Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Cryptos

Bitcoin trades above $51,000 ahead of El Salvador’s adoption

Ajibola Akamo by Ajibola Akamo
September 6, 2021
in Cryptos, Spotlight
Bitcoin on dollars
Share on FacebookShare on TwitterShare on Linkedin

Flagship cryptocurrency Bitcoin rallied strongly yesterday and many analysts believe this is a result of El Salvador’s adoption of Bitcoin as a legal tender on the 7th of September. There is a growing movement on social media, calling for people to buy small amounts of Bitcoin in support of El Salvador’s plan to make the token legal tender.

Users on platforms including Twitter and Reddit are discussing plans to buy $30 worth of Bitcoin collectively on the 7th of September to mark El Salvador’s Bitcoin law coming into effect. This call is similar to a coordinated price pump that has happened with meme stocks like GameStop Corp and AMC.

READ: El Salvador approves $150 million bitcoin trust

RelatedPosts

No Content Available

The country has been preparing heavily for the adoption of Bitcoin as it has been installing Bitcoin ATMs to allow citizens to convert the token into U.S. dollars and last week, El Salvador’s Legislative Assembly passed legislation to allow for the creation of a $150 million dollar Bitcoin Trust to back conversions of Bitcoin to U.S. dollars.

The government, as a way to promote the use of Bitcoin, mentioned that it will give the adult population of El Salvador $30 in Bitcoin once they download the government issued wallet known as “Chivo.” This means Salvadorans will be able to download Chivo, enter their ID number and receive $30 in Bitcoin for free. This was confirmed by Finance Minister Alejandro Zelaya last month.

READ: BTC could completely collapse the economy of El Salvador – Steve Hanke

Asides from the adoption by Salvadorans, on-chain analytics suggests that Bitcoin is in high demand. Data from Glassnode reveals that the number of BTC that left centralized exchanges last month amounted to 124,501 BTC (approximately $6 billion). Glassnode’s weekly On-chain Exchange flow revealed that last week, a total of $1.4 billion left centralized exchanges. To top it up, a chart posted by William Clemente, an on-chain analytics expert who is the lead insights analyst for blockwareintelligence, revealed that whales (a term used to describe big-money investors) added 41,580 BTC ($2.2 billion) to their holdings in the last 10 days.

READ: World Bank refuses to assist El Salvador with Bitcoin integration

What they are saying

On the calls for buying $30 worth of BTC on the 7th of September, Ijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore stated that it will be a challenge for users to actually coordinate and act out such a plan. He said, “Saying something and actually doing it are very different.”

Bottomline

Bitcoin has been on a strong run of late, surging to almost $52,000 on Monday to touch the highest level since May. This comes amid a broader revival in the crypto sector from a rout earlier this year. BTC is currently trading at $51,800 as of the time of this report.

Related

Tags: Bitcoin'El Salvador

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • External Reserves up $6 billion in one year but no forex
    • Why quality of telecommunication services are better in Lagos, Ogun, Rivers
    • How to face the storm and make money in the bear market

    Follow us on social media:

    Recent News

    Nigeria’s external reserve falls to lowest in 10 months

    External Reserves up $6 billion in one year but no forex

    July 6, 2022
    Telecommunication companies, Telecoms, Call tariffs, Taxes and levies, Then and now: Nigeria's telecommunication history , Nigerian Telecoms Connectivity Offerings Impact Nigerians More than Ever

    Why quality of telecommunication services are better in Lagos, Ogun, Rivers

    July 6, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com