Bitcoin price gains to trade above $37,000; Ether, Dogecoin rise over 5%

In crypto markets, bitcoin held gains from its biggest rally in four months on Wednesday, when it jumped nearly 12% in the last 24 hours. It was trading above $37,000 level, after rebounding from a three-week low of $31,025 hit on Tuesday when signs of institutional investor caution and regulatory attention drove selling.

As per CoinDesk’s data, Bitcoin was up 14% at $37,351.42. Bitcoin, the world’s biggest and best-known cryptocurrency, is up over 31% from the year’s low of $27,734 on January 4. Ether, the coin linked to the ethereum blockchain network, rose 6% to $2,583 while Dogecoin was trading at $0.34, up more than 7% in the last 24 hours.

On Wednesday, El Salvador became the first country in the world to formally adopt bitcoin as legal tender after Congress approved President Nayib Bukele’s proposal to embrace the cryptocurrency.