Bitcoin’s price jumped Wednesday by the most in two weeks amid mounting inflation concerns and hopes for mass adoption after El Salvador’s parliament approved the cryptocurrency as legal tender.
The price of the world’s most popular cryptocurrency had slumped to $31,017 late Tuesday. But Bitcoin’s value has since soared, peaking at near $37k, the biggest gain since May 24. The 24-hour trading volume is at $52,475,582,795, and it has a market cap of $680,733,541,009.
During the same period, Ethereum jumped 13.6 percent from $2,310 to $2,626. Meme coin Dogecoin soared by 19.5% percent from $0.297 to $0.3548.
Ministers in El Salvador’s Congress voted by a “supermajority” in favour of the Bitcoin Law, which received 62 out of 84 possible votes. Prices in the Central American country can now be shown in Bitcoin, while tax contributions can be paid with the digital currency.
Exchanges in the cryptocurrency will also not be subject to capital gains tax. However, it is still not clear how exactly El Salvador will roll out Bitcoin as legal tender in the country.