Bitcoin Reaches $ 35,000 After Biden Announces Infrastructure Contract, Paraguay Proposes BTC Bill

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The price of Bitcoin (BTC) received a boost when it became known that Paraguayan lawmakers wanted to come up with a bill to allow BTC to be used as legal tender on Twitter. Shortly after the unconfirmed news surfaced on Twitter, Bitcoin price rebounded to $ 35,289 before falling slightly below the important short-term resistance level.

While the Fear and Greed Index of the cryptocurrency is still showing a sentiment of Extreme Fear, it is worth noting that the metric from June 14th on June 23rd to June 22nd on 24th the current correction phase could have ended.

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Cryptocurrency Fear and Greed Index. Source: alternative

While trader sentiment may have improved slightly, Cointelegraph analyst Marcel Pechman suggested that investors could wait for the $ 6 billion quarterly futures and options for Bitcoin and Ether (ETH) to drop on Jan. .

Stocks hit new record highs, altcoins rally

The crypto market wasn’t the only one to recover today. Traditional markets also hit new highs after President Joe Biden announced he had reached an agreement with the Senate on a bipartisan infrastructure spending plan of $ 953 billion.

Following the announcement, the S&P 500 and Nasdaq each rebounded to new intraday record highs, closing the day up 24.65 and 97.98 points, respectively, while the Dow rose more than 322 points over the day.

Daily performance of the cryptocurrency market. Source: Coin360

As expected, altcoins also rose higher as the price of bitcoin and traditional markets rose higher. Ether (ETH) bounced back above the psychologically important $ 2,000 mark, while Tron (TRX) and Celo rose 26% and 28%, respectively. CELO’s move appears to be driven by the listing of its Celo Euro (cEUR) stablecoin on the KuCoin exchange.

Prior to the recent price hike, Cointelegraph Markets Pro’s VORTECS ™ data identified a bullish outlook for CELO on June 22nd.

The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS ™ Score (green) vs. CELO price. Source: Cointelegraph Markets Pro

As can be seen in the graph above, the VORTECS ™ Score for CELO climbed into the green, reaching a high of 73 on June 22nd, an hour before the price began to rise by 56% the next day. The VORTECS ™ Score turned green again on June 24th, hitting a high of 74 when CELO began to recover an additional 25%.

The total market cap for cryptocurrencies is now $ 1.4 trillion and Bitcoin’s dominance rate is 46.6%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.