Why Bitcoin-Related Stocks Are Trading Higher Today

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Marathon Digital Holdings Inc (NASDAQ:MARA) and Riot Blockchain Inc (NASDAQ:RIOT) are trading higher Wednesday as the price of Bitcoin (CRYPTO:BTC) recovers from its recent lows.

What Happened: El Salvador lawmakers voted in favor of a Bitcoin law allowing the Central American country to adopt the cryptocurrency as a legal tender.

Items can now be priced in Bitcoin, tax contributions can be paid using the popular cryptocurrency and exchanges in Bitcoin will not be subject to a capital gains tax.

El Salvador is the first country to adopt Bitcoin as legal tender.

Nayib Bukele, president of El Salvador, took to Twitter to celebrate the historic moment.

Price Action: At last check Wednesday, Bitcoin was up 8.31% at $36,431.

Marathon Digital was up 7.74% at $25.47, while Riot Blockchain was up 10.10% at $30.88, at last check Wednesday.

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