09.12.2021

On the eve of the recognition of bitcoin in El Salvador, the price of BTC is fixed above $ 51,000

At the beginning of the new week, the bitcoin rate continued to grow and came close to the level of $ 52,000. This is another local maximum, which the first cryptocurrency managed to reach since the rollback from the record highs of about $ 65,000 in May.

Compared to June lows, growth is over 80%. Now traders are interested in the question of whether the cryptocurrency will be able to gain a foothold above a psychologically significant level.

The market rally is taking place against the background of reduced trading volumes. When BTC traded at comparable levels the previous time, the daily turnover of its market, according to CoinMarketCap, was $ 50-80 billion, and now only $ 33 billion. Labor Day weekend in the United States.

At the same time, stablecoin issuer Tether added 1 billion new USDT to its reserves this morning.

“Public Announcement: Replenishment of USD 1 Billion in Tron Networks. This is an authorized but not executed transaction. In other words, this amount will be used as reserves to process requests for the issue and exchange of tokens between chains during the next period, ”wrote the company’s CTO Paolo Ardoino.

Also this week on Tuesday comes into force the law recognizing bitcoin as legal tender in El Salvador . Despite criticism from the International Monetary Fund and the opposition, President Nayyib Bukele decided not to abandon the plan announced earlier this summer.

“El Salvador is making a major technological leap into the future, ahead of any other country, so failure is inevitable. For progressive-minded Salvadorans who are willing to work on harnessing bitcoin, this can offer incredible benefits, ”writes Alex Gladshtein, director of strategy at the Human Rights Foundation.

Meanwhile, Bitcoin’s hash rate continued to recover and over the past week has exceeded 130 EH / s, remaining just 37 EH / s below the highs. In the course of the next recalculation, which will take place in less than 2 days, the difficulty of mining should increase by 2.55%, which will be the fourth episode of growth in a row.

The Bitcoin Fear and Greed Index is also recovering and is now valued at 79 points out of 100, 16 points below record levels. At the same time, funding rates on the futures market remain significantly lower than at the time of overcoming $ 50,000 in April, indicating a drop in excitement among traders.

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