Bitcoin price plunges below $43K in minutes in crypto market rout

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Cointelegraph 07 September, 2021 - 10:11am 25 views

When did El Salvador adopt Bitcoin?

The 3,600 residents of El Zonte, El Salvador, began to embrace bitcoin in 2018 with the support of U.S. donors through the development of Bitcoin Beach, a local e-wallet. The Wall Street JournalEl Salvador Becomes First Country to Adopt Bitcoin as National Currency

An $8,000 daily loss leaves the market shaking its head on one of the most volatile days in Bitcoin since the China miner rout.

Data from Cointelegraph Markets Pro and TradingView captured the volatility as Bitcoin suddenly lost the psychological $50,000 level.

The move came just hours after analysts jointly agreed that BTC/USD must hold $50,000 in order to preserve bullish momentum.

One of them, Cointelegraph's Michaël van de Poppe, highlighted $49,500 as the point of no return should it fail to stick as support. After that, he said, $44,000 could be next.

He subsequently noted that Bitcoin had closed the weekend's CME futures gap.

At the time of writing, with prices still unstable, Bitcoin traded at around $46,700 — well below the desired minimum, having hit a floor of $47,200.

Trader and analyst Scott Melker, known as "The Wolf of All Streets," blamed large-volume traders.

"Leave it to whales to dump Bitcoin on the day that El Salvador makes it legal tender," he said.

As Cointelegraph reported, the largest cryptocurrency hit $52,960 — an almost four-month high — on Sept. 7, the day El Salvador adopted Bitcoin as its currency alongside the U.S. dollar.

Read full article at Cointelegraph

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