El Salvador purchased 200 Bitcoins ahead of the country's cryptocurrency launch on Tuesday, according to President Nayib Bukele. According to the post, the Central American government will purchase "a lot more" coins. Starting Tuesday, El Salvador will allow Bitcoin to float alongside the US dollar as legal cash.
Three months after the country's legislature passed the Bitcoin Law, Bitcoin is now officially legal cash in El Salvador.
While the action is a first in the world, El Salvador's President Nayib Bukele remarked in a tweet that the country's "bitcoin process" has a "learning curve."
The Central American country will be buying "a lot more" coins, he said in the post. El Salvador will allow Bitcoin to circulate alongside the U.S. dollar as legal tender starting Tuesday.
According to recent results, layer-two scaling protocols for Ethereum have seen a surge in usage in recent months as gas prices have risen again, and the L2 ecosystem currently processes more daily transactions than the Bitcoin network.
On Sept. 6, there were more transactions on Ethereum layer-two than on the Bitcoin network, according to CoinMetrics data compiled by industry researcher and Week In Ethereum News founder Evan Van Ness. For the day, layer-two protocols processed roughly 250,000 transactions, compared to around 210,000 on BTC.
After witnessing the nonfungible token (NFT) ecosystem's exponential expansion since the beginning of the year, the popular cryptocurrency exchange FTX has become the latest crypto platform to announce the creation of a native NFT marketplace.
The platform, which is only available to clients in the United States, will allow users to mint, purchase, and sell NFTs, which will be transacted cross-chain between the Ethereum and Solana blockchains.
Institutional demand for cryptocurrency exposure has soared to new highs, with altcoins now accounting for a record 35 percent of all capital invested in crypto products.
According to CoinShares' Digital Asset Fund Flows Weekly report from September 7, approximately 40% of the previous week's inflows to digital asset investment products went to instruments tracking altcoins.
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