Sarah Suleiman
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The Daily: El Salvador's bitcoin stash hits fresh peak as BTC whipsaws near all-time highs, Strategy faces class action lawsuit, and more
I hope you had a good weekend, folks. Bitcoin
BTC +0.20%
's whipsawing price action on Sunday and Monday cleared out both longs and shorts. But is this the final shakeout before all-time highs — or will potential daily bearish divergence play out and drag the crypto market into another correction?
In today's newsletter, El Salvador's bitcoin stash hits a fresh peak, Strategy and co-founder Michael Saylor face a class action lawsuit, Bybit enables USDT-paired equities trading, and more.
Meanwhile, altcoins retreat amid macro volatility following Moody's U.S. credit rating cut.
El Salvador's bitcoin stash hits fresh peak
El Salvador's bitcoin portfolio has hit over $357 million in unrealized profit as the foremost cryptocurrency's price whipsaws near its all-time high.
President Nayib Bukele reaffirmed his commitment to buying BTC despite the country's $1.4 billion deal with the IMF, which included an agreement to scale back some of El Salvador's bitcoin-related activities.
The country's bitcoin stash now totals 6,181 coins and reached a peak portfolio value of more than $650 million, according to Bukele, as bitcoin surged above $106,000 on Monday before correcting.
El Salvador's bitcoin holdings were acquired for a total of $287.1 million, giving it an approximate 125% unrealized gain overall and 12.2% year-to-date.
In June 2021, El Salvador became the first country to formally adopt bitcoin as a legal tender, as proposed by Bukele, to promote financial inclusion.
Since then, the country has been steadily accumulating bitcoin — a strategy Bukele previously emphasized will continue regardless of international pressure or market cycles.$BTC
$SOL
I hope you had a good weekend, folks. Bitcoin
BTC +0.20%
's whipsawing price action on Sunday and Monday cleared out both longs and shorts. But is this the final shakeout before all-time highs — or will potential daily bearish divergence play out and drag the crypto market into another correction?
In today's newsletter, El Salvador's bitcoin stash hits a fresh peak, Strategy and co-founder Michael Saylor face a class action lawsuit, Bybit enables USDT-paired equities trading, and more.
Meanwhile, altcoins retreat amid macro volatility following Moody's U.S. credit rating cut.
El Salvador's bitcoin stash hits fresh peak
El Salvador's bitcoin portfolio has hit over $357 million in unrealized profit as the foremost cryptocurrency's price whipsaws near its all-time high.
President Nayib Bukele reaffirmed his commitment to buying BTC despite the country's $1.4 billion deal with the IMF, which included an agreement to scale back some of El Salvador's bitcoin-related activities.
The country's bitcoin stash now totals 6,181 coins and reached a peak portfolio value of more than $650 million, according to Bukele, as bitcoin surged above $106,000 on Monday before correcting.
El Salvador's bitcoin holdings were acquired for a total of $287.1 million, giving it an approximate 125% unrealized gain overall and 12.2% year-to-date.
In June 2021, El Salvador became the first country to formally adopt bitcoin as a legal tender, as proposed by Bukele, to promote financial inclusion.
Since then, the country has been steadily accumulating bitcoin — a strategy Bukele previously emphasized will continue regardless of international pressure or market cycles.$BTC
$SOL
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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