Bitcoin rises back above $35,000 as El Salvador declares it legal tender and inflation concerns persist

  • Date: 09-Jun-2021
  • Source: Business Insider
  • Sector:Economy
  • Country:Middle East
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Bitcoin rises back above $35,000 as El Salvador declares it legal tender and inflation concerns persist

The price of the world's most popular cryptocurrency rose back above $35,000 Wednesday, boosted by El Salvador's historic move in . may have also encouraged investors to flock to the asset, which some view as an . Bitcoin rose to $35,349 at around 8:14 a.m. ET Wednesday, rising 12% from the intraday low the previous day. It has lost almost 50% of its value since hitting an all-time high . "This current market pause is not unexpected. Everyone needs time to assess and digest what the community has built," Paolo Ardoino, CTO of Bitfinex, a cryptocurrency exchange said. "I'm still extremely bullish in the long term about bitcoin and the long-term fundamentals and use cases of the technology." Tim Frost, founder of fintech firm Yield, said if bitcoin can break through $38,000, it may signal an upward trend toward its medium-term average of around $47,000 and potentially beyond. The congress of El SalvadorWednesday , cheered on by President Nayib Bukele. Once the law passes through the legislative processes, bitcoin will have the same status as the US dollar - the country's current national currency. Bitcoin by then will automatically and immediately be converted into US dollars upon use. Meanwhile, investors