Bitcoin tumbles nearly 10% as El Salvador adopts it as legal tender
The price of bitcoin fell Tuesday after breaking through $52,000 late Monday, reaching its highest level since May.
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The price action comes on the day El Salvador is set to adopt the largest cryptocurrency by market cap as legal tender, becoming the first country to do so. Bitcoin dropped as much as 16% on Tuesday morning. It was last down about 9.5% and trading at $46,892.04, according to Coin Metrics. Ether fell 12% to $3,441.21.
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Early Tuesday El Salvador temporarily disabled Chivo, its government-run bitcoin wallet, to increase the capacity of the servers, which were hindering new users from installing it, President Nayib Bukele announced in a tweet at about 7:00 a.m. EST.
Reference: CNBC
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