The most popular currency Bitcoin and ethereum fell again on Wednesday after plunging during El Salvador’s bumpy bitcoin rollout the day before, with more than $360 billion wiped off the highly leveraged crypto market in just two days.
Bitcoin price fell as much as 5% on Wednesday, according to Bloomberg data, before paring losses. It was 2.1% lower by 5 a.m. ET to trade at $45,821, after a two-day drop of 12%.
Ethereum, the second-biggest cryptocurrency in the market, also fell as much as 5% before rebounding somewhat. It stood 1.4% lower at $3,365 early Wednesday, with its two-day fall coming to 15%, Bloomberg data showed.
El Salvador became the first nation to accept bitcoin as a legal currency. which means the residents of the country can buy food, spend at stores, even they can pay their taxes in bitcoin. It is announced that businesses and banks must now accept bitcoin in addition to the US dollar, the country’s other legal currency.
Salvador president Nayib Bukele announced that Salvadorans will be able to download the “Chivo Wallet,”. which is created by the government for the use or store of bitcoin.
The application delivers $30 worth of bitcoin to people to promote its use. He also added that it leads El Salvador to the learning curve. Every step toward the future is like this, and we will not achieve everything in a day, nor in a month, But we must break the paradigms of the past.”
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