Bitcoin Recovers, Polkadot Up 10%, South American Crypto Interest Grows

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Yesterday two technical analysts were seeing bottom signals and some 24 hours later it indeed looks like a new dawn and a new day (with respect to Nina Simone for those lyrics). Over in South American more countries are looking into cryptocurrencies to deal with rising inflation.

Bitcoin recovers

24 hours after we told you how two famed crypto analysts had been seeing bottom signals popping up, Bitcoin is trading some 8% higher today, creeping towards $40k again.

Technical analysts Ran Neuer and Scott Melker (who both have massive followings on social media) both said they recognized clear bottom signals, after which the world’s biggest cryptocurrency by market capitalization indeed started rising again.

According to Scott however, until Bitcoin breaks above the $42k price point decisively and shows several daily closes above that point, we should only see this as sideways trading. Still, we’ll always prefer this over Bitcoin heading towards $30k instead.

Other altcoins are also performing well, Polkadot rose 10%, Qtum 8% and Kusama almost 15%.

South American crypto interest grows

We got this guys 🇸🇻🇸🇻#Bitcoin

Lo logramos El Salvador 🇸🇻 #Bitcoin pic.twitter.com/kcCjO7Rdti

— Roman Martínez (chimbera) (@romanchimbera) June 9, 2021

Over in Central and South America, interest for crypto solutions to unworkable inflation and deflation problems is growing among the population. After El Salvador obliged its central bank to keep Bitcoin on the books, there are apparently other countries who are joining in the frenzy as well.

Now imagine if any of the other countries that have signalled interest like Panama, Mexico, Argentina, Brazil, or Paraguay follow in the foot steps of El Salvador!

The global #bitcoin standard is starting to take shape!

— Lark Davis (@TheCryptoLark) June 9, 2021

As we’ve reported only ten days ago, Argentineans are profiting from cheap energy to take over a part of the global Bitcoin mining power, given that they can mine the world’s biggest cryptocoin for a price of $4k. That’s a nice profit.