Investing.com – It may now appear that it has recovered and has reached the end of a journey of struggle, after breaking through the $34,000 mark and the $35,000 mark.
The recent Bitcoin uprising came during trading today, Wednesday, after the historic approval of the Parliament of El Salvador on a law making Bitcoin the official currency of the country.
Bitcoin headed for $35,000 to reach $35.1k levels during those moments, an increase of more than 7%.
The markets are still nervous for a quick rebound to the bottom, as Bitcoin has been accustomed to in recent sessions.
However, the rise gave the alternative currencies a temporary respite from the losses, so that most of the major currencies succeeded in recording significant increases.
All major currencies increased during those moments of Wednesday’s trading, while the market capitalization increased by about 80 billion dollars, bringing the market value to 1.57 trillion dollars.
Ethereum, the largest altcoin, increased by 2% to $2542 levels, while its market value rose near $300 million.
Binance Coin rose after violent declines, to trade near the levels of $ 360, up 2%, while its market value reached $ 55 billion.
Cardano increased 3% to levels of $1.56, while its market value exceeded $50 billion.
Dogecoin and Ripple rose slightly within 1% to levels of $0.329 for the first, and $0.867 for the second.
The tension is there
The famous investor Crypto Ed recently, who bet on Bitcoin’s bounce back towards the $30,000 low on Tuesday, said:
“Bitcoin is printing a higher bottom, with more bounce expected today, I’m not sure yet if the bottom has been made.”
While the conditions are becoming favorable, the investor Crypto Cobra, who this week reiterated his expectations for a significant devaluation of the cryptocurrency.
CryptoCobra said this could cost 20%, which means Bitcoin is targeting $25,000.
However, Crypto added that the decline of the US dollar, could create the conditions for a “miracle” growth spurt in Bitcoin.
Crypto Cobra commented on the latest US Dollar Currency Index (DXY) readings, saying: “All we need is for a bullish Bitcoin.”
Iran and Mining
While Iran, which suspended mining activities until next September due to the electricity crisis, is looking to legalize mining conditions in cryptocurrencies.
During the Cabinet Economic Coordination Council meeting, Iranian President Hassan Rouhani stressed the need to legalize cryptocurrency activities to preserve and protect national interests.
Rouhani said the country should pay attention to the legal and technical requirements related to crypto and digital currencies.
“To legalize cryptocurrency activity and protect people’s capital in this field, we must think of a solution as soon as possible and establish and publish the necessary laws and instructions,” Rouhani added.
“The responsible authorities in the field of capital markets should cooperate with the media and cyberspace in the field of media, education and public awareness about this phenomenon, its instructions and laws,” he said.
He also added that cryptocurrency mining remains prohibited until the end of the summer, and that “the Ministry of Communications (SE:) and Information Technology and Energy is responsible for cutting electricity (SE:) to these centers.”
Last month, the country’s Energy Ministry declared that cryptocurrency mining with household electricity is illegal, and therefore, home miners will have to pay heavy fines if caught.
To meet the needs of increasing domestic electricity consumption during the country’s hot summers, Iran recently imposed a nationwide ban on cryptocurrency mining until September.
The article does not express a recommendation or nomination, but merely a monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.