{Disarmed} Fall of more than 10% of bitcoin: its adoption as a currency in El Salvador does not suit the crypto market (for now)

Fall of more than 10% of bitcoin: its adoption as a currency in El Salvador does not suit the crypto market (for now)

Yesterday El Salvador officially adopted bitcoin as legal currency . It thus became the first country in the world to do something like this after the approval of the project last June, but the entry into force of bitcoin as legal currency has not done well for the cryptocurrency market at the moment .

In fact, after reaching highs of $ 52,000 these days, in the last hours the value of bitcoin has plummeted and is currently trading at about $ 45,700 . The drop is more than 10% right now, but it reached 16% and most cryptocurrencies have been contagious again and have also suffered very significant drops.

Bitcoin plummets after its rallies in recent weeks

Analysts assure that the impact was expected: while in June the approval was more a declaration of intent that did not have much impact on the march of the value of the cryptocurrency market, the effective implementation of the proposal has caused important effects. .

The acquisition of 400 bitcoins by the Government of El Salvador has contributed to this. The frenzied activity that followed the adoption of bitcoin as a logal currency caused Chivo, the official bitcoin wallet created in this country, to temporarily stop working in order to increase the capacity of its servers.

Bitcoin does not convince El Salvador: protests erupt among citizens before the entry into force of the cryptocurrency In xiaomist.com Bitcoin does not convince El Salvador: protests erupt among citizens before the entry into force of the cryptocurrency

The president of El Salvador himself, Nayib Bukele, announced on Twitter that temporary disconnection in order to meet the demand for the mobile application that allowed to operate with bitcoin in this country.

Cryptocurrency exchanges such as Coinbase also lost value and their clients faced transaction delays and higher fees , and the company itself also had to post updates on Twitter to explain the situation, which returned to normal within hours.

Analysts such as Leah Wald, CEO of Valkyrie Investments, explained that this movement of cryptocurrencies was to be expected, and pointed out that if other countries also follow in El Salvador's footsteps, "we could see the parable move higher, since the inertia that it would be gained from millions of people having instant access to cryptocurrencies would result in higher adoption, more HODLing, and higher prices [of cryptocurrencies]. "

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In Panama, one of its politicians, Gabriel Silva, announced this week the "Crypto Law", with which the objective is to "make Panama a country compatible with the blockchain, crypto assets and the internet." The proposal seems to open the door to the adoption not only of bitcoin, but of other cryptocurrencies as legal tender in the country, but everything is yet to be seen in this case.

Via | CNBC

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The news Fall of more than 10% of bitcoin: its adoption as a currency in El Salvador does not suit the crypto market (for now) was originally published in xiaomist.com by Javier Pastor .

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