The price of Bitcoin rose for the third day after El Salvador decided to announce the date it would officially start using crypto. This would entail that the government would be identifying cryptocurrency as the major legal tender with a gift of $30 to every citizen using an E-Wallet.
Bitcoin’s Turmoils Coming To An End?
As it stands, the most valuable crypto in the world- Bitcoin- has currently jumped at a pace of 5% over the last 24 hours and has been changing hands at a price of $34,294 as reported by CoinDesk. Most of the other cryptocurrencies in the top twenty have been up by around 2-17% in the same period. Incidentally, Dogecoin has marked the strongest gains in the intermission.
Even though BTC has been struggling up and down the margins of $30,000 and $40,000, the jump in its prices this time around does coincide with the announcements that have been made by the President of El Salvador.
Nayib Bukele, the leader of the country, put out an official speech on the evening of Thursday where he stated that the citizens would be receiving a gratuity sum of $30 in Bitcoin. This would be made possible after the individual would be signing up for the Chivo e-wallet where facial recognition is the designated mode of registration. The president also remarked that the BTC law- deemed controversial by several economists around- would be coming into effect on the 7th of September.
Although this development certainly puts a smile on many traders of Bitcoin, there have been lingering fears around too. The anti-crypto crackdown by China coupled with the hawkish tilt of the US Federal Reserve regarding futures interest plans have certainly muddied up the entire crypto market. Nevertheless, most of the traditional markets did post much stronger gains as positive news came from the Senate.
