BREAKING NEWS: Bitcoin Price Plummets by 11%

Breaking: Spain's Supreme Court gives green light to 'Covid Passport' in the Basque Country.

Bitcoin price plummets by 11%, losing $6,000 off its value.

Bitcoin was trading at $45,840.6 by 11:07 (15:07 GMT) on the Investing.com Index on Tuesday, down 11.19% on the day.

The move downward pushed Bitcoin’s market cap to $919.1 billion, or 42.58% of the total cryptocurrency market cap. At its highest, Bitcoin’s market cap was $1,184.9 billion.

Bitcoin had traded in a range of $45,840.6 to $52,885.3 in the previous 24 hours.

Over the past seven days, Bitcoin has seen a rise in value, as it gained 3.38%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $48.7 billion or 29.28% of the total volume of all cryptocurrencies. It has traded in a range of $45,840.6055 to $52,885.3477 in the past 7 days.

At its current price, Bitcoin is still down 29.23% from its all-time high of $64,778.04 set on April 14. Ethereum was last at $3,440.22 on the Investing.com Index, down 12.38% on the day. Cardano was trading at $2.2431 on the Investing.com Index, a loss of 21.52%.

Ethereum’s market cap was last at $413.9 billion or 19.18% of the total cryptocurrency market cap, while Cardano’s market cap totalled $78.4 billion or 3.63% of the total cryptocurrency market value.

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September 7th should have had a big day in El Salvador. Today’s accomplishment will still be remembered, bitcoin price drop notwithstanding. The government announced plans to make the digital currency legal tender alongside the US dollar starting on September 7th. El Salvador went ahead with the project, making history in the process.

The country is the world’s first to make bitcoin legal tender. Many saw El Salvador as the kind of news that would further prop up the bitcoin price. The world’s most popular cryptocurrency has been on a prolonged rally since July 20th, when it traded at just under $30,000.

However, what happened today was another bitcoin and crypto bloodbath, the kind we’ve witnessed before. This time around, it is not clear what caused the incredible $10,000 drop in price.

 


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Written by

Ron Howells

Ron actually started his working career as an Ophthalmic Technician- things changed when, during a band rehearsal, his amplifier blew up and he couldn’t get it fixed so he took a course at Birmingham University and ended up doing a degree course. He built up a chain of electronics stores and sold them as a franchise over 35 years ago. After five years touring the world Ron decided to move to Spain with his wife and son, a place they had visited over the years, and only bought the villa they live in because it has a guitar-shaped swimming pool!. Playing the guitar since the age of 7, he can often be seen, (and heard!) at beach bars and clubs along the length of the coast. He has always been interested in the news and constantly thrives to present his articles in an interesting and engaging way.

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