Bitcoin Price Drops With El Salvador Legal Tender Law

The below is from the latest monthly report by the Deep Dive, Bitcoin Magazine‘s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

On quite the momentous occasion, a day when the first country officially adopted bitcoin as legal tender, the price plunged $10,000 from the recent prior highs, at one point down nearly 20% intraday.

So, what happened? Cascading liquidations.

During a day when bitcoiners around the world agreed to buy $30 worth of bitcoin in solidarity with El Salvador, it ultimately proved to not matter in terms of price action while going up against a nasty derivative market unwind.



This story is not been edited by the Supperrb.com Staff and is auto-generated from this syndicated feed

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Hot Topics

Related Articles