The price of the main cryptocurrency on the market, Bitcoin, exceeded $ 52,000. After having a week of bullish and favorable movements for Ethereum and the rest of the market, Bitcoin has registered upward movements in its price.
Bitcoin surpassed for the first time since the beginning of May and closed the week in positive. A signal that catapulted the price of the rest of the cryptocurrencies and tokens on the market that consolidate the upward trend. From what various analysts believe that the bull market will continue.
At the time of this writing, Bitcoin is trading at $ 51,932, registering an increasing variation of 2.27% in the last 24 hours. Other upward swings that have attracted attention in addition to Bitcoin are Ethereum, (+ 1.5%), XPR (+ 7.15%), Solana (+ 19.01%, Bitcoin Cash (+ 7.12%) during the same period. our internal crypto online tool.
This Tuesday, Bitcoin will begin to circulate as legal currency in El Salvador
The law that will allow the circulation of Bitcoin as legal currency in El Salvador comes into force this Tuesday. The country will become the first in the world to officially include this currency in its economy.
The Bitcoin Law, approved in June by the ruling majority in the Legislative Assembly, indicates that “every economic agent must accept Bitcoin as a form of payment when it is offered to him by whoever acquires a good or service.”
In other words, its use is mandatory, although the president, Nayib Bukele, indicated that it will be subject to the option of Salvadorans.
In addition, the regulations indicate that “the exchange rate between bitcoin and the dollar will be freely established by the market.”
Starting Tuesday, Salvadorans will be able to use the ATMs. In which people who own bitcoin can withdraw dollars in cash.
Likewise, they will be able to download the electronic wallet promoted by the Government and called «Chivo Wallet».
After Bitcoin’s price rally, crypto mining in Vietnam soars
The cryptocurrency mining market in Vietnam has seen an increase in demand. As reported by local news agency VnExpress, Vietnam enthusiasts saw a sharp increase in demand for crypto mining rigs. The fact is linked to the recent price increase in the market, and specifically in that Bitcoin surpassed $ 51,000.
Increased demand has led to remarkable price growth for cryptocurrency miners. As some devices are priced at 5 million Vietnamese dong ($ 220) more than in mid-August, according to local cryptocurrency mining enthusiast Ngoc Van. The best-selling miners based on graphics processing units produced by AMD or Nvidia now cost between $ 3,500 and $ 4,400.
In Venezuela, Bitcoin mining is a way to “generate income without effort”
Venezuela is one of the few countries that has adopted Bitcoin, and is now working towards a new sector that uses cheap electricity to mine the cryptocurrency.
Now the use and impact of Bitcoin on weaker economies has been widely discussed. Simón Chamorro and his startup Valiu use blockchain technology, with the vision of protecting their Venezuelan compatriots from hyperinflation. Chamorro recently appeared on an Anthony Pompliano podcast. Where he shared how the dollarization of Venezuela through remittances made it the second largest recipient of remittances after Mexico.
Explain, that Venezuela saw growth in Bitcoin mining and it was turning out to be a profitable company. Venezuelan capital Caracas reportedly generated $ 10,000 worth of bitcoins per month, with 80 computers costing $ 10 for electricity.
Crypto mining is estimated to have provided an economic opportunity for Venezuela, which reported an inflation rate of almost 3000%, in 2020.
Union Investment is a German manager considering adding BTC for various funds
Union Investment, a manager with more than $ 500 billion in assets, is planning to add Bitcoin to various mutual funds. This, as part of a pilot program aimed at its institutional clients. Offering further proof that cryptocurrencies are catching on in Europe’s largest economy.
The Frankfurt-based institution told Bloomberg on Monday that it is considering adding BTC to a small number of mutual funds that will only be available to private investors. For each fund, exposure to Bitcoin will be limited to no more than 2% of total assets. Portfolio manager Daniel Bathe said the new investment strategy is likely to start in the fourth quarter, although he did not offer a set date.