Bitcoin Moves Above $37k As Javier Milei Wins Argentine Presidency

TL;DR

• Bitcoin topped the $37k level over the weekend as the market performance improved.

• Javier Milei has won the presidential election in Argentina and has been vocal about his support for Bitcoin.

Bitcoin Trading Above $37k Once Again

Bitcoin, the world’s number one cryptocurrency by market cap, is up by more than 1% over the last 24 hours. At press time, the price of Bitcoin stands at $37,213. 

The positive performance comes as the market reacted to Javier Milei winning the presidential election in Argentina. Milei is a self-described anarcho-capitalist who has voiced his support for Bitcoin over the years.

The president-elect is also planning to adopt the US Dollar as a legal tender in Argentina and shut down the country’s central bank. Bitcoin rallied to the $37,350 region late on Sunday before slightly retracing to the sub-$37,300 region.

Thanks to this latest development, the total cryptocurrency market cap increased to $1.41 trillion. 

Altcoins have also been performing well in the last 24 hours. Ether, the second-largest cryptocurrency by market cap, is up by 2% in the last 24 hours and is now trading at $2,005 per coin.

Chainlink is the best performer amongst the top 20 cryptocurrencies by market cap. It went up by more than 5% over the weekend and is now trading at $15.02.