El Salvador’s President, Nayib Bukele, introduced a law last month to make Bitcoin legal tender. On June 9, the Salvadoran Legislative Council passed the bill.
During all the excitement around the move, it appears that the majority of the country’s residents do not approve of this. Relatively few are sharing the President’s optimism about Bitcoin. According to a poll done by pollster Disruptive, three-quarters of the country’s populace does not show interest in Bitcoin (BTC) becoming legal cash.
According to Reuters, a total of 1,233 persons have polled between July 1 and July 4. Only 20% of those polled approved of the plan to legalize Bitcoin for official transactions. Almost half (46%) of those surveyed had no understanding of what Bitcoin was. Roughly 65 % were skeptical of the idea of transacting in digital currency.
Bitcoin going to its lowest Point
According to the tweet, the supply of the flagship cryptocurrency on trading platforms is approaching its lowest point this year. Meanwhile, BTC supply transferred from exchanges is similar to what has seen in the late fall of 2018. This data lessens the chances of a Bitcoin sell-off soon by “weak hands” in the cryptocurrency sector. According to the Santiment research, investors are transferring their Bitcoin to cold storage vaults for long-term storage.
Ethereum is also removed from crypto exchanges in massive quantities
According to a recent Santiment tweet, the second most valuable coin, Ether, is also removed from crypto exchanges in massive quantities. The Exchange Flow Balance statistic data provided by the company’s analytics team showed the first week of July saw the most ETH transferred from digital exchanges since April 2017.
According to IntoTheBlock data provider, on Thursday, towards the end of June, when the world’s foremost cryptocurrency was trading between $30,000 and $31,000, 314,000 crypto wallet owners purchased a massive 241,000 BTC on the dip. At the time of writing, Bitcoin was trading at $32,900. However, intelligent commodities trader Peter Brandt, who also studies crypto charts, expects BTC to go below the critical $30,000 mark soon, possibly to $20,000 or even below.
Bloomberg’s senior commodity strategist, Mike McGlone, believes that in the second half of 2021, Bitcoin will restart its upbeat march to the $100,000 mark. Crude oil, on the other hand, will resume its drop to $50, from where it is presently trading at $70.
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