Bitcoin price is hovering $ 37,000 on Friday after rising more than $ 5,000 since Tuesday.
The broader crypto market has mirrored recent moves by btc, but the recovery of Ethereum (Ether), Dogecoin and Cardano (ada) appears to have stalled. Cryptocurrency analysts have described it as a “make or break” moment for the market, with the next few days potentially crucial in determining its longer-term performance.
The recovery was fueled by a number of positive news in the industry, including the official declaration of Bitcoin by El Salvador as legal tender, as well as increased interest from leading banks and hedge funds.
There was also promising news regarding the environmental impact of Bitcoin: China is cracking down on mining in coal-rich regions and El Salvador reveals plans to mine cryptocurrency with 100 percent renewable geothermal energy from volcanoes.
Follow all the latest news, analyzes and developments here.
What the volcano-powered bitcoin mines in El Salvador will look like
The President of El Salvador has shared his vision of what the 100 percent renewable, volcano-powered Bitcoin mines will look like – and it may not be a long vision.
President Nayib Bukele announced that he had directed LaGeo, El Salvador’s state-backed energy company, to allow Bitcoin miners to tap into the constant energy from the country’s geothermal facilities.
“This will develop quickly,” he said less than two days after securing legal tender status for the cryptocurrency.
A day later he wrote: “We’ll do that while we tweet.”
Anthony CuthbertsonJune 11, 2021 6:56 pm
IMF has “problems” with Bitcoin as legal tender
The International Monetary Fund has raised concerns about the introduction of Bitcoin as legal tender in El Salvador, stating that it “raises a number of macroeconomic, financial and legal issues that require very careful analysis”.
The IMF is expected to meet with El Salvador’s President Nayib Bukele to discuss the Bitcoin law, which was approved by Congress on Monday and will equate cryptocurrency in the Central American country with the US dollar.
To make matters worse for Bukele, if these discussions don’t go well, it could be that El Salvador is currently in separate talks with the IMF about a $ 1 billion program.
Early Bitcoin advocate and financial journalist Max Keizer suggested that the Bitcoin community could easily intervene should that be the case. “The IMF can go nuts on its own,” he tweeted.
Anthony CuthbertsonJune 11, 2021 5:27 pm
Bitcoin Lightning Network added to Twitter?
The CEO of Twitter said it was “only a matter of time” before Twitter integrates the Bitcoin Lightning Network.
The Layer 2 payment network greatly improves the efficiency of Bitcoin transactions, and some claim it is the key to converting the cryptocurrency into a daily currency. (You can read more about it here.)
Jack Dorsey, whose Twitter bio is simply “Bitcoin”, responded to a follower’s suggestion to “integrate LN into BlueSky or Twitter, please and thank you”.
Anthony CuthbertsonJune 11, 2021 2:10 p.m.
The Bitcoin Mining Council will not involve Elon Musk
Elon Musk will not be part of the Bitcoin Mining Council, which was set up to address environmental concerns related to cryptocurrency.
The newly founded group describes itself on its website as a “voluntary and open forum for Bitcoin miners who are committed to the network and its basic principles”. It is open to any bitcoin miner and will hold quarterly meetings to discuss industry trends.
Musk spoke to North American bitcoin miners last month and described the initiative as “potentially promising”.
The Bitcoin Mining Council website states, to clarify his involvement in the group: “Elon Musk has no role with the BMC. The scope of his engagement was to take part in an educational call with a group of North American companies to discuss bitcoin mining.
These are the founding members:
Anthony CuthbertsonJune 11, 2021 10:27 am
Iran wants to legalize crypto “as soon as possible”
The President of Iran is the youngest world leader to propose a legal framework for cryptocurrencies.
President Hassan Rouhani told the government’s Economic Coordination Board that there should be cooperation between “Agencies in the field of capital markets” and people in “the field of information, education and public awareness”.
According to his official website, President Rouhani said, “In order to legalize the activity of cryptocurrencies and protect people’s capital in this area, we need to find a solution as soon as possible and establish and communicate the necessary laws and instructions.”
Anthony CuthbertsonJune 10, 2021 4:42 pm
State Street Bank launches crypto division
State Street, the second oldest bank in the US, has announced plans to launch a “multi-asset platform” to support trading in cryptocurrencies.
The custodian, which manages more than $ 40 trillion in assets, said the move was due to customer demand.
“We are now at a tipping point where this is moving fast,” Nadine Chakar, who will become Head of State Street Digital, told Financial Times.
“We get calls from foundations that receive donations in cryptocurrency and ask, ‘What do we do with it?” We see companies considering adding crypto to their balance sheets. “
Anthony CuthbertsonJune 10, 2021 3:21 PM
Bitcoin price rises by $ 2,000 following global banking regulator proposal
Bitcoin was officially recognized as an asset class by the Basel Committee, the arbiter of international banking standards, by proposing rules for banks to hold the cryptocurrency.
The rules also apply to other leading cryptocurrencies like Ethereum (Ether), all of which are classified in the high risk category.
Bitcoin saw an instant jump in price of $ 2,000, further fueling an already buoyant crypto market. It is another important milestone for Bitcoin in the world of traditional finance.
And the press release of the Basel Committee here:
Anthony CuthbertsonJune 10, 2021 1:24 p.m.
$ 160 billion asset management company enters crypto market
Another multi-billion dollar asset management company has announced plans to get into the cryptocurrency space.
Victory Capital, which manages nearly $ 160 billion in assets, has entered into exclusive agreements with Nasdaq and crypto-focused asset manager Hashdex to launch a private fund for accredited investors that tracks the Nasdaq Crypto Index (NCI).
“We constantly strive to give our clients the forward-looking choices they want and believe that cryptocurrency is a viable asset class that can be part of a well-diversified portfolio,” said Mannik Dhillon, CFA, CAIA, President, VictoryShares and Solutions.
“By investing in a portfolio designed to replicate the NCI, investors can achieve diversified returns that align with the cryptocurrency market and gain exposure to multiple digital assets as that market continues to develop and mature. We are actively considering other vehicles and wrappers to bring these capabilities to a wider range of investors. “
Anthony CuthbertsonJune 10, 2021 11:31 am
The President of El Salvador plans 100% green Bitcoin mining
More positive news comes from El Salvador this morning, this time regarding Bitcoin’s environmental impact.
President Nayib Bukele has instructed the head of the country’s state-owned geothermal power company to offer Bitcoin mining facilities so that the cryptocurrency can be made from 100 percent renewable energy.
“That will develop quickly!” he tweeted.
Engineers are reportedly already working on blueprints for the project, while mining companies appear keen to offer any help they can to build oil rigs.
Anthony CuthbertsonJune 10, 2021 9:18 am
Dogecoin founder asks new GameStop chairman to accept crypto
One of the co-founders of Dogecoin has asked the new chairman of the co-meme asset GameStop to start his new term by accepting payments in the cryptocurrency.
Billy Markus tweeted new GME boss Ryan Cohen to “please add Dogecoin to buy things online”.
GameStop’s share price rose sharply after Cohen’s new term in office was announced, and is again approaching record highs it hit in January of this year. Dogecoin price also rose around 10 percent in the hours after the news, although this may also reflect Bitcoin’s rebound.
Anthony CuthbertsonJune 9, 2021 8:18 PM