CoinMarketCap Daily, June 22: Bitcoin Forms a Death Cross?

A “death cross” has now formed in Bitcoin — with the cryptocurrency’s 50-day moving average falling below the 200-day moving average. Such a technical indicator often sounds alarm bells among traders, as it can indicate that further losses lie ahead. The latest Bitcoin Fear and Greed Index is flashing a score of 10 out of 100 — indicating “Extreme Fear.” Read more.

A legal challenge is being launched against El Salvador’s Bitcoin Law. A political party, along with citizens who oppose the plans, allege President Nayib Bukele’s plans are unconstitutional. It's been suggested the president may be behind this lawsuit, allowing the proposal to be abandoned without him having to admit to "improvisation and foolishness." The latest.

A poll by El Salvador's Chamber of Commerce and Industry suggests 96.4% of entrepreneurs would prefer Bitcoin's use to be optional rather than mandatory. Meanwhile, 93.2% of consumers said they don't want to receive their salary in Bitcoin — and 82.5% would be against receiving remittances in cryptocurrency too. Here's why.

CNBC host Jim Cramer has revealed that he has sold “almost all” of his Bitcoin holdings — declaring: “Don’t need it.” The eccentric host said there have been several concerning developments that affect the appeal of the world’s biggest cryptocurrency. He warned China now sees BTC as a "direct threat" because it's a system it cannot control. What he said.