El Salvador Postpones the Bitcoin Bond

El Salvador has been the global champion of Bitcoin over the last year, having purchased a significant amount of the cryptocurrency for . El Salvador announced plans to build a “Bitcoin City” in November of 2021. This “Bitcoin City” was planned to be funded by the sale of Bitcoin Bonds.

Unfortunately for El Salvador the announcement was made around when Bitcoin was forming its all-time-high price of $68,789.63. El Salvador had initially scheduled the launch between March 15-20 of 2022, however the significant downturn in the cryptocurrencies price has postponed the bond’s launch.

According to Zelaya the bond is not going to be issued by the government now, but instead through the state owned energy company La Geo. It will have a sovereign guarantee provided by the Salvadoran state.

BTC/USD 1D CHART, 23 MARCH 2022

Currently Bitcoin is trading above the $37,500 swing level. The daily 50,100 and 200 moving averages are all in a bearish cross, however the 50 day average looks set to cross up the 100 day average.

Bridgewater Entering Crypto Diversification

Ray Dalio’s Bridgewater is preparing to invest in an external crypto fund, their first venture into the emerging cryptocurrency markets. The fund currently has around $150B under management, however according to the rumour mill the investment is miniscule in comparison to the AUM.

A source familiar with Bridgewater’s trading plans said “Bridgewater is looking to get involved. They are doing serious diligence: liquidity, service providers and whatnot.”.

Hmmm, I wonder what this bridge and water has in common with Bitcoin?

Is The Cryptocurrency Market Starting To Heat Up Again?

Its exciting. You’re excited, I’m excited, and anyone who holds more than a sliver of cryptocurrency is getting excited. The cryptocurrency market closed extremely bullish yesterday, with every single crypto in the CoinDesk 20 closing up. The top gainers of the last 24 hours were:

Ethereum Classic: +20.3%

Bitcoin Cash: +12.7%

Cardano: +8.4%

I’m keenly watching the markets, and continuing to buy up ADA as much as possible. Regardless of whether crypto markets stay hot or continue in the longer term bearish trend one thing is certain –

It doesn’t look like crypto is going anywhere.

Bitcoin, Ethereum, and Cardano’s % gain against the USD over the 22nd of March.

Published by Tom Stewart

Head of data analytics at TradeProofer. Analyst at Opes Trading Group. FX enthusiast.

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