- Bitcoin price is showing signs of buyers after approval of Salvadoran bill making BTC legal tender.
- Ethereum price is looking to breach the local swing high at $2,552 after a brief pause.
- Ripple price bounced off the 62% Fibonacci retracement level at $0.823 as it eyes a breach of $0.877.
Bitcoin price saw a brief setback after failing to slice through a local swing high. Due to the tight-knit crypto markets, Ethereum and Ripple followed suit. However, this weakness in buyers appears to have been a temporary pause as markets look ready to rally.
El Salvador officializes Bitcoin as money
After the announcement during the Bitcoin 2021 conference in Miami on Monday, the Salvadoran legislature passed the bill making Bitcoin legal tender in El Salvador.
The proposed policy was ratified with a supermajority, gaining 62 votes out of 84 earlier today.
The bill will mandate that all businesses accept BTC as payment, with the government acting as a backstop to the highly volatile nature of the flagship cryptocurrency.
President Nayib Bukele provided details on the backstop during a conversation on Twitter Spaces hosted by Nic Carter of Coinmetrics. Bukele added that a trust fund by El Salvador's development bank would hold $150 million US dollars.
Bukele further added that the development bank’s trust fund would be open to holding BTC in the future.
While El Salvador seems to have made history, other Latin American countries might follow suit.
Advisor to the President of Colombia, Jehudi Castro, showed his support for Bitcoin as he retaliated against Peter Schiff’s comments.
Short it and stop talking.
— Jehudi (@JCastroS) June 8, 2021
