Bitcoin Price Drops by 9% After Rising to $52,900 Following El Salvador's Adoption

© Sputnik / Aleksey Sukhorukov / Go to the mediabankBitcoin
Bitcoin - Sputnik International, 1920, 07.09.2021
MOSCOW (Sputnik) - 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 the 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.
The drop occurs 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.
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