Bitcoin (BTC) consolidates its jump of 15% registered yesterday and seeks to climb above USD 37K. The leading cryptocurrency achieved a considerable leap after gaining legal status in El Salvador, and in the last hours confirmed its growth with a rise of 1%. At the close of this note, the price of BTC is $ 36,789.
The approval of the Legislative Assembly of El Salvador of the project presented by President Nayib Bukele to transform BTC into a legal currency became a before and after in the crypto ecosystem. As several commentators advanced, several nations could follow in the footsteps of the Central American country.
In recent days, legislators from Paraguay, Panama or Argentina slid their support for the new Bitcoin Law of El Salvador, but in other countries the impact could be greater and immediate. In Tonga, Members of Parliament announced that the Government could invest part of its reserves in BTC. Also, in India there are rumors of a radical change of position in favor of cryptocurrency.
On the other hand, the other important boost in the crypto ecosystem in the last hours has to do with mining, and it also comes from El Salvador. Bukele announced through his social networks that he started projects to mine cryptocurrencies with sustainable energy from his volcanoes. Multiple references – such as Michael Saylor – celebrated the initiative and predict rapid effects on the market.
The altcoin market experienced some pullbacks, but much less than yesterday’s big jumps. Ether (ETH), the benchmark altcoin, corrected 3% and is trading at $ 2,489. Binance coin (BNB) and XRP are down to the same extent, and their price is $ 355 and $ 0.86, respectively.
Bitcoin cash (BCH) and litecoin (LTC) also retraced their steps by 3% and are trading at USD 603 and USD 165. Cardano (ADA) had a somewhat larger drop, 4%, and its price is USD 1.53. Lastly, Dogecoin (DOGE) moved less than 2% and remains above $ 0.33.