[Market Commentary] Bitcoin becomes legal tender in El Salvador
Contribution dated Thursday, June 10, 2021⇒ The shelf life of this article is until 13:00 on June 12.
■ The biggest concern in financial markets is inflation in the West, with G7 tax reforms also in focus
■ The biggest concern in the cryptoasset industry is regulation in the US and China, with Bitcoin being discussed as legal tender
The yield on the U.S. 10-year Treasury fell, dropping below 1.5% to around 1.47%. Meanwhile, gold reaction was muted, hovering around the $1,880 level. NY crude oil showed high volatility, sliding to the $69 range on Wednesday. Germany's DAX remained weak, down about 0.38% from the previous day, marking a third consecutive decline and staying in a high price area with lackluster momentum.
The currencies showed the pound slightly soft, while energy markets (crude oil and gasoline) collapsed, yet the natural gas market remained firm.
The crypto market began to brighten as El Salvador adopted Bitcoin as legal tender, lifting overall sentiment. Bitcoin price stood in the $37,000 range. The five-year breakeven inflation rate (BEI) fell to 2.41%.
There is great attention on today’s U.S. May CPI release.
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