Bitcoin Crashes After El Salvador Makes it Official Currency
As the world watched El Salvador accept Bitcoin as official currency, the markets sent the value of the coin tumbling.
As El Salvador warmly welcomed Bitcoin as legal tender in the country, Bitcoin markets showed their worst side and tumbled in value. The value of the Bitcoin against the US dollar fell as much as 20 percent in the day's trading, before recovering back a little.
As El Salvador became the first country to accept Bitcoin, expectations were high and Bitcoin value was expected to rise. Apart from the country pushing the demand for the popular crypto coin, social media campaigns were aimed at purchasing Bitcoin in support of the country's decision.
However, the simultaneous buying of coins seems to have affected crypto exchanges with many reporting "errors" and "delays", Reuters reported. Even El Salvador's grand attempt faced teething issues, with President Bukele himself prompting app stores to release the apps to the public.