Bitcoin became legal tender in El Salvador yesterday. Many celebrated it as “Bitcoin Day”. While there has been a lot of positive feedback from the Bitcoin community, there have also been some naysayers in the crowd.
A JP Morgan report found the decision to be economically unprofitable, while Steve Hanke described it as “stupid”. President Bukele, on the other hand, was not concerned. In reality, he stated that every El Salvador citizen would receive $ 30 worth of BTC.
As predicted, Bitcoin Day turned out to be the deadliest day since May 19th. In less than 24 hours after El Salvador became the first government in the world to officially recognize Bitcoin as legal tender, the cryptocurrency lost over $ 10,000 in value and $ 330 billion in market capitalization.
At the time of publication, the price of BTC is $ 46,157.15, down 9.42 percent. The market cap of the coin has plummeted since yesterday, at the time of writing it was $ 866,989,696,036 with a 24-hour trading volume of $ 66,472,521,144.
From yesterday’s highs of around $ 53,000, BTC has fallen dramatically. The markets turned red in a handful of fierce hourly candles, and BTC itself lost nearly $ 7,000 in less than two hours, making the Bitcoin Day celebrations short-lived.
This increased total daily losses to more than $ 10,000, making it the most expensive day since May 19. With the exception of Solana, which has fallen in the past 24 hours but has still risen significantly in the last week, every cryptocurrency in the top 10 is currently in the red on the daily and weekly charts.
THETA is the coin that has fallen the most of the top 100, losing almost 31% every day. QTUM and Filecoin come in second and third place. Although there are many tokens with red signals, some cryptocurrencies like ALGO and NEAR are gaining traction in the market.
ALGO is up 28% and currently stands at $ 1.71 with a market cap of $ 6,110,240,828. On the flip side, NEAR is priced at $ 8.56 at the time of writing, up 30%.
Everything is to be expected in the future, so it is important to be prepared for more volatility and price changes