Today, CoinMarketCap's daily news breaks down Bitcoin's possible death cross and what's going on with El Salvador.
Today’s Top Crypto News Stories
But first — subscribe to our newsletter here.
'Death Cross' Forms in Bitcoin ❌
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.
Bitcoin Law Heading to Court 😱
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.
What Do El Salvadorans Think? 🧐
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.
Jim Cramer Sells His Bitcoin 🥺
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.
Take a look at our latest products: