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

SourceBusiness Insider
CountryMiddle east

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 more...