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Bitcoin affected after disastrous debut as legal tender in El Salvador

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On Tuesday, the digital currency dropped as much as 18.6 percent, wiping out more than $180 billion from the market.

Bitcoin trying to get back up on Wednesday, a day after its biggest losses in 2-1/2 months as El Salvador’s historic adoption of the crypto asset as legal tender which led to a huge disruption online and on the street.

The coin last traded at $46,560 with witnessing wild trade the day before it reached a near four-month high of $52,956 before hitting 11.1% its biggest downfall ever since June 2. There have been analysts who believe the sharp retreat was mostly due to investors who believed the rumour of El Salvador’s move now selling the fact. “I think there was some anticipation building ahead of that event (El Salvador), similar to what we saw ahead of Coinbase listing on Nasdaq,” said Henrik Andersson, chief investment officer at Apollo Capital, a crypto asset fund in Melbourne, Australia. 

During Tuesday, the digital currency fell as much as 18.6% vanishing out more than $180 billion from the market. It was an important day for bitcoin as El Salvador’s experiment of making it legal tender got off to a rocky beginning. Salvadoran president Nayib Bukele said his government bought bitcoins on Tuesday worth $7 million. “That has underscored the difficulty in trying to protect the value of bitcoin as its own currency,” said Nana Ostuki, chief economist at Monex Securities. “The buying didn’t seem to be effective in halting its fall.”  Even between the trading frenzy, major US cryptocurrency exchanges Coinbase Global Inc, Kraken and Gemini were worried about delay in transactions. All of them said their systems have been restored. 

US securities regulator has warned to sue Coinbase Global if the crypto exchange proceeds with plans to launch a programme letting users to earn interests by lending crypto assets. 

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