Bitcoin Price Rises Above $ 46,000

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Lauren Simonetti of FOX Business and Mark Tepper, CEO of Strategic Wealth Partners, react to falling bitcoin prices after El Salvador’s difficult rollout.

Bitcoin was trading up 2.8% Thursday morning.

The price was around $ 46,450 per coin, while rivals Ethereum and Dogecoin were trading at around $ 3,500 and 25 cents per coin, respectively, according to Coindesk.

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Bitcoin is still recovering after Tuesday’s drop from nearly $ 53,000 to $ 43,119 at its lowest.

El Salvador’s historic adoption of bitcoin as legal tender on Tuesday still has some rough edges.

Salvadoran President Nayib Bukele stepped in on Wednesday to deal with the difficult deployment of a payments app that underpins the nation’s movement. He called on users to report any issues on his Twitter feed, according to Reuters.

Bukele instructed users to close and restart the app if an “undergoing maintenance” error screen appeared.

The adoption of bitcoin as legal tender by the Central American country has posed challenges that may have contributed to a decline in the value of digital currency.

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A new cryptocurrency research team at Standard Chartered predicts that bitcoin will hit $ 100,000 by the start of next year and could be worth as much as $ 175,000 in the longer term.

Bukele has sent a stream of Twitter messages over the past 36 hours instructing users how to download the government-backed Chivo app that promises commission-free transactions.

In other cryptocurrency news, two of Australia’s largest lenders on Thursday dismissed criticism that they would hamper competition by refusing to do business with cryptocurrency providers, according to Reuters.

These lenders are the National Australia Bank (NAB) and Westpac.

Although cryptocurrencies have seen tremendous growth over the past year, many financial institutions have not got involved due to the high risks.

ASX Ltd. has not authorized quotes related to the cryptocurrency.

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“This is one of the emerging issues that we are looking at – what should be our relationship, if any, with cryptocurrency,” NAB chief executive Ross McEwan said in a regular parliamentary hearing.

Peter King, chief executive of Westpac, said the anonymity of the cryptocurrency made it “very difficult” to meet the bank’s anti-money laundering and terrorist financing requirements.

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