Under the shadow of a "death cross", El Salvador pass the "Bitcoin Law".
In a glance
- El Slavador adopts Bitcoin as a "legal tender"
- The country has two official currencies. US Dollar and Bitcoin.
- This is the first country in the world with such a law.
- This created a boost for bitcoin, but is this enouph to break up the development of the "death cross"?
Bitcoin Law
The president Nauib Bukele of the Republic of El Salvador had already informed the crypto community, about the upcominig move, speaking live on the "Bitcoin Conference 2021" held on Miami.
The country of El Salvsdor will stay in the book of crypto history in golden letters, after the incredible move and the pass of the law, which makes bitcoin a legal tender. A mean of payment in every aspect of the daily life of the county. In practical, but not in detail, this law means that everyone has the right to pay in Bitcoin, and everyone is obligate to accept it.
Market moves
The market has reacted, already, with more than 11% rase on the bitcoin price, while its dominance has been increased by three points.
But, this doesn't seem enough, as the price is under the MA200, at $42,064 and MA50 is falling consdantly, towards to form a death cross
Usually this means that the price will go further down and test lower support levels.
One is for sure... El Slavador will
Stay Crypto/Stay Safe
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