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After Bitcoin Falls Below $20,000, El Salvador's President Calls for Patience say .....!


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Pro-Bitcoin Salvadoran President Nayib Bukele has asked for patience after the price of Bitcoin fell below $20,000 (less than half the price paid by the Salvadoran government).

  According to tracking site nayibtracker.com, El Salvador under Bukele has spent about $105 million on bitcoin since last September, paying an average of nearly $46,000 per piece.

  The value of El Salvador's bitcoin investment is now down more than 57 percent, or a floating loss of about $61 million, according to calculations.

  Buckley tweeted Saturday local time, "I see some people worried or anxious about the market price of Bitcoin. My advice: stop looking at charts and enjoy life. If you're invested in #BTC, your investment is safe and its value will grow substantially after the bear market."

What do you think about this?

 

 
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Bitcoin Breaks Below 20,000 as Fed Hikes Bite Risk Assets. Will BTC/USD Recover?

Jun 20, 2022 | DailyFX
Daniel McCarthy, Strategist

What Would Happen If Bitcoin Breaks Below $20K, Arthur Hayes Predicts

BITCOIN, BTC/USD, FED, PBOC, IRON ORE, CRUDE OIL, USD/CHF - TALKING POINTS

  • Bitcoin has recovered from weekend losses, but risk appetite stays low
  • Rate hikes are clouding the growth outlook, pushing down industrial metals
  • With a quiet week of data ahead, central bank speakers will be the focus

Bitcoin broke below the psychological 20,000 mark over the weekend. It touched a low of 17,599 on Saturday before recovering back over 20,000 on Sunday. Monday has seen the price jump above and below 20,000 several times.

Risk assets have seen their prices undermined as central banks globally tighten monetary conditions to fight inflation.

This contractionary stance has raised recession fears and it has become apparent that the Fed is likely to tip the US economy toward a slowdown to rein in runaway prices.

 

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