Bitcoin surges to trade above $36,700; ether rises over 4%

Cryptocurrencies were trading with gains today after declining over the weekend amid a cryptocurrency crackdown in China and a cryptic tweet from Elon Musk that hinted at a potential split with Bitcoin.

According to Coindesk data, Bitcoin was trading above $36,700, up nearly 2% in the last 24 hours. Other digital coins like Ethereum surged over 4% to $2,800 while dogecoin was trading at $0.38.

The Shiba Inu-based meme currency dogecoin has been surging after US-based crypto exchange Coinbase said it is listing the token on its professional platform. The Nasdaq-listed company has started accepting inbound transfers of dogecoin (DOGE) to Coinbase Pro.

Weibo, a Chinese social-media service, appears to have blocked some crypto influencer accounts on Saturday, citing violation of unspecified laws and Weibo community rules, reported Bloomberg. While Weibo has cracked down on various crytocurrency-related accounts in the past years, the news came on top of recent harsh Chinese regulatory rhetoric that have already led to a plunge in prices for many digital coins.

Meanwhile, El Salvador president Nayib Bukele said he plans to submit legislation that will make Bitcoin legal tender in the country, a first in the world, according to a video message he gave to the Bitcoin 2021 conference in Miami.

Separately, Jack Dorsey’s Square Inc has said that it will invest $5 million to build a solar-powered Bitcoin mining facility at a Blockstream Mining site in the U.S through a partnership with the blockchain technology provider.

(With inputs from agencies)

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