Latest Articles

    Featured Articles

    Filter By Topic
    Baxia Markets
    September 07, 2021

    Bitcoin Tumbles More Than 15% Overnight, Recovery In Progress

    fundamental analysis top header -01


    The price action comes on the day El Salvador is set to adopt the largest cryptocurrency by market cap as legal tender, becoming the first country to do so. Bitcoin dropped as much as 16% on Tuesday morning. It was last down by about 8.5% and trading at $47,400.00, according to Coin Metrics. Early Tuesday El Salvador temporarily disabled Chivo, its government-run bitcoin wallet, to increase the capacity of the servers, which were hindering new users from installing it, President Nayib Bukele announced in a tweet at about 7:00 a.m. EST.




    Bitcoin pared its mid-day losses to 11% at the time of publication, with the cryptocurrency hovering just above its 50-day moving average of about $46,000. In the run-up to today's official adoption of bitcoin, El Salvador purchased 400 bitcoins, and indicated that it plans to purchase "a lot more." Those purchases were worth about $20 million. Tuesday's sell-off in bitcoin and ether spilled over into other altcoins popular among crypto investors, with Cardano, dogecoin, and litecoin all plunging more than 14%.


    We love to hear new ideas from traders and want to know what you think! 


    If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.


    Submit Your Feedback  


    Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 


    Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit. 

    Subscribe by Email