The Paraguay government asked its citizens, on Monday, June 9, to ignore X posts made through the official account of President Santiago Peña. Earlier on Monday during the mid-North American trading session, the X account for President Peña indicated that Paraguay had adopted Bitcoin as a legal tender in addition to creating a strategic BTC reserve and bond access for crypto assets.
According to the X post, which was later deleted, the Paraguay government had created a $5 million Bitcoin reserve. However, the Paraguay government disputed the claims as no such move was underway. Currently, the Paraguay lawmakers are focused solely on regulating the crypto mining sector and virtual assets exchanges to enhance tax collection.
Bitcoin Price Gains Bullish Momentum
Following the fake news from Paraguay, Bitcoin price surged over 2 percent to reach a local high of about $108,702. The wider altcoin market, led by Ethereum (ETH), recorded bullish sentiment, thus the total crypto valuation surged to $3.51 trillion at the time of this writing.
As a result of the sudden crypto rebound, more than $222 million was liquidated, with the largest single liquidation involving $3.28 million from a BTC whale. The Bitcoin’s futures Open Interest (OI) surged from $71 billion to $77 billion in the past 24 hours catalyzed by rising FOMO crypto traders.
From a technical analysis standpoint, Bitcoin price is well positioned to smash its previous all-time high in the near future. A consistent daily close above $107k will confirm the onset of a fresh bull rally fueled by institutional investors. As Coinpedia reported, Strategy has led dozens of companies to adopt a Bitcoin treasury management plan, thus escalating the supply vs demand shock.
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