The Central American country of El Salvador on Tuesday accepted bitcoin as legal tender, but the world’s most popular, oldest and largest cryptocurrency did not go down well with it. On Wednesday, its price fell by up to 10 thousand dollars. The price of bitcoin fell more than 17 percent to $42,000.
Its launch was affected due to technical glitches in El Salvador. President Nayib Bukele said that the digital wallet being used for the transaction is not working. Along with bitcoin, the price of other cryptocurrencies has also fallen drastically. According to CoinGecko, this fall has reduced the market value of the cryptocurrency by $300 billion in the last 24 hours.
However, there has been some correction in the price of bitcoin as the day progressed. According to crypto exchange WazirX, at 2.15 pm, bitcoin was trading at $ 45700 i.e. Rs 3604359 with a fall of 11.31 percent. The price of Ethereum, the world’s second largest cryptocurrency, was trading down 11.97 percent at $ 3323 i.e. Rs 262617. Similarly, the price of Dogecoin fell by 15 percent, the price of Solana by 12 percent, the price of Cardano by 12 percent and the price of XRP by 19 percent. On the other hand, the price of XEC has increased by 4 per cent and that of FET by more than 15 per cent. Experts say that as long as the price of bitcoin is above $43,000, it will remain bullish.