Bitcoin crashed below $ 50 thousand – cryptocurrency lost almost 10% of the price per day

The cost of bitcoin plummeted, having lost more than $ 5 thousand (about 10% of the rate at the beginning of the day). At the time of this writing, the price of the cryptocurrency was $ 47.4 thousand. This is evidenced by data from Google Finance.

Source: Google Finance

Source: Google Finance

At the moment, the price of the cryptocurrency dropped completely to the level of $ 43.1 thousand. The reason for today’s rate jumps is still unclear. We only note that they happened against the background of the beginning of the operation of the cryptocurrency as an official means of payment in El Salvador.

Recall that in June the Parliament of El Salvador adopted a law recognizing bitcoin as a legal tender in the country along with the former “local” currency – the US dollar. The document stated the requirement to create the necessary infrastructure within 90 days so that cryptocurrency could be used to pay for any goods. On September 7, the law came into force.

Leah Wald, CEO of Valkyrie Investments statedthat the market reacted logically to El Salvador’s announcement. According to her, the market took into account the upcoming changes earlier. “The announcement did not have much of an impact on the course [..] because the population of El Salvador is smaller than that of New York. In addition, there were no details in the statement, so it was unclear how this would be implemented.“- said Wald.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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