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10 June’s Daily Market Trends(June 10th): Bitcoin Becomes Legal Tender for the First Time Cryptocurrency Prices Soar

Author: Researchers: Gazer. C & Charles. F

As of 12:00 Beijing time, Bitcoin’s price was US$37004.99 and Ether’s price was US$2566.96.Influenced by Bitcoin becoming a legal tender, Bitcoin’s price soared yesterday, with the highest price increase of $1,691.47 in one hour. Yesterday's Bitcoin trading showed a double high price and volume, suspected to be the result of a retaliatory push by multiple parties in the midst of a structural adjustment phase of the market that coincided with major good news. Dot and KSM saw their prices rise high for two consecutive days yesterday and today on the back of both positive news from the bitcoin surge and the card slot auction.

El Salvador’s congress approved a legislation submitted by the President Nayib Bukele, which allows bitcoin to be used as legal tender, making it the first country in the world to do so. Later, President Bukele tweeted that he has informed the president of the state-owned geothermal electric company to put up a plan to use energy from volcanoes for Bitcoin mining.

Keywords related to several cryptocurrency exchanges were blocked by Sina Weibo, saying “According to the relevant laws, regulations and policies, the search results have not been displayed.”

JBS USA Holdings Inc. paid an $11 million ransom in bitcoin to hackers after suffering from cyber-attack, which led to the closure of beef processing factories.

Senator Elizabeth Warren attacks cryptocurrency in a Senate hearing on central bank digital currencies. Warren said, "Congress and federal regulators can't continue to hide out, hoping that crypto will go away. It won't. It's time to confront these issues head on."

Author: Researchers: Gazer. C & Charles. F
* reserves all rights to this article. Reposting of the article will be permitted provided is referenced. In all other cases, legal action will be taken due to copyright infringement. Spot Quotes (as of 12:30 CST)
BTC:$32,959.73 (+0.53%); ETH:$2462.98 (-0.82%); DOGE:$0.31945 (-1.36%); GT:$3.9888 (-3.02%); XRP:$0.8503 (+0.55%); ADA:$1.5148 (-0.58%). DOT:$21.029 (-0.22%); UNI:$22.87 (-1.67%).
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