Bitcoin Price Drops With El Salvador Legal Tender Law

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The below is from the latest monthly report by the Deep Dive, Bitcoin Magazine‘s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

On quite the momentous occasion, a day when the first country officially adopted bitcoin as legal tender, the price plunged $10,000 from the recent prior highs, at one point down nearly 20% intraday.

So, what happened? Cascading liquidations.

During a day when bitcoiners around the world agreed to buy $30 worth of bitcoin in solidarity with El Salvador, it ultimately proved to not matter in terms of price action while going up against a nasty derivative market unwind.




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