Cryptocurrency Price Check: El Salvador Looks to Make Bitcoin Legal Tender

Cryptocurrency prices dip while El Salvador's president reportedly plans to make Bitcoin legal tender.
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Cryptocurrency prices were down slightly in premarket trading Monday as one country reportedly planned to make Bitcoin legal tender.

Bitcoin, the world's largest cryptocurrency, was off modestly to $36,469, according to Coingecko. Ethereum slipped 0.5% to $2,829, while Dogecoin was off 0.6% to 37 cents.

Over the weekend, El Salvador's president, Nayib Bukele, reportedly said he was putting together proposed legislation to make Bitcoin legal tender alongside the U.S. dollar in the Central American nation. 

“The wider cryptocurrency market still appears to be in a holding pattern, following last month’s Black Wednesday crash," said James Edwards, cryptocurrency specialist at Finder. "Given the pace of the run-up and severity of the crash, it would be no surprise if prices continued sideways for some time while institutions continue to quietly accumulate Bitcoin, taking advantage of fear in the retail market."

Bitcoin had touched a record $64,000 in April before sliding in May. 

Tesla  (TSLA) - Get Report CEO Elon Musk hinted at a breakup with Bitcoin that sent the cryptocurrency tumbling early Friday.

Musk had tweeted last month that Tesla would no longer accept payments in Bitcoin, citing the environmental impact of Bitcoin mining.

Last week, Coinbase  (COIN) , the largest U.S. cryptocurrency exchange, announced it will list Dogecoin on its Pro platform.

Meanwhile, Square  (SQ) - Get Report Chief Executive Jack Dorsey on Friday tweeted that the financial-services company was thinking of constructing a Bitcoin hardware wallet.

The wallet is a device that holds Bitcoin but isn’t connected to the internet. It’s favored by investors who want an extra layer of protection from holding their coins on a web-connected device, Bloomberg reported.

The9 Limited  (NCTY) - Get Report soared on Friday after the Shanghai-based gaming and cryptocurrency mining company agreed to acquire Canada’s Montcrypto to build a 20MW electricity supply in Calgary.

The9 said in a statement that  Montcrypto's carbon-neutral infrastructure provides a greener and more environmentally friendly power supply to the cryptocurrency mining business.

Cryptocurrency has been a factor in several ransomware cases. Last year, 2,500 cases of ransomware were reported to the FBI, with $350 million in cryptocurrencies paid out as ransoms.

President Joe Biden last week issued a national security study memorandum focused on financial crimes,  including the need to update existing anti-corruption laws to confront new technologies like cryptocurrencies and cybercrime.

As the popularity of cryptocurrency continues to rise, more and more professional athletes and Olympic champions are more accepting of digital currencies

In 2018, Canadian speed skater Ted-Jan Bloemen, a double world record holder, became the first Olympic athlete to be paid in cryptocurrency.