Global cryptocurrency market cap drops 12.01% to $2.08 trillion on first day of adoption in El Salvador
El Salvador cryptocurrencies include cryptocurrencies, Bitcoin (Crypto: btc) followed by 100 million cryptocurrencies plummeting, global cryptocurrencies are 2.01%. With… With $20.8 down. … . . .
What happened
Bitcoin was down 10.26% in 24 hours at $47,049.68, up 0.41% after a 7-day tracking period.
Ethereum
It was down 11.42% in 24 hours at $3,454.47. For the week, the second-largest coin by market cap gained 1.35%.
Dogecoin
The Shiba Inu-themed cryptocurrency fell 15.58% in 24 hours to $0.26. The Meme cryptocurrency has been down 5.95% over the past 7 days.
solarium
It has surged 56.12% over the past seven days and is up 0.87% at $170.07 at press time. The cryptocurrency has gained 9,175.19% so far this year.
The NEAR Agreement to Benefit Most from Tuesday’s Meeting
, up 44.47% to $8.68 in 24 hours. NEAR is up 63.45% in a week.
The decentralized application protocol token hit an all-time high of $9.36 on Tuesday. After 24 hours of tracking, NEAR is up 61.9% and 64.88% against BTC and ETH, respectively.
Other cryptocurrencies that have particularly benefited in 24 hours are Quant QNT
and UNUS SED LEO Leo
.
QNT surged 6.15% to $345.36, while LEO rose 5.29% to $3.14 over the same period.
because it matters
“In 3 minutes, we will make history,” El Salvador’s President Nayib Bukele said on Tuesday before adopting the Vertex coin as legal tender.
Later, the president claimed that the country was going to buy the “drop” and bought 150 BTC, accumulating a total of 550 BTC or nearly $25.9 million.
Looks like the discount is over
Thanks to @IMFNEWS for the input. We saved 1 million printed sheets.
El Salvador now owns 550 bitcoins. #BITCOINDAY #BTC
— NAYIB BUKELE (@NAYIBBUKELE) September 7, 2021
On the day BTC became legal tender in El Salvador, it fell 18.10%, from a 24-hour high of $52,853.76 to an intraday low of $43,285.21.
Tuesday’s BTC crash happened within minutes due to increased trading volume. Liquidated long positions were $3.22 billion, up 1,700% from the previous day.
BTC broke above the 0.618 Fibonacci level at $51,000 on Monday, but this key level did not act as support.
According to CoinDesk, U.K.-based financial services firm Hargreaves Lansdown said: “This volatility has made many in El Salvador less optimistic about the adoption of the currency (BTC).”
“When future prices are so uncertain, trading in currencies is risky,” the company explained.
Kevin Kang, founding director of cryptocurrency hedge fund BKCoin Capital, said the rising altcoin prices represented a bubble in the market. He pointed out that Bitcoin Cash BCH
, Litecoin
and EOS
According to CoinDesk, “they typically log movement at the end of the cycle.”
