(Reuters) Analysts see Bitcoin on track to rising between $56,000-$56,300 after climbing to above $52,680 on Monday. A day before making BTC a legal tender El Salvador said it holds 400 of coins.
Earlier Monday, El Salvador bought its first 200 Bitcoins, adding more in the day to reach 400.
El Salvador’s Bitcoin buys happened ahead of its intended legalization on September 7, with the aim of boosting foreign remittances.
El Salvador’s Bitcoin legalization happens amid caution by its citizens, who are wary of wild price signs. Critics also warn of potential financial and regulatory risks to financial institutions.
BTCUSD is down -2.62%.
