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Hello everyone and see you again in this week’s newsletter. Hope the past week has been good for you.
For me, the Bitcoin price drop in the last drop is not a scenario that has too much influence on me, but such a drop in price makes me pay more attention to El Salvador’s move after Bitcoin became a legal tender property.
The road to Bitcoin adoption in El Salvador is a long one. After the law was passed in the Salvadoran parliament in June, Bitcoin became a hot political issue in the Central American country. Over the past few months, the FUD on this has come into effect as anti-Bitcoin protests have been erratically hyped by the media and several polls in the country claiming most Salvadorans are against it. for this change. And the channel CHK has also sent everyone what the truth is.
However, despite all the above negativity, Nayib Bukele’s government welcomed Bitcoin on September 7, making El Salvador the first country to recognize the digital asset as a currency. . Salvadorans will now have the option, but not the obligation, to send and receive payments in both Bitcoin and US dollars (El Salvador accepted the dollar as legal tender in 2001).
While El Salvadorans can now take advantage of low-cost remittances and a $30 Bitcoin airdrop, the impact of the country’s digital asset adoption remains controversial. . On the day El Salvador was passed, Bitcoin dropped 16% in a matter of minutes, the effect of stratification of liquidations from leveraged speculators. Well, do you think this is a random event?
Or assume the repetition of history is obvious when September is usually a bloody month.
To me, Bitcoin remains an unpredictable market, like all free markets because it depends on the psychology of investors who are not robots or Bots.
It can be seen that in the past 4 years, September has always been a red month for Bitcoin. Its corrections are all measured, but the future is always unpredictable. And to hit a new ATH this September, that would be the historical negation of the last 4 years of Bitcoin.
This is possible, but difficult when you consider that the return of financial markets in September always leaves room for corrections after an exhausting summer.
If a correction to the $40K mark occurs, this is probably the last chance to accumulate more BTC before the end of the year. Because even if Bitcoin price goes back to 40K – 38K, I still think the last quarter of 2021 will be very special and $100K is still an achievable target by the end of the year.
Those with a long-term view of Bitcoin won’t miss it.
Next Week Events
Notable events for everyone next week:
September 12 – September 16: London Digital Assets Week is a webinar to further clarify the impact of blockchain technology on the future of assets, securities and liabilities, equity, funds, structured products, and derivatives products. .
September 14 – September 14: Sanctor Turbo Demo Day is a six-week mentorship program for blockchain projects that will hold its first showcase on September 14, 2021. Event attendees will be the first to preview dApps and platforms get production ready before they launch, and have the opportunity to hear from industry leaders such as Solana Labs CEO Anatoly Yakovenko ; The creator of Yearn Finance and Keep3r, Andre Cronje…
Below are notable news from the projects:
These are the important information in the coming week, hope that the information I provide in this article will help everyone.
Hello everyone and have a great weekend.
By Dung Bui – CHK Team
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