaways

  • Bitcoin snapped a two-day losing streak on Wednesday, jumped 14%
  • The digital currency is still pressured, breaks $37,000, but declines in afternoon hours

Bitcoin Back Above $37,000

Bitcoin sprinted back over the $37,000 mark today after the dominant cryptocurrency declined more than 15% in the first two days of the week. On Wednesday, crypto bulls staged a strong comeback in the flagship token and Bitcoin shot up 14%, boosted by positive market sentiment. Prior to the quick surge, the crypto asset reached a weekly low of $31,000.

The price skid on Tuesday briefly approached the bottom levels in the recent crash. However the market was quick to snap up some discounted Bitcoin and the digital coin went through a swift U-turn that settled the closing level 8.3% higher, to $33,600.

Today, Bitcoin’s price remains volatile, as there is lingering selling pressure. The digital asset reached a session high of $37,600 but then erased the large part of the gains. Bitcoin is currently trading at $36,600, commanding a market capitalization of $690bn.

The Time Has Come

Meanwhile, in economic news, El Salvador became the first country to approve Bitcoin as legal tender. The small Central American country passed a new law yesterday that allows Bitcoin to be used to buy goods, pay taxes, bank loans and cover any other expense. Businesses would be required to accept the world’s largest cryptocurrency for payment, with the bitcoin-dollar exchange rate set by current market price.

“Bitcoiners around the world, the time has come. We are ready. We did our part, now the ball is on your side,” said William Soriano, a ruling party member and one of the 62 lawmakers who approved the designation.

“Every restaurant, every barber shop, every bank” will accept Bitcoin as payment, according to President Nayib Bukele. The move aims to increase financial inclusion to Salvadorans who don’t have access to traditional financial services. The country of 6.5 million people is considered as one of the poorest in the region. It has managed its financial operations via the US dollar as its official currency since 2001.

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