Bitcoin price gains to trade above $37,000; Ether, Dogecoin rise over 5%

In crypto markets, bitcoin held gains from its biggest rally in four months on Wednesday, when it jumped nearly 12% in the last 24 hours. It was trading above $37,000 level, after rebounding from a three-week low of $31,025 hit on Tuesday when signs of institutional investor caution and regulatory attention drove selling.

As per CoinDesk’s data, Bitcoin was up 14% at $37,351.42. Bitcoin, the world’s biggest and best-known cryptocurrency, is up over 31% from the year’s low of $27,734 on January 4. Ether, the coin linked to the ethereum blockchain network, rose 6% to $2,583 while Dogecoin was trading at $0.34, up more than 7% in the last 24 hours.

On Wednesday, El Salvador became the first country in the world to formally adopt bitcoin as legal tender after Congress approved President Nayib Bukele’s proposal to embrace the cryptocurrency. With 62 out of 84 possible votes, a majority of lawmakers voted in favor of the initiative to create a law that will formally adopt bitcoin.

Hours after passing the resolution, the Latin American nation has said that it will mine the cryptocurrency using geothermal energy from its volcanoes. In a tweet, President Nayib Bukele, said: “I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos.”

El Salvador’s move to mine bitcoin using green energy has come amid the cryptocurrency’s criticism over it environmental impact.

(With inputs from Agencies)

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