Cryptocurrency prices fell slightly in pre-market trading on Monday as one country reportedly planned to convert Bitcoin to legal tender.
Bitcoin, the world’s largest cryptocurrency, dropped modestly to $ 36,469, according to Coingecko. Ethereum fell 0.5% to $ 2,829, while Dogecoin was down 0.6% to 37 cents.
Over the weekend, El Salvador’s President Nayib Bukele reportedly said he was crafting a bill to convert Bitcoin into legal tender alongside the US dollar in the Central American nation.
“The broader cryptocurrency market still appears to be in a holding pattern, following last month’s Black Wednesday crash,” said James Edwards, cryptocurrency specialist at Finder. It is surprising that prices remain sideways for some time as institutions continue to quietly hoard Bitcoin, taking advantage of fear in the retail market. “
Bitcoin had hit a record high of $ 64,000 in April before sliding in May.
Tesla (TSLA) – Get report CEO Elon Musk hinted at a breakout with Bitcoin that caused the cryptocurrency to tumble early Friday.
Musk tweeted last month that Tesla would no longer accept payments in Bitcoin, citing the environmental impact of mining Bitcoin.
Last week, Coinbase (CURRENCY) , the largest cryptocurrency exchange in the US, announced that it will include Dogecoin on its Pro platform.
Meanwhile, Square (SQ) – Get report CEO Jack Dorsey tweeted on Friday that the financial services company was thinking about building a Bitcoin hardware wallet.
The wallet is a device that contains Bitcoin but is not connected to the Internet. It is favored by investors who want an extra layer of protection from storing their coins on a web-connected device, Bloomberg reported.
The9 Limited (NCTY) – Get report skyrocketed on Friday after the Shanghai-based cryptocurrency and gaming company agreed to acquire Canada’s Montcrypto to build a 20MW electricity supply in Calgary.
The9 said in a statement that Montcrypto’s carbon neutral infrastructure provides a greener and more environmentally friendly power source for the cryptocurrency mining business.
Cryptocurrency has been a factor in several ransomware cases. Last year, 2,500 cases of ransomware were reported to the FBI, with $ 350 million in cryptocurrency paid as a ransom.
President Joe Biden last week issued a national security study memorandum focused on financial crime, including the need to update existing anti-corruption laws to tackle new technologies like cryptocurrencies and cybercrime.
As the popularity of cryptocurrencies continues to rise, more and more professional athletes and Olympic champions are accepting more of digital currencies.
In 2018, Canadian speed skater Ted-Jan Bloemen, a double world record holder, became the first Olympian to receive a payment in cryptocurrency.