Time for a Correction for Bitcoin While El Salvador Issues a Cryptobond!

📉 Bitcoin started last week at $65k and continued to decline, approaching the 25-day moving average around the mid $62k level.

That support was broken and the price dipped as low as $58k, another important level from October. After several repeated attempts, the price broke through and touched $55k. From there, the price bounced yet failed to return to above $60k. Bitcoin closed the week around $58k, -10.5%.

 📊 The rest of the crypto market held up relatively well. BTC dominance slightly decreased to 42%, which means on average the alts did better than Bitcoin.

For example, ETH declined by 7.9%. Some altcoins were posting double-digit gains, including GALA (+297%), Elrond (+33%), Avalanche (+34%). Stoic continues to hold these tokens after taking some profits.  

BILLION BONDS

 🇸🇻 El Salvador announced the launch of bitcoin-backed bonds together with crypto exchange Bitfinex as the book runner. The first 10-year $1 billion bonds would carry a coupon of 6.5%.

Some of the proceeds would be used to fund a volcano-powered bitcoin mining and half would go to buying BTC on the market. I.e. big buyers are coming.

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