El Salvador promotes Bitcoin fiat currency, most cryptocurrencies rise

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Current major cryptocurrency market conditions at this time – Take a look at CoinMarketCap

Most of the cryptocurrencies (virtual currencies) such as Bitcoin are rising on the news that El Salvador is pushing for a Bitcoin fiat currency.

On the 7th at 6:10 am (Korean time), on CoinMarketCap, a global coin market relay site, Bitcoin recorded $35,892, up 0.43% from 24 hours ago.

Bitcoin plummeted to as low as $34,000 at one point on the news that China had blocked the Weibo account of a Bitcoin influencer the day before, but rebounded on news that El Salvador would adopt Bitcoin as a fiat currency.

El Salvador’s President Nayve Bukele attended the “Bitcoin 2021 Conference” in Miami on the previous day, and announced that he would submit a bill to the legislature next week to convert bitcoin into a legal currency.

Experts agree that the passage of the bill is certain as the ruling party controls a majority of the parliament.

Not only Bitcoin, but also Ethereum, the second largest by market cap, recorded $2702, up 3.03% from 24 hours ago on CoinMarketCap at the same time.

At the same time, on Upbit, a Korean trading site, Bitcoin is trading at 41,987,000 won, up 0.10% from 24 hours ago, and Ethereum is also trading at 3,162,000 won, up 1.90%.

Current domestic market conditions of major cryptocurrencies at this time – Upbit Capture