Cryptocurrency Prices Drop, Bitcoin Falls More Than 17%

Share post:

Bitcoin fell more than 17% to $43,000 after a bumpy start to the introduction of bitcoin as legal tender in El Salvador.

El Salvador’s introduction of bitcoin has been marked by a number of problems, including the government’s decision to unplug its crypto wallet, Chivo, after the app failed to cope with user registrations.

Paired with several other problems, this led to a fall in the value of cryptocurrencies as trading was delayed on Tuesday.

While bitcoin initially hit a session high of $52,948 before slipping to $43,000, it narrowed some losses and traded 9.20% lower at $47,140. Ether, the coin linked to ethereum’s blockchain network, also fell 11.99%.

The drop in cryptocurrency prices also affected blockchain-related companies where known firms have posted losses.

Coinbase shares slipped 4.02%, cryptocurrency miner Riot Blockchain fell 7.38%, Marathon Digital Holdings slipped 7.76% and shares of BTC buyer and business intelligence software company MicroStrategy fell 7.64%.

For more information, read the original story in Reuters.

Featured Tech Jobs

SUBSCRIBE NOW

Related articles

Seattle software engineer ignites viral debate on employee loyalty with LinkedIn post

A Seattle-based software engineer, Alex Nguyen, recently ignited a significant debate on LinkedIn with a post that celebrated...

AT&T has nationwide service outage

AT&T's nationwide service outage, which disrupted the ability for many customers across the United States to place calls,...

Intel splits into two hoping to become world’s second-largest chip manufacturer

Intel's CEO Pat Gelsinger announced a major reorganization, splitting the company into two independent entities under the Intel...

US supports Japans ambitions to return to leadership in chip manufacturing

Japan has embarked on a monumental $67 billion initiative to reclaim its stature as a global semiconductor titan,...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways