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The price of bitcoin hovers around $ 37,000 on Friday, after rising more than $ 5,000 since Tuesday.
The broader crypto market has mirrored the latest btcs moves, but the rally in Ethereum (ether), dogecoin, and Cardano (ada) appear to have stalled. Cryptocurrency analysts have described it as a watershed moment for the market, with the next few days potentially being crucial in determining its longer-term trajectory.
The rebound was boosted by a succession of positive news in the space, including El Salvador officially declaring bitcoin legal tender, as well as increased interest from major banks and hedge funds.
There was also promising news in terms of the environmental impact of bitcoins, with China cracking down on mining in areas with high coal content and El Salvador revealing its intention to mine the cryptocurrency using 100% renewable geothermal energy from volcanoes.
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Follow all the latest news, analysis and developments here.
HighlightsView latest update 1623434199 What El Salvador’s volcano-fueled bitcoin mines will look like
The President of El Salvador has shared his vision for what 100% renewable, volcanic-powered bitcoin mines will look like – and that may not be a vision for long.
President Nayib Bukele revealed that he had asked LaGeo, El Salvador’s energy company, to allow bitcoin miners to tap into the constant energy coming from the country’s geothermal power plants.
This will evolve rapidly, he said, less than two days after gaining cryptocurrency legal tender status.
A day later he wrote: Design this 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 over El Salvador’s adoption of bitcoin as legal tender, saying this raises a number of macroeconomic, financial and legal issues that require very careful analysis.
The IMF is expected to meet with Salvadoran President Nayib Bukele to discuss the Bitcoin law, which received congressional approval on Monday and will put the cryptocurrency on a par with the US dollar in the Central American country.
To potentially complicate matters for Bukele, if these talks don’t go well, El Salvador is currently in separate talks with the IMF over a billion dollar program.
Leading bitcoin advocate and financial journalist Max Keizer suggested that the bitcoin community could easily step in, should that be the case. The IMF can fuck itself, he tweeted.
Anthony CuthbertsonJune 11, 2021 5:27 PM
1623417055 Bitcoin Lightning Network added to Twitter?
The CEO of Twitter said it was only a matter of time before Twitter entered the Bitcoin Lightning Network.
The Layer 2 payment network dramatically improves the efficiency of bitcoin transactions, with some saying it is the key to turning cryptocurrency into an overnight currency. (You can read more about it here.)
Jack Dorsey, whose Twitter bio simply reads Bitcoin, was responding to a suggestion from subscribers to integrate LN into BlueSky or Twitter please and thank you.
(Twitter)
Anthony CuthbertsonJune 11, 2021 2:10 PM
Bitcoin Mining Council will not include Elon Musk
Elon Musk will not be involved in the Bitcoin Mining Council, which was set up to address environmental concerns surrounding the cryptocurrency.
The newly formed group describes itself on its website as a voluntary and open forum of bitcoin miners engaged in the network and its fundamentals. It is open to all bitcoin miners and will hold quarterly meetings to discuss industry trends.
Musk spoke with North American bitcoin miners last month, describing the initiative as potentially promising.
Clarifying his involvement with the group, the Bitcoin Mining Councils website states: Elon Musk has no role at BMC. The extent of his involvement was to join an educational call with a group of North American companies to discuss bitcoin mining.
Here are the founding members:
(BMC)
Anthony CuthbertsonJune 11, 2021 10:27 AM
Iran seeks to legalize crypto as soon as possible ‘
The Iranian president has become the latest world leader to propose a legal framework for cryptocurrencies.
President Hassan Rouhani told the Government’s Economic Coordination Council that there should be cooperation between agencies in the field of capital markets and people in the field of information, education and awareness public.
According to his official website, President Rouhani said: To legalize cryptocurrency activity and protect peoples’ capital in this area, we need to think of a solution as soon as possible and establish and communicate the necessary laws and instructions.
Iranian President Hassan Rouhani pictured in April 2021
(PA)
Anthony CuthbertsonJune 10, 2021 4:42 PM
State Street Bank Launches Crypto Division
State Street, the second oldest bank in the United States, has announced plans to launch a multi-asset platform that will support cryptocurrency trading.
The custodian bank, which oversees more than $ 40 trillion in assets, said the move was driven by customer demand.
We are now at a tipping point where this is evolving rapidly, Nadine Chakar, who will lead State Street Digital, told the Financial Times.
We get calls from endowments and foundations that receive crypto donations and tell us what do we do with that? We are seeing companies considering adding crypto to their balance sheets.
Anthony CuthbertsonJune 10, 2021 3:21 PM
Bitcoin price jumps $ 2,000 after proposal from global banking regulators
Bitcoin has been formally recognized as an asset class by the Basel Committee, the arbiter of international banking standards, by proposing rules for banks to hold cryptocurrency.
The rules will also apply to other leading cryptocurrencies like Ethereum (ether), all of which are placed in the high risk category.
Bitcoin saw its price jump immediately by $ 2,000, further strengthening an already vibrant crypto market. It marks another milestone for bitcoin in the world of mainstream finance.
And the Basel Committees press release here:
Anthony CuthbertsonJune 10, 2021 1:24 PM
1623321115 $ 160 Billion Asset Management Company Enters Crypto Market
Another multi-billion dollar asset management company has announced plans to enter the cryptocurrency space.
Victory Capital, which manages nearly $ 160 billion in assets, has entered into exclusive deals with the Nasdaq and crypto-focused asset manager Hashdex to launch a private fund for accredited investors that will follow the Nasdaq Crypto Index (NCI).
We continually strive to provide our clients with the forward-thinking choices they desire 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 follow the NCI, investors can seek returns that align with the cryptocurrency market in a diversified way, gaining exposure to multiple digital assets as this market continues to evolve. and mature. We are actively considering other vehicles and envelopes to offer these capabilities to a wider range of investors.
Bitcoin price rebounded in June 2021 following positive news in the crypto space
(Getty Images)
Anthony CuthbertsonJune 10, 2021 11:31
President of El Salvador plans 100% green bitcoin mining
More positive news emerged from El Salvador this morning, this time regarding the environmental impact of bitcoins.
President Nayib Bukele has asked the head of the National Geothermal Electricity Company to offer facilities for bitcoin mining, to enable cryptocurrency to be created using 100% renewable energy.
It will evolve quickly! he tweeted.
Engineers are said to be already working on the designs for the project, while mining companies seem keen to offer any help they can with setting up the rigs.
Anthony CuthbertsonJune 10, 2021 9:18 AM
Dogecoin Founder Asks New GameStop President To Accept Crypto
One of the co-founders of dogecoin asked the new president of GameStop, another asset, to start his new term by accepting payments in cryptocurrency.
Billy Markus tweeted GME’s new boss Ryan Cohen to add dogecoin to buy stuff online.
The GameStops share price has risen sharply following the announcement of Cohens’ new tenure and is once again approaching record highs reached in January of this year. The price of dogecoin also rose by around 10% in the hours following the news, although this may also reflect the recovery of bitcoins.
Anthony CuthbertsonJune 9, 2021 8:18 PM
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