Over the past day, the BTC price has risen from $ 53,000 to around $ 57,000. Followed by altcoins, which are also growing.

Yesterday’s on-chain data hasn’t changed much. At a price of $ 57,000, the BTC win rate is 84.4%.

Early miners continue to store crypto and show no signs of sale. The amount of BTC pushed public by miners is very small.

The general trend of BTC and ETH continues to be pulled from the exchange. The number of BTC and ETH exchanges decreased.

The volume of forward orders on the futures exchanges remained high. The funding trade is flat, which shows that the long / short ratio is quite balanced.

One event that received a lot of attention was the President of El Salvador’s reaction to criticism of the Bank of England. Since the tiny Central American country of El Salvador outlined plans to introduce Bitcoin as a legal currency in June 2021, many global financial institutions have tried to warn the country about it. Outside the IMF, the Bank of England is the noisiest under the leadership of BTC critic Andrew Bailey.

Recently, this bank has repeatedly expressed its disagreement and concern over El Salvador’s acceptance of BTC as a fiat currency. They stressed that El Salvador should use fiat money.

The President of El Salvador was sarcastic following statements by the Bank of England.

Does the Bank of England worry that El Salvador will adopt Bitcoin? For real? I think the Bank of England’s interest in the welfare of our people is real. For real?

I mean, they always take care of our people. Always.

I love the bank of england. ”

With this in mind, the President of El Salvador wants to say that his country is in trouble but does not see the interest or support of the British bank. So far, they have only voiced concern because the bank is afraid of BTC and the effects of losing BTC.

BTC has standout points that can fix the weaknesses in current fiat money. BTC’s development and growth over the years shows the confidence that long-term investors have in its development.

In the short term, BTC is very volatile and unpredictable. It is easy for short-term investors to believe that accumulation is too little when the market is growing and too much when the market is red. This is exactly Fomo sentiment that is easy to spot without a clear strategy and belief in the market. They are also the ones who panic easily when the market corrects quickly in the short term. It is these feelings that cause most investors to lose money in the market.

The BTC market is growing long term from those who believe in its long term future. The trust of long-term investors is a very important factor for them to continue holding BTC despite the tremendous short-term volatility of BTC. BTC is also trusted as a store of value, a digital gold.