el salvador

El Salvador plans to issue its first Bitcoin bond between March 15 and March 20, 2022. The corporate adoption of Bitcoin went parabolic since the addition of BTC to MicroStrategy’s balance sheet. Amidst rising adoption from institutions, the Salvadoran Finance minister expects the offering to be oversubscribed by an additional $500 million. Analysts at FSInsight predict Bitcoin price could hit $222,000 before the end of 2022. El Salvador has announced the launch of its Bitcoin bond next month. Salvadorans are riding the wave of institutional Bitcoin adoption, fueling a bullish outlook among investors. Bitcoin price rally fueled by El Salvador’s bond issuance and institutional investment El Salvador plans on issuing its first Bitcoin bond in March 2022. The Salvadoran Finance Minister, Alejandro Zelaya told a local news show that the government plans to issue the Bitcoin bond between March 15 and March 20. Zelaya was quoted as saying: If we really want to build this country, we have to invest in it like this. The Salvadoran Bitcoin Bond will pay investors 6.5% per annum. $500 million raised from the bond issuance will be used for Bitcoin mining and developing renewable energy from volcanoes, another $500 million for buying more Bitcoin. El Salvador’s government plans to issue $1 billion for the first bond and expects it to be oversubscribed by an additional $500 million. The minimum purchase is $100, and investors can directly buy without involving a broker. The Bitcoin bond would be issued on Blockstream’s Liquid Network sidechain. Salvador’s move to launch a Bitcoin bond is timed in accordance with the rising corporate adoption of the asset. Firms are keen on adding Bitcoin to their balance sheet; recent Wells Fargo and JP Morgan reports have affirmed a bullish outlook on BTC price. Analysts at FSInsights recently evaluated the Bitcoin price trend and set a target of $222,000 for the end of 2022. FXStreet analysts believe that Bitcoin price could stumble on track to $50,000.

Market picture Bitcoin made another attempt to break above $17.0K on Friday morning but has so far been unable to overcome this strong resistance level, moving around $16.7K. The entire crypto market rose by $4bn to $834bn – a minor swing tempered by the moderately negative Nasdaq Index and a stronger dollar over the day. The cryptocurrency fear and greed index rose 3 points to 23 by Friday and remains in a state of "extreme fear". Lower market volatility drives the index up even if prices are not rising. At the same time, retail investors should be active. Under the smooth surface of a calm market, capital will likely continue to flow out, if not out of crypto-assets altogether, then out of crypto-related companies, drying up their liquidity. And one should be prepared for someone else to go broke shortly. Stablecoins lost a lot Investors continue to withdraw bitcoins from cryptocurrency exchanges. According to CoinGlass, cryptocurrency outflows have exceeded 220,000 BTC in the last ten days. JPMorgan is drawing attention to the declining capitalisation of Stablecoins, indicating that investors are leaving the crypto infrastructure. Over the past few months, the stablecoin market has lost an estimated $41 billion. Read next: Everybody wants to know... why does Bitcoin have value | FXMAG.COM El Salvador's President Nayib Bukele has decided to support bitcoin. El Salvador will buy one BTC every day from November 18. Tron founder Justin Sun joined Bukele’s initiative and will use the purchased BTC to back his stablecoin USDD. The US Congress has taken an interest in Binance's role in the FTX collapse. The impact of Binance CEO Changpeng Zhao's public statements on the FTX situation will be the focus of a hearing as early as December.

El Salvador Bitcoin learning initiative to introduce a fresh syllabus in the English language. Mi Primer Bitcoin, an educational program focusing on Bitcoin in El Salvador, has revealed an improved curriculum for its diploma course, which will now be available in English. The goal of the program is to revolutionize Bitcoin education by providing an interactive, entertaining, original, convenient, and easy-to-understand course using examples that can impact people worldwide. The course's student workbook provides lessons on a range of topics, including "Managing Scarcity in a Booming Economy" and "What is Money?". Head of Curriculum Dalia Platt stated that the project has made significant progress, having taught over ten thousand students this year, twenty-five times more than the previous year. Mi Primer Bitcoin seeks to be at the forefront of Bitcoin education, with El Salvador being the first Bitcoin nation. When the program launched in June 2022, over 35 high school students received their Bitcoin diplomas, and the program's educational goal remains unchanged. Binance says it didn’t use billions of dollars of users' funds Binance, the biggest cryptocurrency exchange globally, refuted the accusations made by Forbes claiming that it transferred $1.8 billion linked to clients' funds between August and December 2022 without authorization. Forbes suggests that $1.1 billion in USDC tokens was transferred to Cumberland/DWR, while other players such as Amber Group, Alameda Research, and Tron received hundreds of millions of dollars from Binance. Read next: CBDC of Reserve Bank of Australia to be tested soon, Ripple to engage in Central Bank Digital Currencies initiatives | FXMAG.COM Binance refutes the claims of any misconduct and ensures that the transactions were part of its internal billing methods, which did not influence the collateralization of user properties. Binance has faced various incidents that have affected its reputation.

