On Wednesday, Bitcoin surged after El Salvador decided to pass a law for adopting bitcoin as legal tender.
According to CoinDesk data, the cryptocurrency was trading at $37,176.45 at around 11:43 p.m. ET, up 14% from the previous 24 hours.
On Wednesday, lawmakers in the Central American country decided to pass a law that made bitcoin legal tender. Among other things, this means that bitcoin prices and taxes can be paid with digital currency.
Bitcoin proponents have seen the digital coin as an alternative to fiat currencies, so they welcomed El Salvador’s moves.
The country partnered with digital wallet company Strike to build the country’s modern financial infrastructure using bitcoin technology.
Other cryptocurrencies lifted as well, while XRP and ether were trading higher.
Bitcoin is still off of its record high of $64,828.14 that hit in April.
Bitcoin is known for wild price changes that caused critics to suggest it is unsuitable for a functional currency. Experts will closely watch El Salvador’s case to see how bitcoin can work as a payment method on a country basis.
Exness Slows Down in May’s Trading Demand
Exness decided to publish the trading volume statistics (with forex) and contracts for different instruments on its platform for May. As a result, it will show some correction in demand, but it is still higher than other months.
Per numbers, the broker recorded a total volume of $778.5 billion for the previous month, which is down from $842 billion. That was a monthly decline of almost 7.6 percent.
But, there is a positive side, the volumes remain to double the $387.2 billion in volumes reported in May the previous year. In addition, the broker recorded its fourth month in its history with last month’s trading volumes.