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El Salvador's Bitcoin Revolution: Bukele's Re-Election

El Salvador’s Political Landscape: Bukele’s Re-Election and Bitcoin Integration The recent re-election of President Nayib Bukele of El Salvador marks a pivotal moment in the nation’s political and economic journey. With an overwhelming 85% of the vote according to exit polls, Bukele’s victory not only underscores his popularity but also reflects a broader endorsement of his controversial policies—particularly his bold embrace of Bitcoin as legal tender. This pioneering approach has positioned El Salvador at the forefront of cryptocurrency adoption on a global scale, despite facing international scrutiny. The Bukele Administration: A Brief Overview Since assuming office in 2019, Bukele has made significant strides in several key areas: Gang Violence Reduction: His administration has implemented strategies aimed at curbing the rampant gang violence that has plagued the country for years. Bitcoin Legalization: In September 2021, El Salvador made history by becoming the first

Bitcoin and Ethereum Price Fluctuations: A Closer Look

The fervor surrounding Bitcoin took a notable nosedive on Friday, a mere day after the inception of the inaugural spot Bitcoin ETFs commenced trading in the United States. It seemed that crypto traders opted to sell the news, causing the value of the primary cryptocurrency to plummet after a string of recent gains. Bitcoin experienced a substantial 6% drop late Friday morning, hitting a low of $43,413 according to data from CoinGecko. Nevertheless, it is currently on the upswing, with a current price of $43,547 at the time of this composition. Despite nearing $49,000 on Thursday for the first time since 2021 with the advent of the initial spot ETFs in the U.S., the momentum was short-lived, and the price steadily declined overnight before sharply falling in the subsequent hours.

Bitcoin's Precarious Position:

  • Over $90 million worth of Bitcoin positions liquidated in the last 24 hours, per data from CoinGlass.
  • Long positions accounted for $76 million of the liquidations, with over $14 million in shorts.
  • Nearly $30 million in long liquidations occurred in the past hour as Bitcoin's decline hastened.

Ethereum's Contrary Course:

Interestingly, Ethereum has charted a contrasting trajectory, predominantly ascending this week as crypto investors contemplate the prospective launch of spot Ethereum ETFs in the United States. BlackRock CEO Larry Fink articulated to CNBC on Friday that he perceives value in such offerings. The financial behemoth had filed for a spot Ethereum ETF in the U.S. back in November. Ethereum has surged by nearly 19% this week, nearly breaching the $2,700 mark on Friday morning for the first time since April 2022. Furthermore, Ethereum scaling networks Arbitrum and Optimism reached record-high token prices earlier on Friday.

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