Bitcoin Price Drops By 9% After Rising To $52,900 Following El Salvador's Adoption
Muhammad Irfan Published September 07, 2021 | 11:49 PM
The price of bitcoin went down by 9% on Tuesday evening after reaching $52,900 in the afternoon when El Salvador became the first country to adopt bitcoin as a national currency
MOSCOW (UrduPoint News / Sputnik - 07th September, 2021) The price of bitcoin went down by 9% on Tuesday evening after reaching $52,900 in the afternoon when El Salvador became the first country to adopt bitcoin as a national Currency.
As of 15:27 GMT, bitcoin decreased in price by 9.11% to $47,010 on the Binance exchange, the largest cryptocurrency exchange in terms of trading volume. According to the CoinMarketCap portal, which calculates the average price for more than twenty exchanges, bitcoin fell in price by 9.
05% to $46,900.
This comes after the cryptocurrency reached $52,900 in the afternoon following the announcement of El Salvador's President Nayib Bukele about his country's acquisition of another 200 bitcoins. Later on Tuesday, El Salvador bought another 150 bitcoins.
El Salvador became the first country in the world to officially legalize bitcoin, passing a law that bitcoin can be used as a means of payment alongside the US Dollar. In June, this law was approved by the parliament.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Business
-
Finance minister reviews progress on FBR digitalization
4 hours ago -
US stocks rebound on tech earnings, London hits new record
4 hours ago -
US approves gene therapy treatment for hemophilia
3 hours ago -
KATI president for inclusion of agri sector in tax net
3 hours ago -
Ahsan chairs 13th CPEC-JCC preparatory meeting, reviews arrangements for high-level delegation’s v ..
5 hours ago -
Police to take every step for security of business community: IGP
5 hours ago
-
WB director, Planning minister discuss reforms in development projects
5 hours ago -
IP rights crucial in achieving SDG : Jam Kamal
6 hours ago -
FBR’s data protection efforts commended by OECD assessment team
6 hours ago -
US stocks rebound on tech earnings, London hits new record
7 hours ago -
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
7 hours ago -
SBP to announce monetary policy on April 29
7 hours ago