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Bitcoin rose for a third day in a row after El Salvador announced the date it would officiate crypto as legal tender and offer every citizen $ 30 through an e-wallet.
The world’s most valuable crypto is currently up more than 5% on a 24-hour basis and is changing hands for around $ 34,294, according to data from CoinDesk 20. Most other cryptocurrencies in the top 20 by market value rose 2-17% in the same 24 hour period, with Dogecoin posting the largest daily gains.
Although it is between $ 30,000 and $ 41,000, the rise in the price of bitcoin coincides with the announcements made by the President of El Salvador, Nayib Bukele, who spoke in a national speech Thursday evening.
Bukele told citizens in his country that they could receive $ 30 in bitcoin for free once they sign up for Chivo e-wallet using facial recognition. The president also said his country’s controversial bitcoin law would come into effect on September 7.
While the deal could be touted as a major boon to bitcoin in the short term, long term shadows, such as China’s anti-crypto crackdown and the US Federal Reserve’s hawkish inclination towards rates. interest, continue to persist.
Meanwhile, traditional markets, which have often been correlated with fluctuations in bitcoin prices, saw larger gains compared to the positive news between a two-party Senate group, comprising five Republicans and five Democrats, and US President Joe Biden.
The parties reached an agreement in principle on a $ 579 million infrastructure plan on Thursday, after weeks of negotiations that helped boost U.S. stocks in construction and equipment companies such as Caterpillar Inc. , at the news of the agreement.
US stock markets closed in the green on Thursday while those in Asia all posted positive results on Friday at press time, with the exception of Laos and Pakistan.
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