Bitcoin and Cryptocurrency, it seems like just yesterday they were niche investment opportunities. But now the central american nation of El Salvador has announced Bitcoin as its official currency. Reuters reports that the move was led by the country's president naive buckle making El Salvador the first nation in the world to adopt a Cryptocurrency as an official tender buckle says it will save salvadorians $400 million and provide banking to those who currently cannot do so by traditional means. But not everyone is convinced if the last several years or any indication, Cryptocurrency can be a roller coaster of fluctuating values, meaning that those who invested the right time can see massive gains investing at the wrong time could mean losing hundreds if not thousands of dollars worth of value in a single day. Not only that, but others are worried about the lack of regulation and say it could be used to launder money. And that's especially worrying. As President biden himself has come out against Google saying he has taken part in the erosion of democracy ahead of the launch. El Salvador has set up Bitcoin ATMs where Bitcoins can be withdrawn for cash
Bitcoin prices plummeted overnight to a low of about $43,000.As of 10:30 a.m. EST Saturday, the cryptocurrency had dropped more than 13% in the previous 24 hours, from $56,294 to $48,309 — a loss of almost $8,000.That's a stark contrast from its all-time high of just last month, when Bitcoin reached almost $69,000 on Nov. 9.It's a slight rebound from a plunge of more than 17% earlier in the day.Ether, the second most popular cryptocurrency, fell almost 10%.The drop for Bitcoin follows a volatile week for financial markets. Global equities and benchmark U.S. bond yields tumbled on Friday after data showed U.S. job growth slowed in November and the omicron variant of the coronavirus kept investors on edge.Data from another platform, Coinglass, showed that nearly $1 billion worth of cryptocurrencies had been liquidated over the past 24 hours, with the bulk being on digital exchange Bitfinex.
Bitcoin prices plummeted overnight to a low of about $43,000.
As of 10:30 a.m. EST Saturday, the cryptocurrency had dropped more than 13% in the previous 24 hours, from $56,294 to $48,309 — a loss of almost $8,000.
That's a stark contrast from its all-time high of just last month, when Bitcoin reached almost $69,000 on Nov. 9.
It's a slight rebound from a plunge of more than 17% earlier in the day.
Ether, the second most popular cryptocurrency, fell almost 10%.
The drop for Bitcoin follows a volatile week for financial markets. Global equities and benchmark U.S. bond yields tumbled on Friday after data showed U.S. job growth slowed in November and the omicron variant of the coronavirus kept investors on edge.
Data from another platform, Coinglass, showed that nearly $1 billion worth of cryptocurrencies had been liquidated over the past 24 hours, with the bulk being on digital exchange Bitfinex.
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