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Bitcoin surges 19% after El Salvador adopted it as legal tender

12:22, 10 June 2021
Bitcoin surges 19% after El Salvador adopted it as legal tender Photo: Jaap Arriens/ZUMAPRESS.com

Bitcoin's price has soared up 19% reaching its highest point at $37,176.44 on Thursday, after falling to almost $30,000 the previous day, according to CoinDesk data


The bounce in cryptocurrency value took place after El Salvador was the first country to pass the law adopting Bitcoin as legal tender. The bill gained the supermajority of the legislature’s ballot in El Salvador's Congress. Right after the announcement, Bitcoin's price climbed in value 5% up to $34,239,17.

The CoinDesk data at the time this article was published showed the price of the digital currency stands at $36,314.52.

Recently Bitcoin showed high volatility from day to day depending upon the news, company executive statements, and speculative investments. Previous Tesla CEO Elon Musk's tweet on cryptocurrency sent its prices diving. Since May Bitcoin's value slumped more than 30% when Tesla chief executive confirmed that the company would suspend accepting the cryptocurrency.