Bitcoin Jumps 5% as El Salvador Braces for Crypto Law
  Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets June 25, 2021 Sponsored by  (Price data as of June 25 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Losers:
The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
Market Moves by Sebastian Sinclair  Bitcoin Jumps 5% as El Salvador Braces for Crypto Law, $30 E-Wallet Airdrop Bitcoin rose for a third straight day after El Salvador announced the date it would officiate the crypto as legal tender and gift every citizen $30 via an e-wallet.
The world's most valuable crypto is currently up over 5% on a 24-hour basis and is changing hands for around $34,294, according to CoinDesk 20 data. Most other cryptocurrencies in the top 20 by market value are up between 2-17% over the same 24-hour period with dogecoin (DOGE) posting the strongest daily gains.
Despite being rangebound between $30,000 and $41,000, the jump in bitcoin (BTC)'s price coincides with announcements made by El Salvador's president, Nayib Bukele, who spoke during a national address on Thursday evening.  Bitcoin has remained rangebound for several weeks (TradingView) Bukele told his country's citizens they would be able to receive a gratuitous $30 in bitcoin once they sign up to the Chivo e-wallet using facial recognition. The president also said his country's controversial bitcoin law would come into effect on Sept 7.
Though the case may be presented as a major boon for bitcoin in the short-term, long-term shadows, such as China's anti-crypto crackdowns and the U.S. Federal Reserve's hawkish tilt toward interest rates, continue to linger.
Meanwhile, traditional markets, which have oftentimes correlated with bitcoin's price moves, posted stronger gains over positive news between a bipartisan Senate group, comprising five Republicans and five Democrats and U.S. President Joe Biden.
The parties reached a tentative agreement on Thursday over a $579 million infrastructure plan, after weeks of negotiations, which helped drive U.S. stocks in building and equipment companies such as Caterpillar Inc., on news of the deal.
U.S. stock markets closed in the green on Thursday while Asia's were all posting positive results by press time on Friday with the exception of Laos and Pakistan.
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Technician's Take by Damanick Dantes, CMT Bitcoin Stalls at $35K Resistance; Lower Support at $30K Bitcoin (BTC) is showing signs of upside exhaustion after approaching resistance near $35,000 on Thursday. The cryptocurrency is still in relief mode after defending support around $30,000 during a volatile week.
A short-term downtrend should persist into the weekend, although improving momentum could keep buyers active at support. Bitcoin was trading around $33,700 at press time and is down about 5% over the past seven days.  Bitcoin hourly chart shows support and resistance levels with RSI (Source: TradingView)
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