Gate.io Blog Gate.io’s Daily Market Trends _June 7 th_: Bitcoin May Become El Salvador_s Legal Tender, Cryptocurrency Returns to Steady State

Gate.io’s Daily Market Trends _June 7 th_: Bitcoin May Become El Salvador_s Legal Tender, Cryptocurrency Returns to Steady State

07 June 13:58

As of 12:00 Beijing time,Bitcoin price was US$36,407.96 and Ether’s price was US$2,769.07. After the storm of Weibo's Big V title dissipated, Bitcoin price returned to the sideways stage. On the one-hour time-frame，Bitcoin price entered a sideways adjustment phase after 14:00 on June 6. Bitcoin has two key price points today, the upward pressure point is $37,000, and the downward weak support point is $35,500. From the MACD indicator, Bitcoin price on the 7th showed a weak buy signal, but the signal impact was not strong.

According to Gate.io data, a total of 26,255 traders have suffered liquidation in the past 24 hours, with a total amount of more than $893 million.

Skybridge Capital CIO Gayeski said that even if the Fed starts to reduce the scale of asset purchases and reduce the amount of US dollars released, the trend of global debt inflation is inevitable. As investment substitutes for currencies, the prices of gold and Bitcoin will rise. Gayeski said the company's Bitcoin ETF may be approved by the SEC in late 2021 or early 2020.

According to the news of Jinshi, U.S. Treasury Secretary Yellen said that short-term inflation will not affect President Biden’s $4 trillion budget plan. Yellen said that the current increase in commodity prices is due to the new crown epidemic, and Biden's fiscal plan is conducive to combating the already existing low inflation problem in the United States.

According to Glassnode data, Bitcoin active addresses hit the lowest level since 2021.

El Salvador’s President Ibukley announced at the weekend that the country will establish an in-depth cooperative relationship with the digital wallet agency Strike and confirm Bitcoin as the base currency for the construction of the country’s modern financial system. Ib Buckley also announced that it will submit a plan to Congress, proposing Bitcoin as the country's legal tender.

Author: Gate.io Researchers: Charles. F & Gazer. C
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

Gate.io Spot Quotes (as of 12:30 CST)
BTC:$36407.96(+1.15%)；ETH:$2769.07(+3.54%)；DOGE:$0.37604(+0.81%)；GT:$4.7962(+1.91%)；XRP:$0.96293(+2.78%)；ADA:$1.7286(+3.15%)；DOT:$24.934(+4.15%)；UNI:$26.413(+1.9%)；

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Gate.io’s Daily Market Trends _June 7 th_: Bitcoin May Become El Salvador_s Legal Tender, Cryptocurrency Returns to Steady State

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