Bitcoin fell sharply on Tuesday afternoon. The president of El Salvador has been tempted to buy bitcoin for at least 60 million kroner.
In one hour, the value of bitcoin fell by more than ten percent. Below at 17.09 the value fell to $44,600, According to Coinmarketcap.
This is the lowest price for bitcoin since the middle of last month, and is almost a third lower than the peak of $64,870 reached in April.
In the past 24 hours, the price has fallen by 16 percent, while trading volume has increased sharply. According to Bloomberg, there have been more than twice as many trades in the past 24 hours than the average in the last 20 days.
On Tuesday morning, the price of Bitcoin soared to $52,000, the cryptocurrency’s highest level in several months. After the fall of Tuesday afternoon, bitcoin is still up 58 percent since the new year.
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El Salvador’s president buys from the bottom
Earlier today, El Salvador, as the first country in the world, made Bitcoin payments legal. Then the state bought 400 bitcoins for $21 million.
After the sharp drop on Tuesday afternoon, the country will now buy more, According to President Nep Buccoli on Twitter.
– We buy below. 150 new bitcoins added, Bukele writes on Twitterwink.
150 bitcoins at a cost, at the cheapest point in the afternoon, roughly 60 million kroner.
Not all Salvadorans are as enthusiastic as the president. 65 percent in a survey said they would continue to use the US dollar, which has been the country’s currency for the past 20 years.
Economists and international institutions such as the World Bank and the International Monetary Fund have expressed concern, with experts noting that the cryptocurrency is extremely volatile and that users are not protected.
The President of El Salvador thanks the International Monetary Fund for today’s fall, In a Twitter message.
Kim Kardashian received crypto criticism
Earlier on Tuesday, it was also announced that Kim Kardashian had received criticism from Finanstilsynet in the UK. The head of the audit department warned clients not to get scammed in a “cryptocurrency bubble during a fast-money disappointment.”
Kardashian’s criticism came after she posted a “Story” on Instagram earlier this year, announcing etherium max to her 250 million followers.
When she was recently paid to ask her 250 million Instagram followers to speculate in digital currency by “joining the Etherium Max community,” it was perhaps the financial promotion with the largest audience in history, the UK Financial Services Authority chief Charles wrote. Randall, in a speech on Monday Bloomberg.
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