Bitcoin Price Dive-Bombs on the Same Day El Salvador Adopts the Crypto Asset

After touching a high of $52,956 on Monday evening, the very next day the price of bitcoin slid to a low of $42,900 at around 11 a.m. (EST). Bitcoin is currently trading for prices between $46K-$47K per unit and down 8% during the last 24 hours.

Bitcoin Price Slides Significantly After Nearing $53K

Crypto advocates watched bitcoin tumble in a very short period of time down to $42,900 per BTC on September 7, 2021. The drop was on the same day El Salvador adopted bitcoin (BTC) as legal tender in the country.

Hovering between the $46K to $47K handle, BTC’s overall market capitalization is $890 billion at the time of writing. There’s $60 billion in global trade volume across a myriad of cryptocurrency trading platforms worldwide.

BTC is down more than 8% at the time of writing, and many other digital currency markets also saw significant drops in fiat value on Tuesday. The entire market economy of 10,000+ crypto assets slid over 9% collectively to a low of $2.21 trillion.

Ethereum (ETH) slid 9.3% and cardano (ADA) dropped by 10.3% on Tuesday morning. Neo (NEO), zcash (ZEC), and eos (EOS) were the biggest losers during the dip seeing double digit losses. Horizen (ZEN), qtum (QTUM), filecoin (FIL) lost double digits during the slide as well.

Coins that were barely affected by the drop in value included crypto assets like fantom (FTM), near (NEAR), and solana (SOL). All three of these crypto-assets saw double-digit 24-hour returns despite the swift drop across crypto markets.

At the time of writing, there’s $242 billion in 24-hour volume across the whole crypto economy and tether (USDT) captures $122 billion of that volume at press time. Across the board, stablecoins of all flavors saw a lot more volume on Tuesday than prior days.

For now, BTC remains consolidated in the $46K-$47K region and crypto supporters are uncertain as to what will take place next.

Of course, as bitcoin prices plummeted, the economist and gold bug Peter Schiff had to throw in his two cents about El Salvador adopting bitcoin.

“Welcome to Bitcoin El Salvador,” Schiff said. “Your national ‘currency’ just lost over 15% of its purchasing power in under an hour. Get used to it. Just another perfectly orchestrated pump-and-dump by the Bitcoin whales. Too bad this time they had to sacrifice an entire nation to pull it off,” he added.