Bitcoin price records nearly 8% rise after El Salvador legalises the cryptocurrency

The prices of Bitcoin surged by 7.71 per cent to US$37,824.28 on June 10, according to the pricing on Coin desk. The cryptocurrency recorded a 24 hour high at US$38,461.25, a little over half of its overall high at US$ 64,829.14. The value of world’s most popular crypto currency has been surging for the past two days after El Salvador, became the first country to approve it for legal transactions.    

Meanwhile, Ethereum also saw a jump with its price stationed at US$2,546 at the time of writing this article. Dogecoin, which had garnered popularity in recent times recorded a rate of US$0.336186  marking a 1.65 per cent jump at the time of writing this article. Other crypto currencies- Cardano and XRP also recorded a small but significant rise in their values, according to data on Coindesk.

Why is Bitcoin going up?

On June 9, the El Salvador government passed a historic bill called the Bitcoin Bill, legalising Bitcoin as one of the official currencies of the country. The Bitcoin Bill was made possible by the El Salvador president Nayib Bukele, who had campaigned heavily to introduce Bitcoin as one of the official currencies of the country. It should be noted that this was a historic step in the history of cryptocurrencies as El Salvador became the first country in the world to adopt Bitcoin as legal tender. This El Salvador Bitcoin update also had an overall positive effect on the crypto market in general, as all major cryptocurrencies saw a rise in prices. If the trend continues, and Bitcoin keeps rising, the crypto market could quickly recover to the bull market stage they were at in the months of March and April. Stay tuned for more Bitcoin news and cryptocurrency updates. 

DISCLAIMER: The information provided on this website is for educational and entertainment purposes. The information provided on this website does not constitute investment advice, financial advice, or trading advice. Republic World does not recommend purchasing any cryptocurrency. Crypto markets are highly volatile and crypto investments are risky. Readers should do their own research on cryptocurrencies and consult their financial advisers before making any crypto investments. 

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