Crypto rally? Bitcoin futures pointto potential gains | Tech News

Crypto rally? Bitcoin futures point to potential gains

Bitcoin futures are hinting at upside potential if the positive mood from equities spills over into cryptocurrencies. 

By:BLOOMBERG
| Updated on: Aug 22 2022, 10:53 IST
Bitcoin
Bitcoin futures are hinting at upside potential if the positive mood from equities spills over into cryptocurrencies. (Dado Ruvic/REUTERS)

Bitcoin futures are hinting at upside potential if the positive mood from equities spills over into cryptocurrencies. With the rollover into the April contract underway, the March-April spread has been holding below 100 -- relatively modest for Bitcoin -- which means there is room for a catch-up rally if stocks stay firm. Other bullish signs include open interest rising along with futures prices, and futures trying to push above the triangle pattern that has been holding Bitcoin in check for several weeks.

El Salvador postpones bitcoin bond issue, expects better conditions

(Reuters) - El Salvador postponed an unprecedented issue of a bitcoin-backed bond planned for last week, as the government decided to wait for favorable conditions in the financial market, Finance Minister Alejandro Zelaya said on Tuesday.

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The Central American government had scheduled the launch of the $1 billion bond between 15-20 March, but the war between Russia and Ukraine and volatility of the cryptocurrency prompted authorities to change the date.

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The launch could be postponed until September as bitcoin has swooned since hitting a record high above $67,500 in early November. It lost almost half its value by Jan. 22, and traded at $42,609 on Tuesday, according to Refinitiv Eikon data.

Now is not the time to issue the bond, according to Zelaya who said that the ideal date to go on the market is the first half of the year, during an interview with a local television channel.

"In May or June the market variants are a little different. At the latest in September. After September, if you go out to the international market, it is difficult (to raise capital)," he added

El Salvador became the first country in the world to adopt bitcoin as legal tender last year, generating criticism from the International Monetary Fund (IMF), which worries the measure could hurt the country's finances.

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First Published Date: 23 Mar, 15:15 IST
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