Bitcoin on rampage, breaks above $52k with El Salvador adoption

 Bitcoin on rampage, breaks above $52k with El Salvador adoption

Bitcoin on rampage, breaks above $52k with El Salvador adoption.

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Bitcoin price broke over $52,000, pushing the crypto market value to increase to $2.3 trillion for the day.

For the second time this month, Bitcoin, the flagship crypto, broke the $50,000 mark. According to market capitalization, Bitcoin continues to be the dominant cryptocurrency.

A surge in Bitcoin is also coming shortly after El Salvador announced its first Bitcoin purchase. A new law will make Bitcoin legal tender on September 7 and the president of El Salvador Nayib Bukele confirmed on Monday that his government purchased the first 200 Bitcoins.

Bitcoin (BTC) is now legal tender in El Salvador, as was already established previously. Beginning September 7, 2021, the new policy will be in effect.

In the lead up to the launch, Nayib Bukele, the nation’s President, discusses the latest developments.

Around 400 bitcoins purchased by the country have a market value of approximately $20 million. President Nayib Bukele announced via twitter that “a lot more” will be purchased after buying the first batch of 200.

If El Salvador’s experiment is successful, other countries will likely follow suit. The government’s wallet, Chivo, will help increase adoption by enabling users to purchase $30 worth of our currency upon registration with a Salvadoran national ID number.

Government-run machines for exchanging U.S. dollars into Bitcoins have been installed in addition to Bitcoin ATMs. To support the transactions, Bandesal, owned by the State Bank of El Salvador, created a $150 million fund.

Investors are wondering if the price of bitcoin will reach $60,000 at its current rate. Crypto analysts have also claimed that institutional accumulation could lead Bitcoin to $60,000.

Bitcoin is likely to rise to its next resistance level, around $56,000, for the first time since May, as the bears are in charge again. Bulls might attempt a breach of $60,000 if they do break that resistance.

Olumide Adesina

Olumide Adesina a France-born Nigerian, a Certified Investment Trader, with more than a decade of working expertise in Investment and Trading. He is also a reputable author and writer for CoinDesk and FxEmpire.

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