Bitcoin News and Finance: What You Need to Know

President Nayib Bukele, a pioneer in introducing the law that made bitcoin legal tender in El Salvador, has been reelected as president of the country in the ballot completed on Sunday. The Latam leader, who will reportedly continue implementing bitcoin-related policies, won by a landslide, scoring 85% of the popular vote. Bitcoin Advocate Nayib Bukele Gets Reelected With 85% of the Popular Vote Nayib Bukele, the current president of El Salvador, won the presidential election on Sunday by a landslide, an outcome that was predicted by mostly all local polls and reports. The leader, who has been vocal about his support of Bitcoin and introduced the disputed idea of establishing bitcoin as legal tender in a country for the first time, agglomerated the support of most of the Salvadoran society, scoring at least 85% of the popular vote. Celebrating his victory, Bukele stated : We have won the presidential election with more than 85% of the votes and a minimum of 58 out of 60 deputies ...

Cryptocurrency exchange Coinbase says many technical factors pressuring bitcoin, and crypto more broadly, are starting to be exhausted. “We expect macro factors to become more relevant for the digital asset class in the weeks ahead, which could be supportive for performance,” Coinbase’s analysts detailed. Coinbase’s Crypto Outlook Cryptocurrency exchange Coinbase (Nasdaq: COIN) published its “Weekly: Constructive Outlook” report on Friday, offering its insights on BTC ’s future trajectory. Report authors David Duong, Coinbase’s head of institutional research, and David Han, the crypto firm’s institutional research analyst, explained: Many technical factors pressuring bitcoin specifically (and crypto more broadly) are starting to be exhausted, in our view. “This is evidenced by the liquidations at FTX (disposing of their Grayscale Bitcoin Trust or GBTC shares, for example) as well as the emergence of some large defunct entities from bankruptcy. Indeed, net inflows into U.S. spot ...

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: El Salvador to deepen its Bitcoin commitment if President Bukele gets reelected, Argentine President Javier Milei drops crypto tax matters from Omnibus Bill, and Venezuela gets hit by gold sanctions. El Salvador to Maintain Bitcoin as Legal Tender El Salvador Vice President Felix Ulloa said in an interview with Reuters on Wednesday that bitcoin will remain legal tender in El Salvador during the second term of President Nayib Bukele even after the International Monetary Fund (IMF) again urged the country to drop the cryptocurrency as legal tender during negotiations for a billion-dollar loan. Ulloa clarified that the victory of Bukele in the upcoming elections will contribute to the continuation of the Bitcoin policies, such as the launch of the volcano bonds, which are programmed to be issued during the first quarter of 2024. On the law that declare...

Bloomberg’s commodity market expert Mike McGlone warns of a potential downturn for bitcoin, highlighting its disappointing performance against gold since its peak in 2021. On Sunday, McGlone pointed out that the bitcoin/gold ratio had plummeted by about 40% from its 2021 zenith of 37 times. McGlone Highlights Bitcoin-to-Gold Ratio, Warns of Potential Downturn vs Gold Mike McGlone, a Bloomberg commodity analyst, remarks that bitcoin ( BTC ) has fallen short of gold’s performance since reaching its peak in 2021. On Sunday, McGlone offered his most recent evaluation of certain commodities, incorporating BTC into his analysis. “Pattern Recognition, Gaps and Gold vs. Bitcoin — Since they began trading in 1997, S&P 500 E-mini futures never left a gap on the weekly charts until December — from 4,614 to 4,652 — with back-and-fill implications for risk assets,” the analyst wrote. McGlone added: My graphic shows two previous chart holes since 2017 that were subsequently filled. What’s...