Gate.io Blog Gate.io’s Daily Market Trends （June 25th）: In September, Bitcoin will Officially become Legal Tender El Salvador, Positive News Stabilizes the Market

Gate.io’s Daily Market Trends （June 25th）: In September, Bitcoin will Officially become Legal Tender El Salvador, Positive News Stabilizes the Market

25 June 14:35

As of 12:30 GMT, Bitcoin‘s spot price was $34694.51 and Ether’s price was $1975.44. On the daily timeframe, Bitcoin‘s spot price broke out from the five-day moving average, which means it’s no longer in a downtrend. On the one-hour timeframe, Bitcoin price soared in the early morning on the 25th. After touching the 35300 resistance point, it entered retracement mode, with a very little price movement, in a typical sideways fashion. Bitcoin price today is likely to drift between $33,700 and $35,300. Given that all three KDJ lines are showing a downward trend, Bitcoin price could see a decline in the late afternoon.

After U.S. stocks closed on Thursday, the S&P 500 index and Nasdaq had scaled to new highs. Stocks of blockchain companies and Chinese blockchain companies mostly closed on a high. This included Kodak which was up 1.33%, Riot Blockchain which was up 4.74%, Canaan Technology which was up 3.96% and the ninth city closed up 4.51%.

The founder of the McAfee company and Anti-virus pioneer John McAfee was found dead in a Spanish prison. This happened a few hours after a Spanish court agreed to move him to the US to face tax evasion charges. McAfee was also charged with fraudulent activity in the cryptocurrency space with millions of dollars involved.

Detectives from the Metropolitan Police’s Economic Crime Command seized £114 million (US$158.8 million) in cryptocurrency, making it one of the largest seizures of crypto in history. The seizure was carried out by detectives based on intelligence received about the transfer of criminal assets.

El Salvador’s President Nayib Bukele said in a national address that the recently passed law making Bitcoin legal tender will take effect on September 7th. The law was approved on June 9th by the El Salvador’s Congress, making El Salvador the first in the world to adopt Bitcoin as legal tender.

Ran Neuner, the guest on CNBC tweeted about Paraguay announcing a bill to make Bitcoin legal tender in the country. Carlitos Rejala, a member of parliament said he was planning to submit a bill to attract International mining companies and other crypto related companies into the country earlier last month. After which, he intends to submit another bill to make Bitcoin legal tender. If the bill gets passed, Paraguay would become the second country after El Savaldor to make Bitcoin legal tender.

Author: Gate.io Researchers: Gazer. C & Charles.F
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Gate.io Spot Quotes (as of 12:30 CST)
BTC:$34694.51(+6.69%)；ETH:$1975.44(+3.64%)；DOGE:$0.278256(+22.21%)；GT:$3.2355(+8.46%)；XRP:$0.67319(+5.78%)；ADA:$1.3604(+2.8%)；DOT:$15.982(+5.26%)；UNI:$17.711(+5.54%)；

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Gate.io’s Daily Market Trends （June 25th）: In September, Bitcoin will Officially become Legal Tender El Salvador, Positive News Stabilizes the Market

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