The price of bitcoin has steadied on Friday, following a tumultuous week that took it to new lows for 2021.
The relative stability had a calming effect broader cryptocurrency market, with Ethereum (ether), Cardano (ada) and dogecoin all moving by less than a few per cent overnight.
Bitcoin was boosted by news from South America that Paraguay may follow El Salvador’s lead by adopting bitcoin as legal tender.
The milestone Bitcoin Law passed earlier this month in the Central American country could potentially have a domino effect throughout Latin America, with politicians in several countries announcing plans to introduce similar legislation.
Crypto analysts remain divided over the short and medium-term direction of the market, though major investors like MicroStrategy continue to “buy the dip”. Dogecoin co-creator Billy Markus also revealed that he bought the meme-inspired cryptocurrency for the first time in eight years this week.
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