Potential Bitcoin Death Cross And World Bank Rejects El Salvador’s Crypto Plan
Last Updated on 18 June 2021 by CryptoTips.eu
Bitcoin had a week in which it managed to close a daily candle twice above $40k (an encouraging sign) and seems to end it with a fearful event to come this weekend.
If analysts are correct, a death cross is upon us, which could be a bearish indicator for things to come in the weeks ahead. At the time of writing, Bitcoin trades at $37,500.
According to market researchers, the current trends of Bitcoin should produce a death cross over the weekend when the 50-day and 200-day simple moving averages (SMA) meet.
Death cross will happen on #Bitcoin. Deal with it.
— Michaël van de Poppe (@CryptoMichNL) June 17, 2021
Kraken’s research claims that Bitcoin historical charting show that instances of death crosses on the daily chart coincided with:
Either a sell-off in the days that followed or a continued macro downtrend that confirmed a bear market.
World Bank rejects El Salvador Crypto Plan
The World Bank, a global financial institution that grants loans to countries in need (Iceland in 2008, Argentina a couple of times, Greece in 2013), was surprised when El Salvador asked it for help to implement Bitcoin as legal tender.
While the government did approach us for assistance on Bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.
A spokesperson for the World Bank declared.
CORRECTION: The World Bank hasn’t figured out how to make money off bitcoin. https://t.co/Cjh3A254Cb
— Pomp 🌪 (@APompliano) June 17, 2021
We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes.
Old money, read financial institutions, are clearly not ready to give up their monopolies on fiat printing just yet. A country wanting to use Bitcoin as legal tender will clearly be faced with many obstacles.