TradingView News Reports: Cryptocurrency Exchange Token Skyrockets by 120% in December

Bitget, a cryptocurrency exchange, has recently obtained a Bitcoin Service Provider (BSP) license from the Central Reserve Bank of El Salvador. This achievement marks a significant strategic move into Latin America’s rapidly expanding cryptocurrency sector.

The excitement surrounding this development has caused the exchange’s native cryptocurrency, BGB, to experience a 15% increase in price within the last day, leading to a doubling of its value within the current month.

El Salvador Grants Bitget Bitcoin License

The authorization from El Salvador’s banking authority permits Bitget to provide a full range of Bitcoin-related services such as trading, payments, and secure storage in the nation that famously declared Bitcoin legal currency. Furthermore, Bitget is endeavoring to obtain a Digital Assets Service Provider (DASP) license, which would broaden its service offerings to encompass additional cryptocurrencies. Min Lin, the Chief Business Officer at Bitget, commented on the milestone.

“The attainment of the BSP license signifies a momentous regulatory event for Bitget,” stated Min Lin. “Our mission is to empower the growth of the region by delivering reliable, readily accessible, and innovative Bitcoin-related services. With increasing global interest in cryptocurrencies, we view El Salvador as a pivotal entry point for leveraging the potential of crypto to enhance financial inclusion and drive consequential changes in practical applications.”

Bitget is actively expanding its footprint by forming a dedicated local team in El Salvador to fortify its regional influence and improve customer service. This initiative follows Bitget’s successful attainment of regulatory consent in multiple European jurisdictions, with VASP licensure in both Poland and Lithuania, and its reinvigoration of operations within the UK market through a collaboration with Archax.

Native Token BGB Hits Peak Performance

The announcement has sparked substantial growth for the BGB token, causing a 120% increase in its value just for December. On the day of the announcement, the token’s value increased by 11% and then by an additional 4%, bringing it close to reaching a new all-time high (ATH) of $3.50.

BGB test news ATH. Source: TradingView

It should be noted that the cryptocurrency market, especially Bitcoin, has also been demonstrating strong performance, echoing its all-time high. During the aforementioned Monday, Bitcoin’s price approached a staggering $108,000 briefly, responding to encouraging statements concerning cryptocurrencies from the Trump administration, hinting at their potential inclusion in the country’s strategic reserves.

While Bitcoin saw a 10% appreciation in December, the ascent of BGB was a noteworthy 120%, now placing it amongst the top 30 cryptocurrencies by market capitalization at $5 billion. BGB, which was introduced in February 2022, quickly became a significant token. As Bitget exchange’s utility token, it grants users benefits like reduced transaction fees, access to unique services such as copy trading, and more advantageous staking terms.

Bitcoin Enthusiasm in El Salvador with President’s $633M Celebration

El Salvador’s embrace of Bitcoin as legal tender made it a pioneer, regardless of its economical size. President Nayib Bukele, the architect of this move, shows no lack of excitement on social media. The country’s Bitcoin treasury continues to grow, now owning close to 6,000 BTC with a claimed value surpassing $633 million.

To put this into perspective, just a year earlier, the same portfolio of bitcoins was valued at $200 million less.