Amidst a sea of anti-crypto news, we finally have something positive. As El Salvador legalizes Bitcoins the market on Wednesday is lit. The price of the leading token has shot up by at least 5%. Other top tokens including Ethereum (ETH), Cardano (ADA) and Dogecoin (Doge) have joined the club.
As soon as El Salvador confirmed that Bitcoin will have a legal value, the price immediately went up by about 5% while others also demonstrated a quick upward trend.
Bitcoin Is Somehow Not Falling Beyond $30,000
Interestingly, we have witnessed that Bitcoin is somehow staying over the $30,000 mark. Earlier when the crypto market was having a free-fall after China declared a ban on crypto payments and Elon Musk took a u-turn on his decision to accept BTC as payment for tesla cars, Bitcoin plummeted but it picked up after going just below the $30,000 mark.
Once again, when last week Elon Musk went all out against bitcoins on Twitter, the price of bitcoins tanked. But once again amidst the downward trend, the news from El Salvador has come to the rescue of the leading tokens.
The move from El Salvador is significant and experts are betting on a revival of a bullish trend that we saw at the beginning of the year. For now, the market seems to be picking up.
