Chart of the Day
Small Wins, Big Gains. Another week, another BTC price chart that is hard to look at. With BTC down almost 9% over the last seven days, is the party truly over? Not quite — user net growth and entities (individuals) that hold BTC are on the rise, having hit a new ATH in July 2021. Whales or strong hands are not the only ones on an accumulation spree as entities with under 1 BTC have increased to new heights. Traders, both new and old, are still a long way from giving up on BTC.
Talk of the Town
Taking Tiny Steps. El Salvador introduces the “Colón-Dollar,” the country’s proposed national digital currency that could very well be rolled out within a year. Initiated by President Nayib Bukele’s brothers, who also act as advisors to the government, this is the namesake central bank digital currency (CBDC) of the Salvadoran colón, which was replaced by the U.S. dollar back in 2001.
Is this an indirect response to JP Morgan’s assessment last week regarding the country’s lack of infrastructure to pull digital assets, specifically BTC, through as its future legal tender? Perhaps, but one cannot deny that Crypto Haven El Salvador will not be built in a day — and for now, digital asset integration remains high on the national priority list.