Bitcoin Jumps Above $38,000 After El Salvador Legal Tender Bill
Bitcoin surged above $38,000 on Thursday, following a bill by El Salvador to accept the cryptocurrency as a legal tender.
The flagship coin experienced gains of over 8%, as it reached $38,470 at midday
Other crypto curries that experienced gains are XRP, Ether, and BNB
Bitcoin experienced strong gains on Thursday as the flagship cryptocurrency reached $38,000.
The rise in the value of the coin jas been driven by news of El Salvador adopting the crypto as a legal tender.
Lawmakers in the North American company signed a bill into law that made the flagship coin an acceptable means of payment.
Many Bitcoin enthusiasts have hailed this as a great move, calling the coin a better alternative to fiat currencies.
El Salvador also signed a deal with crypto wallet company Strike to create a financial infrastructure that utilizes BTC technology.
Following the rise of the cryptocurrency, other coins such as XRP, Ether, and BNB have also risen in value.
Although Bitcoin remains some way off its all-time high of $64,000, its recent stride suggests that the crypto may turn bullish.