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Crypto market collapses after #BitcoinDay

In the past few weeks, the development on the crypto market has been almost consistently positive. Especially in anticipation of the start of the new Bitcoin law in El Salvador on Tuesday, the top currency has cracked the $ 50,000 mark. But on Tuesday, which was previously referred to as #BitcoinDay, everything changed. There was a sharp drop in prices in the afternoon, not only for Bitcoin, but also in the entire market (Trending Topics reported). The situation doesn’t look any better on Wednesday (September 8th). Bitcoin alone has suffered a loss of 14 percent. El Salvador took advantage of the drop in prices to buy BTC and now holds a total of 550 coins.

#BitcoinDay brings a sharp drop in prices in the entire crypto market

Bitcoin’s value is now $ 45,000 or € 38,000. On Tuesday morning it was still 44,000 euros. The market capitalization is now at 855 billion euros. The situation in the rest of the market is just as dire. Polkadot was particularly hard hit. The currency has suffered a minus of 27 percent and is thus at a value of 22 euros with a capitalization of 22 billion euros.

The Bitcoin chart for the last 24 hours.  © CoinMarketCap
The Bitcoin chart for the last 24 hours. © CoinMarketCap

Ethereum has plummeted 15 percent in the past 24 hours. Now the value is 2,800 euros with a capitalization of 331 billion euros. Not even the mega-climber Solana is safe from the market slump. Here there was a minus of 18 percent to 132 euros with a capitalization of 40 billion euros. Nevertheless, compared to a week ago, the value is still around 42 percent higher.

There are also crashes in the other top currencies, averaging between 15 and 25 percent. XRP has fallen by 22 percent to 90 cents, Uniswap by 21 percent to 19 euros. Chainlink has suffered a drop of 25 percent to around 22 euros, Litecoin has crashed by 20 percent to 146 euros. On the market as a whole, capitalization has also fallen after a gradual rise. On Tuesday morning it was still stable at 1.9 trillion euros, on Wednesday it was below 1.7 trillion euros.

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The hype about the new Bitcoin law in El Salvador was great beforehand – but especially among the government and crypto traders. The law stipulates that the top currency is now legal tender in the Central American country. Traders have to accept the digital coin if possible. A large part of the population is not convinced. At the start there were protests against the law. In addition, the start of the country’s own trading app Chivo is still very bumpy (Trending Topics reported).

Protests and price drops accompany #BitcoinDay in El Salvador

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Coinbase threatens lawsuit over planned crypto loan product

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Austrian crypto companies are helping to build the EU blockchain

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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