- Bitcoin price continues surging after bouncing from a critical demand zone.
- The sudden spike in bullish momentum comes after El Salvador passed a bill recognizing BTC as legal tender.
- Despite the uncertainty caused by developments in China, BTC exudes an overall bullish outlook.
Bitcoin price rallied wildly on the news of it becoming legal tender in El Salvador, but China’s clampdown on miners was equally palpable. BTC seems to be taking a breather before its uptrend resumes.
Legal tender, volcano money and miner exodus
Bitcoin price ended its downtrend as it bottomed on June 8, indicating that a reversal was due. Coincidentally, a bill passed to make BTC a legal tender in El Salvador on June 9. This was a historic win for the flagship cryptocurrency, which has come a long way.
Following the move, the President of El Salvador, Nayib Bukel, announced plans to build a Bitcoin mining hub that runs on 100% clean energy derived from volcanoes.
Our engineers just informed me that they dug a new well, that will provide approximately 95MW of 100% clean, 0 emissions geothermal energy from our volcanos
Starting to design a full #Bitcoin mining hub around it.
What you see coming out of the well is pure water vapor pic.twitter.com/SVph4BEW1L
— Nayib Bukele (@nayibbukele) June 9, 2021
