What does the market hold for the week beginning June 14? Even though money never sleeps in the digital currency markets, Monday mornings are significant because this is when Wall Street players start paying attention to tokens, and we all know that hedge funds and institutional investors are becoming active in the crypto world.
The biggest news this week will center on discussion about what happened in El Salvador last week. Lawmakers in that Central American nation, which uses the United States dollar as its fiat currency, approved a law that pretty much gives Bitcoin legal tender status. As the first country to pass such a law, El Salvador will likely bring about much needed BTC circulation, and this should be a major fundamental development in favor of the world's leading token.
Normally, we could make good use of this opportunity and make some huge gains in volume during this week as well, but there are other factors at play. The week will be filled with lots of speculation as we head into the new trading volume season.
We are going to look at a large number of buy and sell orders for a bit this week, and we should pay close attention to their trading highs and lows. Rumor has it that China is preparing for a major crypto-money shift; this could be a reaction to what just took place in El Salvador. What is really going on in China is hard to decipher because that country tends to be contradictory in terms of cryptocurrency policy.
Bitcoin prices were up last Wednesday, but this spike will hardly be putting them on track for the top spot in a trend that is clearly growing higher after a major correction. We are yet to see the effects of Bitcoin's uptrend, and there is yet to be much clarity about whether it will continue to rise or fall. A spike would be a significant turning point for Bitcoin trading, but we can't leave out news coming from China in this regard. All in all, it is going to be an interesting week for active and casual traders.