Bitcoin rose 11% to above 37,000 in early trading this morning, June 10, pulling many other leading cryptocurrencies up, pushing the market capitalization back to the $1.6 trillion mark.
At 6:30 a.m. on the CoinDesk exchange, the Bitcoin price stood at $37,404, up 11.69% or an additional $3,908 per coin. In the past 24 hours, the lowest trading price of Bitcoin was recorded at 32,437 USD and highest at 37,416 USD. On Vicuta, the price of Bitcoin was adjusted to buy at 855.6 million and sell at 985.4 million.
Bitcoin suddenly surged in the past 24 hours. According to Coinmarketcap, the amount of Bitcoin traded in the last 24 hours is about 35.9 billion USD, the market capitalization recorded at 697.4 billion USD. Many large-cap cryptocurrencies skyrocketed with Bitcoin. Specifically, Ethereum is up 3.6% to $2,608, Binance Coin is up 6.8%, Cardano is up 3%, Ripple is up 2.6%, Uniswap is up 7.3%, Bitcoin Cash is up 6.1%, Litecoin is up 2.6% 6.8%, Chainlink up 5.6%… The strong momentum of Bitcoin and leading cryptocurrencies caused the total capitalization to increase by 6.5% to more than $1,630 billion. According to many professional traders, the driving force behind the growth of Bitcoin comes from the fact that El Salvador – the first country to consider Bitcoin digital currency as legal. Channel France24 quoted El Salvador President Nayib Bukele’s statement on Twitter, saying that the Bitcoin Law has just been approved with a majority vote. The bill proposed by Mr Bukele to parliament last weekend was approved by 62 out of 84 MPs. “It’s a historical mark,” Nayib Bukele shared on Twitter. Before the vote, Mr. Bukele affirmed that the adoption of digital currency will bring finance, investment, tourism, innovation and comprehensive economic development to this Central American country. According to him, Bitcoin is the fastest way to transfer billions of dollars of remittances to El Salvador without losing millions of dollars to intermediaries. Remittances from El Salvadorans working abroad make up a major part of the country’s economy, equivalent to about 22% of gross domestic product. According to official reports, in 2020, the amount of remittances to this country will reach 5.9 billion USD. “This is the law that will make El Salvador a place of international interest. We will be more attractive to foreign investment.” Romeo Auerbach, Vice President of the National Union of Solidarity Party in El Salvador, said. Bitcoin is a highly volatile virtual currency. After reaching an all-time high at 64,800 USD on April 14, this virtual currency has plummeted without brakes. The reason comes from Elon Musk’s announcement that Tesla will stop accepting Bitcoin because of controversial carbon emissions issues and China’s tightening ban on cryptocurrency trading and banning Bitcoin mining rigs. Many countries have also recently introduced new regulations to control activities related to cryptocurrencies.
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