BTC Dominance Lowers | AltCoins Gain Momentum | El Salvador Buys More BTC.
Let’s Dive to the latest incidents and some recaps!!
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Dear readers,
El Salvador buys more Bitcoin.
Potential decrease of Bitcoin long-term holder’s supply.
U.S Regulators & CFTC weighing in the Cryptocurrencies.
BTC Dominance decreases as money flow to the AltCoins.
"It was a long wait, but worth it. We just bought the dip!" Nayib Bukele, President of El Salvador tweeted on Wednesday.
After El Salvador announcement BTC recovered 4% from below $60K to trading around $61,300.
El Salvador became the first country in the world to accept bitcoin as legal tender earlier this month, as the President claimed that BTC will reduce the cost of remittances for Salvadoran migrants living abroad.
Some critics said that Bukele’s actions are risking the financial stability of the country, and that Bukele is just pulling stunts by buying BTC, but that wasn’t the case when the President continued his tweet by tweeting,
Say whatever you want about Bukele, but he’s unstoppable!!
Some Crypto and Blockchain Analysts indicate a potential decrease of Bitcoin long-term holder’s supply, and why is that you might ask considering El Salvador just buying the Dips?
Buy low & sell high!! Aren’t we all familiar with that? Long-term investors buy the dips and sleep on it, so when do they wake-up you might ask? Well, majority of them sell their BTCs when it hits a new ATHs, so they can again buy when it dips.
Well they aren’t some super humans, who know exactly when the price peaked and dipped, but it’s a natural investor’s behavior to dump their bags to novice investors.
If Congress expands the CFTC's scope, Rostin Behnam, the acting chairman, told the Senate Agriculture Committee that the commodities regulator is poised to become the lead federal regulator for digital assets.
“Given the size, the scope and the scale of this emerging market, how its interfacing and affecting customers, retail customers, and then with the scale of the growth being so rapid, potential financial stability risks in the future, I think it’s critically important to have a primary cop on the beat and certainly the CFTC is prepared to do that if this committee so wishes,” Behnam said.
He recognized that regulating crypto would be a "step away" from the agency's traditional job as a commodities regulator, but he believes the industry is big enough to warrant the change.
Behnam also pointed the risks involved in the digital assets market.
In an interview with published by Reuters Monday, Jelena McWilliams, chair of the Federal Deposit Insurance Corp. (FDIC), stated that banks should be allowed to invest in cryptocurrency.
"I think that we need to allow banks in this space, while appropriately managing and mitigating risk," she said in an interview on the sidelines of a fintech conference.
Could the BTC.D downtrend mean Bullish for AltCoins?
EMA50 indicating bearish as the dominance percentage broke local support by 2.6%, as you can see the chart the Dominance retested the resistance and continued downtrend, could this be an indicator for the BTC.D to fall at around 43%?
If that becomes the case, then we’ll see a bullish run on the AltCoins nevertheless we’ll keep you updated, you can count on us 😉!
Comment below and let us know your thoughts on this..