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Bitcoin Hits $37k Level After El Salvador’s Endorsement

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The first and the most valuable amongst cryptocurrencies, Bitcoin, is a virtual/digital currency that uses cryptographic technology to regulate and issuance of currency units. Developed by Satoshi Nakamoto, who first felt the need for an e-payment system based not on trust but cryptographic proof, one can buy, sell or trade BTC directly without an intermediary like a bank of FI. 

The genesis for the creation of cryptocurrencies like Bitcoin and Ethereum lies in the fact that is it possible to create systems that allow a group of people to cooperate without centralized actors like a government, financial institution, or a trusted actor playing the role of an intermediary, said Vitalik Buterin, the co-founder of Ethereum in a live YouTube show hosted by New York congressional candidate Jonathan Herzog along with activist Glen Weyl recently. 

Buterin underlined the need for legitimacy of cryptocurrencies like Bitcoin and Ethereum, considering that the current generation was facing a crisis of legitimacy concerning both corporations and many types of governments. Buterin’s software project relates to the current economic and political crisis and seeks to bring about reforms.

The world’s best known and biggest cryptocurrency, Bitcoin, is today up 31% from its low of $27,734 on January 4. Bitcoin jumped nearly 12% in the last 24 hours, thereby marking the biggest rally in four months on Wednesday. Institutional investors’ caution and regulatory concerns drove selling in the cryptocurrency over three weeks hitting a low of $31,025 on Tuesday, after which it rebounded and traded above the $37,000 level. Bitcoin jumped 14% at $37,351.42, as per data. 

Ether, the crypto linked to the Ethereum blockchain network, jumped 6% to $2,583, while Dogecoin was up 7% in the past 24 hours, trading at $0.34. El Salvador President Nayib Bukele’s proposal to congress to make Bitcoin legal tender on Wednesday was accepted by a majority of lawmakers voting 62 out of 84. Soon after the resolution was approved, Bukele tweeted that he had instructed the state-owned electric company to come out with a plan for mining Bitcoins with cheap, 100% clean, 100% renewable, and 0 emissions from the country’s many volcanoes.

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 6/10/2021

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