Bitcoin Nosedives After Becoming Legal Tender in El Salvador
The crash brought down the global crypto market to $2.03 trillion and affected other cryptocurrencies including Ethereum, Cardano, and Dogecoin
Along with other cryptocurrencies, Bitcoin has seen a sharp sell-off this week with a nosedive in price up to 10% to reach $44,000.
The crash came following the adaptation of Bitcoin as legal tender in El Salvador.
Using #bitcoin in El Salvador is no longer a novelty, it’s convenient. pic.twitter.com/WgS1GN7kNX
— Peter McCormack (@PeterMcCormack) September 10, 2021
Not only this, the Bitcoin crash brought down the global crypto market to $2.03 trillion and affected other cryptocurrencies including Ethereum, Cardano, and Dogecoin.
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On the other hand, few cryptocurrencies like Solana (SOL), Fantom (FTM) and Near remained uninfluenced.
As reported by Forbes, two high-profile central bankers have warned that bitcoin and other cryptocurrencies are at risk of collapse.
Most of the experts opined that one of the main drawbacks of these currencies is the uncertainty associated with them.
On the other hand, a few analysts are of the view that the investors are aware of the vitality and the stability remains in hopes with market maturation.
