After El Salvador, Another Country May Start Accepting Bitcoin!

Bitcoin (BTC) While it closed Wednesday around $37,600, it fell more than 7% to just below $35,000 on Thursday morning. Ethereum (ETH), on the other hand, lost more than 12% in 24 hours, falling to around $2,340.

The total value of the crypto market fell 8.4% on the day to $1.57 trillion, according to CoinMarketCap.

The fear and greed index of the crypto market has dropped by 2 points and the index has dropped to 23, but it is also worth remembering that since it is updated once a day, it clearly does not take into account the latest dramatic movements.

Rising tensions in Ukraine continue to put pressure on risky assets. There are also risks of increased tensions regarding the entry of Russian troops into Donbass. In such a case, risky assets may continue to decline further.

Right now, cryptocurrency While some of its currencies have been found to be selling stronger than developed world stocks (though not as excessively as Russians), this is an important development that, according to some investors, confirms the risky nature of these assets and that they are not a substitute for gold.

According to Glassnode, long-term investors (hodlers) have a record amount of BTC (76.5%) in their wallets. The volume of Bitcoins, which have been dormant for more than 10 years, is also on the rise (12.6%). Therefore, almost 90% of all coins currently available are out of the market.

Now, a country other than El Salvador may be preparing to accept Bitcoin as a means of payment. Senator Indira Kempis stated that she is developing a bill on cryptocurrencies and aims to persuade the Mexican government to follow the “Salvador scenario” by recognizing BTC as a means of payment.

Former SEC official Joseph Hall, on the other hand, described the department’s chances of losing the case against Ripple as high. The regulator accuses the company of selling unregistered securities under the guise of XRP tokens.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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