Bitcoin is attempting to grow after a significant collapse on Tuesday. The drop was almost 19%, as a result of which the total capitalization decreased by 330 billion dollars.
It is significant that the fall in the price of the main cryptocurrency occurred on the day that El Salvador recognized bitcoin as a legal means of payment. On the eve of this event, a campaign was conducted on social networks aimed at supporting such a decision by the authorities of El Salvador. Participants of the crypto community were urged to purchase bitcoins in the amount of $ 30 – exactly the same amount will be received by every resident of El Salvador who has installed a Chivo crypto wallet.
Large companies such as McDonald’s (NYSE:MCD) and Starbucks (NASDAQ:SBUX) have already started accepting bitcoin payments in El Salvador, and most companies are expected to follow suit in order to comply with the adopted legislation.
The cryptocurrency exchange Coinbase (NASDAQ:COIN) said that the Securities and Exchange Commission threatened to sue if it launches a program that allows users to receive interest by lending crypto assets.
Analysts of Standard Chartered Bank’s crypto assets market (LON:STAN) predict that the price of bitcoin will reach $100,000 by the beginning of 2022, and in the longer term – $175,000. Analysts noted that bitcoin could become the dominant medium of exchange between people who do not use the services of banks.
According to technical analysis, in case of a return above the level of 49400, an increase to 50500 is likely, then – 52800. In case of consolidation below the support of 44000, the road to 42500 will open.