Bitcoin prices are struggling to go up after the collapse of the eve of the cryptocurrency’s difficult debut as legal currency in El Salvador with the emergence of technical problems which were then solved. Bitcoin prices are currently fluctuating in the area of $ 45,800 after hitting a daily high of $ 47,310.
“After crossing the $ 50,000 mark twice in the space of two weeks, bitcoin has undergone a significant (though not yet worrying) sell-off, with ripple effects for other major cryptoassets such as ethereum and cardano,” he says. Simon Peters, eToro cryptoasset analyst. Rather than indicating a severe decline in bitcoin fundamentals, Peters said yesterday’s drop from 52,000 to less than $ 46,000 is linked to the news of El Salvador, which has become the first country to accept cryptoassets as legal tender. Individual investors should have welcomed the move with great enthusiasm, buying bitcoin as a sign of solidarity, and then putting upward pressure on the price. However, the expert adds, the sales drivers appear to be the bitcoin “whales”, who would have read the move in advance and seized the opportunity to take profit. “While the technical hurdles in El Salvador’s adoption may also have worried investors, the price is already showing signs of recovery and may rebound sooner than expected. The next few hours should confirm the extent of the damage – and if so. it’s just a little blip. “