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As far as I know, the US dollar (or any other) is not the official currency in Honduras, and El Salvador has been using the US dollar as its official currency for more than 20 years - so the question is, what exactly is Mr. Castro talking about? Maybe as a neighboring country with the ES they are planning some kind of monetary union - I'm sure the guys who print digital dollars know a lot more about what's going on - Samson Mow is obviously very busy these days.
Indeed, Lempira (HNL) is their currency. And I think that we should not pay too much attention to political declarations, instead (wait and) see what will actually be done.
On the other hand, it's very interesting that they have their own currency. Let's see how will they handle this; Honduras may become the first country with own currency that'll make Bitcoin legal tender.
Of course that afterwards Bitcoin can become the proper currency for transacting between Honduras and El Salvador, replacing US Dollar.
Edit: I've just watched this s u p e r b short movie about the first follower, I think that it worth the time:
https://twitter.com/corybates1895/status/1504927593627365379
I agree with you.
But there can be good side as well as bad side?
According to the unconfirmed sources, Honduras may officially adopt Bitcoin by giving it a legal tender status. Honduras President, Xiomara Castro may make the announcement within hours.
Honduras may follow the steps of El Salvador in adopting Bitcoin . The impact such news may have on BTCUSD is unclear at this stage. The focus of the crypto markets is on the upcoming regulations, which includes NFTs and possibly the metaverse.
Q4 2021 volumes have gone up or down and how much?
India's 30% tax on cryptocurrencies profits will commence in April. This is on top of the 1% tax deduction at source (TDS). India will tax 1% TDS on all transactions in cryptocurrencies.
Bitcoin is still looking for a direction, BTCUSD weekly chart will be shortly presented.
Related content
Lugano and El Salvador Lead Bitcoin Adoption, Others to Follow?
Mastering Forex Trading Psychology
How Will Honduras Affect Bitcoin?
In August 2021, Honduras opened the first Bitcoin ATM in the capital of Tegucigalpa by Honduran firm TGU Consulting Group. The ATM, nicknamed by the locals as 'la bitcoinera' allowed to purchase ETH and BTC using the local currency.
When El Salvador only considered adopting Bitcoin a positive reaction was seen in the markets. By paying attention to BTCUSD a tight price range is noted.
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Crypto Trading Tools
Find out more about the list of tools to help you in your crypto trading
bitcoin chart tight range
source: btcusd weekly chart, tradingview
The war between Russia and Ukraine is also weighing on BTC. Based on current market conditions, Honduras intentions to provide Bitcoin a legal tender status may not have a significant impact on market price.
However, in the event, other countries announce this week that they may follow suit, a more substantial reaction may take place. A break above $45,535 may be required based on the weekly chart.
ADVERTISEMENT
btcusd
source: btcusd 60min chart, tradingview
BTCUSD hourly chart shows the price is 'compressed' between the support and resistance levels. As an intraday breakout materializes, BTC may choose its hourly trend.
A bearish breakout (below the blue line) may drive significantly lower than a bullish breakout (above the purple line).
Honduras may follow the steps of El Salvador in adopting Bitcoin . The impact such news may have on BTCUSD is unclear at this stage. The focus of the crypto markets is on the upcoming regulations, which includes NFTs and possibly the metaverse.
Q4 2021 volumes have gone up or down and how much?
India's 30% tax on cryptocurrencies profits will commence in April. This is on top of the 1% tax deduction at source (TDS). India will tax 1% TDS on all transactions in cryptocurrencies.
Bitcoin is still looking for a direction, BTCUSD weekly chart will be shortly presented.
Related content
Lugano and El Salvador Lead Bitcoin Adoption, Others to Follow?
Mastering Forex Trading Psychology
How Will Honduras Affect Bitcoin?
In August 2021, Honduras opened the first Bitcoin ATM in the capital of Tegucigalpa by Honduran firm TGU Consulting Group. The ATM, nicknamed by the locals as 'la bitcoinera' allowed to purchase ETH and BTC using the local currency.
When El Salvador only considered adopting Bitcoin a positive reaction was seen in the markets. By paying attention to BTCUSD a tight price range is noted.
From our Directory
Crypto Trading Tools
Find out more about the list of tools to help you in your crypto trading
bitcoin chart tight range
source: btcusd weekly chart, tradingview
The war between Russia and Ukraine is also weighing on BTC. Based on current market conditions, Honduras intentions to provide Bitcoin a legal tender status may not have a significant impact on market price.
However, in the event, other countries announce this week that they may follow suit, a more substantial reaction may take place. A break above $45,535 may be required based on the weekly chart.
ADVERTISEMENT
btcusd
source: btcusd 60min chart, tradingview
BTCUSD hourly chart shows the price is 'compressed' between the support and resistance levels. As an intraday breakout materializes, BTC may choose its hourly trend.
A bearish breakout (below the blue line) may drive significantly lower than a bullish breakout (above the purple line).
Please don't blatantly plagiarize your posts
https://www.financemagnates.com/cryptocurrency/honduras-may-recognize-bitcoin-as-legal-tender-within-hours-how-will-btc-react/
You need to be providing your own thoughts and cite sources according to that if you need to. Blatantly plagiarizing website content doesn't contribute to the discussion in any meaningful way.
I'm extremely sorry for that,
Next time i will trying my best.😔
