Business News Asia
Today (May 3), the bitcoin price rose 0.37% to $38,669.86.
Bitcoin’s uptick this morning came after the Dow Jones Industrial Average rose in a narrow 84-point range on Monday (May 2).
The Dow Jones Industrial Average rose 84.29 points, or 0.26%, to close at 33,061.50 points.
The S&P 500 rose 23.45 points, or 0.57%, to close at 4,155.38.
The Nasdaq rose 201.38 points, or 1.63%, to close at 12,536.02.
Meanwhile, investors are keeping an eye on the Federal Reserve’s (Fed) monetary policy meeting on May 3 and 4. Traders expect the Fed to raise interest rates by 0.50% to curb rising inflation.
Movement in the Crypto Space
Recently, the “Central African Republic” became the second country in the world to accept Bitcoin as legal tender, after El Salvador.
The Central African Republic, one of the poorest countries in the world, has decided to accept Bitcoin as legal tender. It is the second country after El Salvador where Bitcoin is legally accepted.
Fostang-Arcons Tuadera, President of the Central African Republic, made a statement saying that Bitcoin is a legitimate currency. It will make the Central African Republic the most courageous and visionary country in the world.
El Salvador was previously the first country in the world to accept Bitcoin as legal tender, and is also one of the poorest countries. In the Central African Republic, only 4% of the population has access to the internet, leading many to believe that people will benefit from the change.
The Spot Market is Open
Tuesday, May 3, 2022