Investors in cryptocurrencies were able to feel first-hand the volatility to which their price is often subject.
After the slump a few months ago due to the problems of its regulation in China or the rejection of Elon Musk, and despite the fact that the price of the main digital tokens was partially recovered, the truth is that the last crash in their price has brought consequences.
The concern about the post-covid financial recovery, which according to the latest macro data seems to be slowing down, and the collection of capital by the large holders of the tokens caused bitcoin and other cryptocurrencies to fall significantly on September 7.
Thus, and as indicated by Simon Peters, market analyst at eToro, the prices of Bitcoin and Ethereum have weakened after last week’s crash.
“Bitcoin experienced the biggest drop in value after Tuesday’s crash. After trading close to $ 53,000, the crypto asset plummeted to $ 43,000 in 12 hours. The price of Bitcoin has been trading in this range since then and this morning is around 44,700 dollars, “explains the expert and adds:” Ether, for its part, has suffered a similar sale, undoing the total gains of the crypto asset in September. Ethereum started a run around September 1, in which it rallied from trading levels of around $ 3,200 to just below $ 4,000. However, it is now trading at around $ 3,300 again. “
But Peters also points out that this fall in Bitcoin has tarnished the launch of El Salvador, which just a few days ago became legal tender in the country.
“On the day that Bitcoin became legal tender in the Central American nation of El Salvador, the price of Bitcoin plummeted more than $ 7,000 in seconds. That day there was a peak in settlements when the token was adopted as the country’s official currency, with which Salvadorans can now carry out transactions of everyday items in the cryptoactive. The largest settlement collected about $ 43 million, according to Cryptopotato. In 24 hours, some 3,500 million dollars were settled in Bitcoin ”, explains the expert and points out:“ Apparently, the adoption in the country has not been a bed of roses, since Salvadorans queue at ATMs to withdraw dollars Americans, according to the Financial Times ”.