What's happening: A majority of lawmakers have approved a proposal from Salvadorian President Nayib Bukele that will allow bitcoin to be used as legal tender in the country alongside the US dollar. The law states that"all economic agents shall accept bitcoin as a form of payment when it is offered by the purchaser of a good or service."
Jeffrey Halley, a senior market analyst at Oanda, has cautioned clients that bitcoin could hit $22,000 in the coming days if selling continues, while Rich Ross, a technical analyst at Evercore ISI, thinks $20,000 is on the table if the digital currency breaches $29,000. That doesn't mean everyone has turned bearish. Analytics firm MicroStrategy announced this week that it's selling $500 million in junk bonds so it can buy additional bitcoin. And Michael Sonnenshein, the CEO of Grayscale Investments, told me in a recent interview that his clients haven't been scared off by the drop in crypto prices.
The latest: Chatter on Reddit's popular WallStreetBets forum is driving up shares of Wendy's and Clover Health.
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