Cryptocurrencies crumble as Bitcoin becomes legal tender in El Salvador

Bitcoin sign and falling arrow. The crisis and the decline in the price of cryptocurrency.
designer491/iStock via Getty Images

  • Bitcoin-related stocks slide, following a 9.0% drop in the world's biggest cryptocurrency by market cap, bringing bitcoin to ~$46.9K.
  • The most obvious drop comes from bitcoin miners: Bit Digital (BTBT -10.7%), Bitfarms (BITF -8.0%), Riot Blockchain (RIOT -8.7%), Marathon Digital (MARA -8.6%), Hut 8 Mining (HUT -7.2%). Others caught in the downdraft include Coinbase (COIN -3.8%), MicroStrategy (MSTR -7.0%), Grayscale Bitcoin Trust (OTC:GBTC -8.1%), and Osprey Bitcoin Trust (OTCPK:OBTC -9.8%).
  • Other major cryptos also swoon — ethereum (ETH-USD) declines 14%, Cardano (ADA-USD) falls 16%, XRP (XRP-USD) -19%, Binance Coin (BNB-USD) -19%.
  • The crypto decline comes as the subreddit community attempts to coordinate the purchase of bitcoin to show support for El Salvador's adoption of bitcoin as legal tender becomes effective today.
  • El Salvador President Nayib Bukele buys the dip. "150 new coins added," he says via tweet.
  • Last month, Bitcoin futures ETFs are getting crowded as AdvisorShares joins with an SEC filing

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