New report: El Salvador Bitcoin pump failed to attract smart money, for now

Cointelegraph

Published Jun 10, 2021 08:23AM ET

Updated Jun 10, 2021 10:00AM ET

Bitcoin (BTC) logged its best daily performance on Wednesday since Feb. 8, the day Tesla (NASDAQ:TSLA) announced that it had added $1.5 billion worth of BTC to its balance sheet.

The flagship cryptocurrency surged 11.98% to $37,573 after El Salvador President Nayib Bukele passed legislation that approved it as a legal tender. In short, the Central American nation will now be able to price goods and services in BTC and will even accept the cryptocurrency for tax payments.

CME Bitcoin derivatives were majority short on Wednesday. Source: Ecoinometrics
"The white vertical lines pair up with big changes in shorting interest."
Spot Bitcoin's correlation with BTCUSD Shorts. Source: TradingView
Whale-induced Bitcoin selling orders spike. Source: Jarvis Labs
Bitcoin Dominance Index climbs after El Salvador news. Source: BTC.D on TradingView.com

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