Bitcoin (CCC:BTC-USD) is taking a beating on Tuesday and we’re collecting all of the latest news you need to know about the crypto today.
Here’s the Bitcoin news you need to know about on Tuesday.
- Let’s start off by talking about the Colonial Pipeline cyber attack.
- The company behind the pipeline actually paid out the $4.4 million ransom to the hackers behind the attack.
- However, they weren’t out of that money for long as the U.S. Government was able to recover it.
- So what does this have to do with Bitcoin?
- BTC was used to pay the hackers.
- This has raised double concerns.
- The first is that crypto was used for illegal activities.
- The second is that the government was able to recover it, which isn’t a good look for something that’s supposed to be free from government control.
- Next up we have to discuss major Bitcoin news from El Salvador today.
- The country’s president has announced plans to make BTC legal tender.
- That’s a positive for the crypto as it gives it more legitimacy.
Mike Novogratz has also been positive on Bitcoin lately as he expects a major rise. He spoke about institutional investors getting into BTC last year and how it sent the crypto to $60,000. NOw he expects another surge in price.
Here’s what he said to Yahoo Finance.
“We see these kind of step function moves, and then we’ll see a long period of consolidation … and you’re waiting for the new narrative to arrive that brings the next wave of money and I think we’re in one of those periods right now.”
BTC was down 10.2% over a 24-hour period on Tuesday.
Investors that are hungry forme more crypto news should keep reading.
We’ve got plenty of crypto coverage worth looking at today. That includes what’s happening with BitTorrent (CCC:BTT-USD), Cardano (CCC:ADA-USD), and Holo (CCC:HOT-USD), Check out all of that at the links below!
More Tuesday Crypto News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2021/06/bitcoin-news-today-11-things-to-know-about-btc-crypto-for-tuesday-june-8/.
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