Market perspective
Hello everyone and see you again in this week’s newsletter. Hope the last week has gone well for you.
For me, the Bitcoin price drop on the last drop isn’t a scenario that affects me too much, but such a price drop pays me more attention to El Salvador’s move after Bitcoin became legal tender.
The road to the introduction of Bitcoin in El Salvador is long. After the law was passed in the Salvadoran Parliament in June, Bitcoin became a hot political issue in the Central American country. In the past few months, the FUD has come into play on this, as anti-Bitcoin protests received unpredictable acclaim from the media and several polls across the country claimed that most Salvadorans were against the change. And the Coincu channel also sent the truth to everyone.
However, despite all of the negativity mentioned above, Nayib Bukele’s government welcomed Bitcoin on September 7, making El Salvador the first country to recognize the digital asset as a currency. Salvadorans now have the ability, but not the obligation, to send and receive payments in both Bitcoin and US dollars (El Salvador accepted the dollar as legal tender in 2001).
While El Salvadorans can now benefit from low-cost wire transfers and a $ 30 bitcoin airdrop, the impact of the country’s digital asset adoption remains controversial. On the day El Salvador was passed, Bitcoin fell 16% in minutes, due to the stratification of liquidations by leveraged speculators. Do you think this is a coincidental event?
Or suppose the repetition of the story is obvious, though September is usually a bloody month.
For me, Bitcoin remains an unpredictable market, like all free markets, because it depends on the psychology of investors who are not robots or bots.
It can be seen that September has always been a red month for Bitcoin for the past 4 years. His corrections are all measured, but the future is always unpredictable. And to hit a new ATH this September would be Bitcoin’s historical negation of the past 4 years.
This is possible but difficult when you consider that the return of financial markets in September after a busy summer always leaves room for correction.
If there is a correction to the $ 40,000 mark, this is likely the last chance to amass even more BTC before the end of the year. Because even if bitcoin price drops to 40,000-38,000, I still think the final quarter of 2021 will be a very special one and $ 100,000 is still an achievable goal by the end of the year.
Those with a long-term view of Bitcoin will not miss it.
Event next week
Notable events for everyone next week:
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September 12th – September 16th: London Digital Assets Week is a conference and seminar to further clarify the impact of blockchain technology on the future of assets, stocks and liabilities, stocks, funds, structured products and derivatives.
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September 14th – September 14th: Sanctor Turbo demo day is a six-week mentoring program for blockchain projects that will be presented for the first time on September 14, 2021. Event attendees will be the first to preview dApps and platforms before preparing for production and have the opportunity to hear from industry leaders such as Solana Labs CEO Anatoly Yakovenko; The creator of Yearn Finance and Keep3r, Andre Cronje …
Below you will find notable news from the projects:
This is the important information for the coming week. I hope the information I provide in this article helps everyone.
Hello everyone and have a nice weekend.
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from Crap – Synthetic team
► synthetic
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