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Bitcoin lower after IMF attempts to pour cold water on El Salvador move

10 Jun, 2021

Earlier today the rebound in Bitcoin continued as the lead cryptocurrency rose above 38k, to as high as 38,407. The rise to that level was noted here in an earlier update. However, and since then the price has been tracking lower. It is now dropping back towards 37k after the International Monetary Fund (IMF) poured cold water on the move by El Salvador to make Bitcoin legal tender in that country. Naturally, one might expect the establishment to cast dispersions over such a move. The IMF has stated that this move highlights a number of legal and financial issues, but without yet doing into detail on what those exactly are. It is safe to resume that repayment of debt in Bitcoin would be the first one on the priority list. As noted here previously; it is pretty obvious what El Salvador is hoping to achieve in that respect. As to whether any of this ultimately makes any difference to the price of Bitcoin remains to be seen. What does seem clear right now; is that Bitcoin is back inside that approximate 35-38k range, give or take a few dollars either side. It is just now trading at 37,225

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