Bitcoin pulled back from a three-week low on Monday, with the rebound coinciding with news that a Florida tax collector would accept the cryptocurrency for payments of several services.
Bitcoin gained 1.10% in the last 24 hours to reach $8,750.10 on the Bitfinex exchange by 11:00AM ET (15:00GMT).
Joel Greenberg, tax collector for Seminole County in Florida, has teamed up with bitcoin payments processor BitPay to accept payments in both Bitcoin and Bitcoin cash for driver’s licenses, ID cards, automobile tags and titles and property tax, according to a statement released Monday.
Greenberg said the cryptocurrency acceptance was one way to bring government services into the 21st century.
The upward move in the largest crypto came after hitting a low of $8,204.50 on Saturday, its lowest level since April 19.
Bitcoin hit that low as it tumbled from $9,990 a week earlier on a raft of negative comments from the likes of Warren Buffett or Bill Gates.
The critiques continued on Monday with the president of the Federal Reserve Bank of St. Louis James Bullard chiming in. Bullard said that growth in bitcoin and other digital currencies is creating a "non-uniform"currency in the United States, which in the past has existed but was ultimately rejected and replaced.
In other cryptocurrency news, CME Group announced that it was embarking on launching an ether-dollar reference rate and a real-time ether-dollar index in partnership with UK-based digital asset trading service Crypto Facilities.
Last week a San Francisco Fed research team published a report that said the launch of Bitcoin futures crashed the price of the underlying asset.
In other crypto trading, Ethereum rose 1.4% to $731.43 in the last 24 hours, Rippletraded up 2.5% to $0.73826, while Bitcoin Cash, product of the Bitcoin fork and the fourth largest cryptocurrency by market capitalization, fell 1.7% to $1,449.2.