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Tuesday, October 19, 2021

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Bitcoin corrects its rally and plummets to $ 43,000, despite the boost from El Salvador

The bitcoin has dropped this Tuesday to almost $ 43,000, according to data from CoinMarketCap, despite the news that the law that makes the most operated of cryptocurrencies into legal tender in El Salvador It entered into force this morning, making the Central American country the first in the world to adopt a similar measure. The queen of ‘cryptos’ corrected eagerly, after stretching her rally in recent days to price levels above $ 52,800.

As for the rest of the market, it has also ended up succumbing to sales, despite the hikes for tokens like the solana, which continues its meteoric rise, on the way to $ 200 – yet it has fallen to $ 170 – and accelerating declines for ethereum, which falls to $ 3,000, after briefly touching $ 4,000 on some platforms this Monday, or cardano. The total capitalization touches the 2.1 trillion dollars despite the entry of new funds due to a campaign to support bitcoin and El Salvador on the Internet, especially on Reddit and Twitter.

Users of these platforms encourage you to buy small amounts of the ‘crypto’ to support the plans of the country chaired by Nayib Armando Bukele. The symbolic gesture consists of buying 30 dollars of bitcoin en masse on September 7 to commemorate the law of the Central American country. “I wanted to say this as more of a gesture of support, rather than a bomb. It is the first time that a nation has adopted bitcoin. This is an important moment,” said a user on Reddit with great reception from the community. .

In June, the country’s Parliament approved the legalization of the cryptocurrency. Specifically, the approved law stated that the use of virtual currency will be “unrestricted, with liberatory and unlimited power in any transaction and to any title that public or private natural or legal persons want to carry out.”

The implementation of this law, however, has been received coldly by international organizations and entities. The International Monetary Fund (IMF) and the Bank for International Settlements (BIS) have warned the country of the risks of adopting ‘crypto’ as legal tender. The credit rating agency Fitch pointed out that the adoption of bitcoin as a currency in the country can increase regulatory risks for financial institutions.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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