Podcast: Embed
El Salvador Converting Their USD to BTC amidst Rises in Bitcoin Interest
El Salvadorans are utilising US money to purchase bitcoin as interest in the asset class grows. A month after El Salvador’s Bitcoin law went into force, interest in the cryptocurrency has continued to rise as a higher number of citizens change their USD into BTC.
El Salvador’s in-house crypto wallet software – Chivo – has reported over 24,076 remittances, amounting to a huge $3,069,761.05 in a single day, according to a tweet published by the country’s president, Nayib Bukele. Furthermore, President Bukele stated that the pace at which Rises in, Salvadoran convert more of their USD to BTC is substantially higher than the rate at which they withdraw from their wallets at the approximately 200 Chivo BTC ATMs located around the nation.
2 new Chivo Facts:
1. People are inserting way more USD (to buy #BTC) than what they are withdrawing from the Chivo ATMs (any media outlet can independently confirm this by visiting the ATMs).
2. Today, we received 24,076 remittances, adding up to $3,069,761.05 (in one day).
— Nayib Bukele 🇸🇻 (@nayibbukele) October 16, 2021
Bulls Could Aim for a Larger Rally if Ethereum Sees a Key Upside Break
Ethereum(ETH) has broken over the $3,800 barrier level against the US dollar. However, the price of ETH has failed to rise beyond $3,900 and is presently consolidating gains. Ethereum has begun a new uptrend over the $3,750 and $3,800 barrier levels. The price is presently trading over $3,800 as well as the 100 hourly simple moving average.
Dips Is ETH supported?
If Ethereum fails to rise above the $3,890 and $3,910 resistance levels, it may begin a new downtrend. On the downside, an early support level is near $3,820. The first major support is presently building between $3,800 and the 100 hourly SMA. If the price falls below the $3,800 support level, it may fall even more. The next critical support level is around $3,720.
BTC’s return to $62,000 extends its winning streak, with the goal of reaching $68,000
Following a strong surge last week, Bitcoin(BTC) has stabilised over $62,000. The move encouraged additional bulls to enter the market, fueling expectations that the flagship cryptocurrency is only at the start of its bull cycle. Bitcoin extended its bullish run over $62,000 over the weekend, almost brushing shoulders with $63,000.
BTC is in the hands of the bulls, as seen by the general technical picture; a break above $65,000 would swiftly push BTC to $68,000. Bitcoin extended its bullish surge above $62,000 over the weekend, almost brushing shoulders with $63,000. BTC had not traded at this level since mid-April, right prior to the meltdown. After sustaining support at $59,000, a small retracement from the weekend highs returned. Bulls will target the all-time highs near $64,000 and eventually expand the run to $68,000 as long as Bitcoin holds at $62,000.
COVID-19 test certificates powered by blockchain are now available from a Mexican company
A Mexican business is leveraging blockchain technology to improve the reliability of COVID-19 diagnostic tests, utilising encryption and the blockchain’s real-time audibility to avoid counterfeiting and fraud. The findings are given physically and digitally 24 hours later and will be blockchain-certified. MDS Mexico, a medical services firm, is employing blockchain technology to combat the counterfeiting of bogus COVID-19 tests in the Latin American country.
ADA is trading in a narrow range, indicating that a significant move is imminent
Cardano (ADA) is attempting to break away from the declining channel, which is highlighted in yellow on the chart below, which would position its price between the crucial support ($2) and resistance ($2.4) levels. Until ADA breaks out of this area, we can anticipate its price to remain wild and fluctuate between these levels.