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Cryptocurrency crash – Bitcoin falls and remains under pressure after chaotic El Salvador debut

The decline in Bitcoin after the unsuccessful start as the national currency in El Salvador continues.

The cryptocurrency fell 2.3 percent to $ 45,722. At times it had lost 18.6 percent yesterday, as much as it has not since the stock market crash of March 2020 – 180 billion dollars in market value were destroyed. The mood remains cracked, said analyst Timo Emden from Emden Research.

The introduction of Bitcoin as a means of payment in the Central American country turned out to be an “own goal” for the industry and thus a “nightmare for investors” on the first day. In addition to the financial instability of the cyber currency, its introduction could fuel illegal transactions. Investors feared that the supervisory authorities would tighten their “regulatory belt” and that Bitcoin and Co would take their breath away, Emden explained. The offices around the globe had become aware of yesterday.

The historic day in El Salvador was accompanied by protests and technical disruptions on crypto trading platforms. Another cause for concern was that in the midst of the slump, President Bukele announced that the government had bought another 150 Bitcoin worth around seven million dollars. Some analysts also saw profit-taking as one of the reasons for the price slump. Since rumors about El Salvador’s decision emerged, many investors had bought up Bitcoin and then sold it again after the actual implementation.

This message was broadcast on 09.09.2021 on Deutschlandfunk.

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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