Krypto: El Salvador goes with Bitcoin while China expands the ban
Krypto: El Salvador goes with Bitcoin while China expands the ban
has risen by 3% to $ 43,500 within 24 hours. Last night, the benchmark cryptocurrency had dropped to $ 41,000, where it attracted the demand from buyers with declining demand. At this point, buyers start buying BTC quickly, which gives some hope.
The coin receives strong support for declines in the range of $ 40,000. Last month, Bitcoin has fended off bears in this area 5 times. Nevertheless, an increased seller intensity can still play against Bitcoin.
Now BTC has finally balanced the "Chinese News Factor", and further news from the heavenly empire is likely to have less and less influence on the price dynamics of the coin.
The Crypto Fear & Greed Index for Bitcoin and the most important cryptocurrencies are 20, which corresponds to the "Extreme fear" mode. This is a bullish purchase signal in the event of a recovery for the first cryptocurrency and this market in general.
The RSI index for on the daily chart is in the neutral area, has moderate growth and points out to growth.
el Salvador drives the introduction of Bitcoin
Contrary to the pressure from outside, El Salvador drives the integration of Bitcoin into the economy. The country's president published a video about the installation of volcanic -operated ASICs.
The state's government is "all in" with its experiment with citizens and the economy. News of this kind, if not for strong purchase impulses, ensure a positive mood among the participants of the.
If the experiment fails miserably, the negative effects on Bitcoin and then on the entire crypto sector could increase. It is difficult to clearly condemn and advocate such a project.
The success of such an event could probably be even more dangerous than failure, since several countries would follow the example of El Salvador. There are many countries worldwide that are dissatisfied with the current world order, the role and the IMF, but at this stage the bet on Bitcoin is as if you are "on the red" in a casino.
china does exactly the opposite and forbids everything that has to do with cryptocurrencies. It has become known that Bitmain, a Chinese manufacturer of Bitcoin-Mining-Asics, hired the sale in his country. This is a very informative message, as it was obvious that the Chinese authorities came to a total prohibition position after weighing up all the advantages and disadvantages.
The authorities of western countries are usually against such methods, but in practice they often copy Beijings, albeit in a different kind of shell. It is difficult to say to what size the cryptom market can grow, but it is obvious that the regulation according to the Chinese model will move closer.
The FXPro analyst team