Bitcoin received a boost after the Paraguayan legislature approved a bill to make BTC legal tender. The news spread quickly on Twitter, and Bitcoin briefly surpassed 35K before reverting to 34K+. Following that, Bitcoin managed to reclaim the 35K mark with a 7.33 percent gain.
Despite recent positive signs for Bitcoin, the crypto community remains concerned about the coin's volatility. Even the Fear and Greed Index increased by 9 after Bitcoin fell to 29K. Because Bitcoin has made a significant comeback, rising above the 33K and 34K price levels, open interest in it has increased once more. These positive price movements indicate that Bitcoin's correction may have come to an end.
Stock market new highs, altcoins surge
The cryptocurrency market was not the only one to rise today. Traditional markets also soared to record highs when US President Joe Biden said that he and the Senate had achieved an agreement on a $953 billion bipartisan infrastructure investment package.
Following the news, the S&P 500 and Nasdaq both surged to new intraday highs, closing the day up 24.65 and 97.98 points, respectively, while the Dow gained more than 322 points.
As expected, cryptocurrencies rose in value as the Bitcoin price and conventional markets rose. Ether (ETH) reclaimed the psychologically significant $2,000 level, while Tron (TRX) and Celo gained 26% and 28%, respectively. The launching of CELO's Celo Euro (cEUR) stablecoin on the KuCoin exchange seems to be driving the company's decision.
