We have already reported that yesterday the bitcoin rate fell sharply, although before that, for several weeks in a row, the main cryptocurrency of the world was growing steadily. Now there is a possible explanation for what is happening.
If in the morning the rate recovered from $ 46,000 to $ 47,000, now it is trading around $ 45,000. Over the past day, the drop was 13.5%, and over the week, the cryptocurrency fell by 4.4%. The market capitalization of the cryptocurrency, which yesterday was approaching the $ 1 trillion mark, dropped to $ 850 billion.
According to the Independent, the fall is linked to the troubled introduction of bitcoin as El Salvador’s official currency. Yesterday El Salvador became the first country in the world to use Bitcoin at the state level. The corresponding law was adopted earlier, in July.
However, shortly after the announcement of the legalization of bitcoin, President of Salvador Nayyib Bukele tweeted about problems with the country’s official bitcoin wallet Chivo. It had to be temporarily disabled due to bandwidth issues. It is likely that the exchange rate will stabilize in the near future, when the problems in El Salvador are resolved.
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