Bitcoin collapses - price drops $6,000 in an hour

By: Maksim Panasovskyi | 08.09.2021, 09:23
Bitcoin collapses - price drops $6,000 in an hour

The world's main cryptocurrency successfully locked in at $50,000 a few days ago. Several times its rate approached $53 000. But on September 7, an hour was enough for the value to fall by $6,000 at once.

El Salvador is the first country in the world, which accepted BTC as legal currency. The state legalized payments in the cryptocurrency, but quickly ran into the first problem. It consists in the difficulties of implementing the idea.

In order to make Bitcoin available to all users, the authorities launched Chivo software, which is a national digital wallet to store the cryptocurrency. But it didn't last long - the president of El Salvador has already announced the suspension of the application.

It is the problematic launch of Bitcoin in El Salvador called the main reason for the fall in the value of the cryptocurrency. On September 7 at 17:09 Kiev time, the price of BTC coin was about $50,600. An hour later, the rate dropped to $44,600. The cryptocurrency has not been so cheap since the middle of last month.

Source: CoinMarketCap