Bitcoin rallies 13% jumping above $37,000 after El Salvador passes law to adopt it as legal tender

FAN Editor

Chesnot | Getty Images

Other cryptocurrencies got a lift as well, and ether and XRP were both trading higher.

Bitcoin is still significantly off of its record high of $64,829.14 that was hit in April.

Bitcoin is known for wild price swings that have prompted critics to suggest it is not suitable to be an effective currency. El Salvador’s case will be closely watched to see how bitcoin might work as a payments mechanism on a country-wide basis.

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