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Bitcoin Falls Amid Opposition from World Bank on El Salvador BTC Adoption

June 17, 2021


The World Bank has stated that it would not assist El Salvador in implementing Bitcoin as a recognized legal tender due to environmental and transparency concerns.

In an interview with Reuters, a World Bank spokesperson noted that the institution’s commitment to assist El Salvador in implementing regulatory and transparency processes for a new currency remains unshaken. However, with Bitcoin (BTC), it’s a different story.

The Finance Minister of El Salvador, Alejandro Zelaya, noted that the government reached out for technical assistance from the World Bank after legalizing Bitcoin use as a legal tender in the country alongside the US dollar.

Meanwhile, the minister noted that negotiations with the International Monetary Fund (IMF) had yielded positive conclusions. However, the IMF has also shown inhibitions with the Bitcoin bit, citing “macroeconomic, financial and legal issues.”

Nonetheless, President Nayib Bukele appears unfazed and continues to forge ahead with his plans. Just last week, he announced his plans to harness the abundant renewable geothermal energy in the country to erect Bitcoin mining facilities.

A few days ago, the government began talks with local companies to encourage paying salaries in BTC. Earlier today, Bukele noted in a tweet that more BTC ATMs are needed in El Salvador going forwards.

Meanwhile, reports earlier this week suggested that the Central American Bank for Economic Integration (CABEI) has agreed to work with El Salvador on its BTC journey.

Key Bitcoin Levels to Watch — June 17

After a prolonged inability to clear the $40,500 resistance yesterday, Bitcoin suffered a massive drawdown to the $38,000 low. Yesterday’s slide came amid mixed outlooks from the recently-concluded FOMC meeting, which added to the bearish tone.

BTCUSD – Hourly Chart

That said, the benchmark cryptocurrency has posted a healthy rebound from an ascending trendline and now battles with the $39,500 resistance. We expect BTC to clear this level over the coming hours, given that the path with the least resistance is upwards.

Nonetheless, the immediate target for bulls currently is the $40,500 resistance.

Meanwhile, our resistance levels are at $39,500, $40,500, and $41,000, and our key support levels are at $38,500, $37,500, and $37,000.

Total Market Capitalization: $1.62 trillion

Bitcoin Market Capitalization: $733.6 billion

Bitcoin Dominance: 45.3%

Market Rank: #1


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