The Week The First Country Accepted Bitcoin as Legal Tender: The Weekly Crypto Recap

The past seven days, despite being intensive in terms of important news, were less than exciting when it comes to pricing.

Most of the cryptocurrencies experienced substantial losses. Bitcoin, unlike the majority of altcoins, performed relatively well in comparison. It’s still down about 5% on the week, but its market dominance has increased to about 44%, which is a considerable improvement.

The downward pressure started last Saturday when the price tanked from about $38K down to $35K on Sunday. Immediately as the working week took off, though, the price plummeted, and by Tuesday, bitcoin was trading at a low of $31K. From there, we saw a considerable bounce, bringing it all the way up to $38.5K, but unfortunately, bulls were unable to sustain, and we’re currently sitting at a price of $37K.

Altcoins had it a lot worse, though. Ethereum is down about 15% on the week, Binance Coin – 16.6%, Cardano – almost 19%, DOGE – 20%, Ripple – 18%, and so forth. It has been a bloodbath week for altcoins, it goes without saying.

In terms of news, however, it was an absolutely historic week. El Salvador officially became the very first country to recognize and formalize Bitcoin as a legal tender. The primary cryptocurrency is now listed as one of the official currencies of El Salvador in a move that many thought would never come. It’s interesting to note that the country’s Congress voted the decision with a supermajority.

Elsewhere, the second-oldest bank in the US, State Bank, said that it will set up a digital unit that’s focused on cryptocurrencies, adding yet more avenues for investors to get exposure.

In a somewhat interesting piece of news, the US DOJ was reported to have retrieved over $2.1 million in bitcoin paid as a ransom from Colonial Pipeline. However, there’s absolutely no information on how the authorities were able to access the bitcoins.

In any case, it remains very exciting to see where the market will head next. It’s been a formidable recovery over the past few days, but will bulls keep the momentum?

Market Data

Market Cap: $1622B | 24H Vol: 128B | BTC Dominance: 44%

BTC: $37,062(-5.3%) | ETH: $2,431 (-14.9%) | XRP: $0.861 (-18%)

This Week’s Crypto Headlines You Better Not Miss

Revolutionary: El Salvador On Its Way To Adopt Bitcoin As a Legal Tender. In a world-first move, the small country of El Salvador officially adopted Bitcoin as a legal tender. The vote was passed by a supermajority decision, and the primary cryptocurrency is now listed as an official one in the country.

Invesco Plans to Launch Two Crypto-Based ETFs. The investment management company with over $1.5 trillion in AUM, Invesco, has filed documents seeking the SEC’s approval to launch two cryptocurrency-based exchange-traded funds.

US Bank State Street to Set Up a Digital Unit Focused on Cryptocurrencies. The second-oldest bank in the United States, called State Bank Corporation, will be releasing a digital unit focused on cryptocurrency investments. This comes after it had previously said it would enable cryptocurrency trading through its platform.

Change of Heart? India Reportedly Considers Classifying Bitcoin as an Asset Class. India – a country that has seen cryptocurrency in a predominantly negative way, is reportedly considering to classify Bitcoin as an asset class. This is an important step further in the country’s regulatory framework and could shed some additional light on the matter.

U.S. DOJ Retrieves Over $2.1 Million in Bitcoin Paid as Ransom by Colonial Pipeline. The United States Department of Justice has been able to retrieve over $2 million in bitcoin that was previously paid as a ransom. The reports failed to clarify how the authorities were able to retrieve the amount.

Former US President Donald Trump: Bitcoin Looks Like a Scam. The former president of the United States, Donald Trump, once again reaffirmed his stance on Bitcoin. He said that it looked a lot like a scam and reasoned that it competes with the US Dollar.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Polkadot, and Matic – click here for the full price analysis.