Bitcoin Recovers, Polkadot Up 10% And South American Crypto Interest Grows

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Last Updated on 10 June 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Yesterday two technical analysts were seeing bottom signals and some 24 hours later it indeed looks like a new dawn and a new day (with respect to Nina Simone for those lyrics). Over in South American more countries are looking into cryptocurrencies to deal with rising inflation.

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Bitcoin recovers

24 hours after we told you how two famed crypto analysts had been seeing bottom signals popping up, Bitcoin is trading some 8% higher today, creeping towards $40k again.

Technical analysts Ran Neuer and Scott Melker (who both have massive followings on social media) both said they recognized clear bottom signals, after which the world’s biggest cryptocurrency by market capitalization indeed started rising again.

According to Scott however, until Bitcoin breaks above the $42k price point decisively and shows several daily closes above that point, we should only see this as sideways trading. Still, we’ll always prefer this over Bitcoin heading towards $30k instead.

Other altcoins are also performing well, Polkadot rose 10%, Qtum 8% and Kusama almost 15%.

South American crypto interest grows

Over in Central and South America, interest for crypto solutions to unworkable inflation and deflation problems is growing among the population. After El Salvador obliged its central bank to keep Bitcoin on the books, there are apparently other countries who are joining in the frenzy as well.

As we’ve reported only ten days ago, Argentineans are profiting from cheap energy to take over a part of the global Bitcoin mining power, given that they can mine the world’s biggest cryptocoin for a price of $4k. That’s a nice profit.