September 8, 2021
Bitcoin fell more than 17% to $43,000 after a bumpy start to the introduction of bitcoin as legal tender in El Salvador.
El Salvador’s introduction of bitcoin has been marked by a number of problems, including the government’s decision to unplug its crypto wallet, Chivo, after the app failed to cope with user registrations.
Paired with several other problems, this led to a fall in the value of cryptocurrencies as trading was delayed on Tuesday.
While bitcoin initially hit a session high of $52,948 before slipping to $43,000, it narrowed some losses and traded 9.20% lower at $47,140. Ether, the coin linked to ethereum’s blockchain network, also fell 11.99%.
The drop in cryptocurrency prices also affected blockchain-related companies where known firms have posted losses.
Coinbase shares slipped 4.02%, cryptocurrency miner Riot Blockchain fell 7.38%, Marathon Digital Holdings slipped 7.76% and shares of BTC buyer and business intelligence software company MicroStrategy fell 7.64%.
For more information, read the original story in Reuters.
