Bitcoin’s price has surged after El Salvador’s Investment Banking Law, which classifies investment banks separately from commercial lenders, was passed. This law allows licensed institutions to operate in legal tender, foreign currencies, and digital assets, including Bitcoin.
The move is attracting institutional attention and driving buying interest near major support levels. Analysts predict the next hurdle lies at $120,000, where strong resistance could decide the next market direction.
Ethereum also saw significant price action, briefly breaking above $4,300 before correcting to around $4,200. Traders are closely watching whether $4,000 holds as a key support in the coming days.
In other news, White House crypto adviser Bo Hines has announced his resignation, sparking questions about continuity in U.S. crypto policy. The market remains cautiously bullish, with traders advised to monitor both price action and policy headlines closely.
Furthermore, El Salvador’s strategy is expanding its reach globally, with the country’s president meeting with Pakistan’s state minister of crypto and blockchain to explore nation-level adoption strategies. Regional cooperation is also growing, with Bolivia signing a memorandum with El Salvador’s regulators to promote cryptocurrency usage amid a severe dollar shortage.
Bitcoin’s technical outlook suggests a bullish trend, with the price trading above $118,000 after a 0.28% daily gain. Momentum indicators are pointing higher, and a close above $117,350 could set the stage for a test of $123,250.
Source: https://cryptorank.io/news/feed/0437a-crypto-news-today-bitcoin-ethereum-white-house-update