Bitcoin price drops over 10% after El Salvador adopts it as legal tender

From Cointelegraph

July 11, 2024 4:37:44 pm:

Bitcoin has seen a major price drop of over 10% in the last 24 hours, currently trading around $47,000. This comes after El Salvador adopted BTC as legal tender, causing mixed reactions in the market.

El Salvador’s President, Nayib Bukele, announced the purchase of 200 Bitcoin worth $10.4 million. This came after the country officially recognized Bitcoin as legal tender, making it the first in the world to do so.

As Bitcoin prices plummeted, Bukele tweeted that he had bought the dip, purchasing an additional 150 coins. This move has sparked debates on the impact of El Salvador’s adoption of Bitcoin on the cryptocurrency market.

Despite the price drop, Bitcoin’s overall market capitalization remains high at over $880 billion. Some analysts predict a potential rebound in the near future as the cryptocurrency market continues to evolve and adapt to new developments.

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