Crypto Industry News: El Salvador recognized BTC as legal tender in 2021. According to the authorities, this has led to increased interest in the country in terms of tourism. Added to this is the renewable energy development program at Metapan, which aims to use solar and wind energy to power bitcoin miners. Now it turns out that Tether is one of the investors in the mentioned renewable energy project. As part of it, Volcano Energy, a 241 megawatt (MW) renewable energy center, was created in Metapan.   It is expected to generate 169 MW of solar energy and 72 MW of wind energy. The energy produced will power the BTC mines in El Salvador. Tether estimates that the park's computing power will exceed 1.3 exahash per second. This would mean that Volcano Energy would be one of the largest cryptocurrency mines in the world. Tether's chief technology officer, Paolo Ardoino, said the investment fits into a broader vision.   The company wants to invest in the production of renewable energy, as well as in mining infrastructure. Volcano Energy CEO Josue Lopez added that "over 52% of bitcoin is currently issued sustainably." It is not known exactly how much Tether invested.   The total cost will be USD 1 billion. Technical Market Outlook: The ETH/USD pair has bounced back above the level of $1,839 and is trading above the 50 and 100 MA. The next target for bulls is seen at the level of $1,913 and then possibly at the last swing high located at $1,928. The intraday technical support is seen at the level of $1,839 and $1,822. The strong and positive momentum on the H4 time frame chart supports the short-term bullish outlook for ETH.     Weekly Pivot Points: WR3 - $1,962 WR2 - $1,919 WR1 - $1,894 Weekly Pivot - $1,877 WS1 - $1,851 WS2 - $1,834 WS3 - $1,791   Trading Outlook: The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.  

Georgieva also entered the topic of cryptocurrencies. She emphasized that in her eyes these are rather "speculative" assets, not currencies. This should not surprise us, because the institution managed by it has long approached bitcoin with reserve.   She opposed, for example, the adoption of bitcoin in El Salvador and the recognition by the government of President Nayib Bukele of cryptocurrency as a means of payment. The IMF claimed that the government's policy would worsen the country's economic situation. As we know, that didn't happen. On the contrary: Bukele's actions improved the image of his country and strengthened local tourism. This does not change the fact that the IMF will rather not seek to strengthen bitcoin adoption, because politicians cannot control cryptocurrencies to the same extent as CBDC. Georgieva also entered the topic of cryptocurrencies.   She emphasized that in her eyes these are rather "speculative" assets, not currencies. This should not surprise us, because the institution managed by it has long approached bitcoin with reserve. She opposed, for example, the adoption of bitcoin in El Salvador and the recognition by the government of President Nayib Bukele of cryptocurrency as a means of payment. The IMF claimed that the government's policy would worsen the country's economic situation. As we know that didn't happen.   On the contrary: Bukele's actions improved the image of his country and strengthened local tourism. This does not change the fact that the IMF will rather not seek to strengthen bitcoin adoption, because politicians cannot control cryptocurrencies to the same extent as CBDC. Technical Market Outlook: The ETH/USD pair has broken above the technical resistance located at the level of $1,758 and hit the 61% Fibonacci retracement level located at $1,811. The local high was made at the level of $1,825 (at the time of writing the analysis).   The intraday technical support is seen at the level of $1,777, so please keep an eye on this level as the pull-back can happen soon. The market conditions are extremely overbought on the H4 time frame chart. Please notice, the Ethereum market rallied over 12% from the low made at the level of $1,620.