Global Crypto Exchange Licensed in El Salvador Expands into Latin America
Global crypto exchange Bitget has strengthened its presence in El Salvador by obtaining a Bitcoin Service Provider (BSP) license. This license allows Bitget to offer a range of services related to Bitcoin in El Salvador, including fiat currency exchanges, payment solutions, and asset custody services. This development coincides with El Salvador's adoption of Bitcoin as legal tender and aligns with the country's goal of becoming a hub for cryptocurrency innovation.
Bitget aims to expand its range of services not only focused on Bitcoin but also by acquiring a crypto asset service provider license. This additional license will enable the exchange to offer trading services that include other digital assets as well. Bitget's global expansion strategy is also supported by obtaining virtual asset service provider licenses in Poland and Lithuania. The company, which resumed operations in the United Kingdom last November, continues to expand globally with 45 million users.
BGB token reaches all-time high Following Bitget's receipt of the Bitcoin license in El Salvador, its native crypto asset BGB saw a significant surge. BGB increased by 11% in the last 24 hours, making it one of the biggest gainers in the market. After hitting an all-time high of $3.65 during the Asian session, a slight correction was observed in the cryptocurrency, but a continued upward trend is expected in the short term.
Market sentiment surrounding BGB quickly turned positive following the news of the license. Social media analyses confirmed this shift, highlighting that BGB's weighted sentiment crossed into positive territory. According to the data provider Santiment, BGB's weighted sentiment turned positive on December 16, measuring at 0.33. This indicates that positive comments around the token are dominating over negative ones.
Bitcoin adoptions and El Salvador's strategy El Salvador's crypto strategies extend beyond local policies. The country has begun establishing international partnerships by signing a cooperation agreement on crypto assets with Argentina. Additionally, discussions are underway to develop similar collaborations with over 25 countries. These partnerships stand out as part of efforts to promote global crypto regulations and innovations.
Meanwhile, El Salvador's interest and commitment to Bitcoin continue. The country has increased its Bitcoin reserves to 6,189 BTC. Discussions with the IMF are focused on making Bitcoin acceptance voluntary for businesses, aiming to balance Bitcoin acceptance to meet international financial requirements.
Bitcoin's rise and institutional interest Bitcoin reached a new record of $107,700, driven by institutional interest and ETF entries. This rise is supported by high trading volumes on exchanges like Binance and KuCoin. The increasing interest from institutional investors and the acceptance of Bitcoin as a deflationary asset are among the main factors behind the price increase.
Growing interest in spot Bitcoin ETFs has played a significant role in Bitcoin reaching new highs. ETFs that have witnessed large inflows of funds in recent weeks have increased demand for Bitcoin, and this demand is expected to continue. These positive developments sustain the potential for Bitcoin to reach higher price levels in the future.