Home Money Bitcoin trades 13% higher after El Salvador new law declared it legal...

Bitcoin trades 13% higher after El Salvador new law declared it legal tender

133
0

THUR 10 JUNE, 2021-theGBJournal- Bitcoin, the world’s largest cryptocurrency  by market capitalisation gain 13% in value after the South American country, El Salvador passed a law adopting it as a legal tender.

The cryptocurrency settled $36, 435.96 Thursday after trading above $37,000, according to CoinDesk.  

El Salvador last week, entered into partnership with digital wallet company, Strike, to help it build a modern financial infrastructure using Bitcoin technology.

The country followed that with a legislation that will make it the first country to adopt Bitcoin as a legal tender, alongside the U.S Dollar.

CNBC reports that other cryptocurrencies got a boost also including ether and XRP which were trading higher.

The latest trade is still significantly off the record high of $64, 829.14 reached in April.

Twitter-@theGBJournal|Facebook-The Government and Business Journal|email: govandbusinessj@gmail.com