Tuesday should have been a historic day for the crypto community . After all, Bitcoin has since been approved as an official means of payment in El Salvador. Instead of a sustained upward price, there was a sharp correction in all major crypto currencies – except Solana. There is still no reliable information about the reasons for the crypto crash.
Bitcoin rate after intermediate high in free fall
On Tuesday morning, the Bitcoin was in the course of the start as a means of payment in El Salvador still climbed to almost $ 53,000 and was thus worth more than it has been since the all-time high in May. Bitcoin and most of the other cryptocurrencies were already posting decent losses in the single-digit percentage range in the morning. In the afternoon, the Bitcoin course in particular was in free fall. According to Coinmarketcap, it went down to $ 43,285 – Bitcoin lost almost a fifth of its value within a few hours.
“Investors imagined the debut in El Salvador very differently,” summarized analyst Timo Emden from Late Research. According to Emden, reports of technical difficulties downloading the Chivo wallet in El Salvador – the possession of which secures the residents of the country a credit of 30 dollars – could have contributed to the correction. But more general concerns about a possible stronger regulation in the crypto area could also have triggered the price slide. After the rally of the past few weeks, some of it can certainly be explained by profit-taking.
Crypto crash: Solana as solid as a rock
Meanwhile, the second largest crypto currency Ethereum even suffered a minus of over 20 percent. In the meantime, the ether price collapsed to as much as $ 3,062. As late as Tuesday morning, Ether was quoted at just under $ 4,000. Things also went downhill for Cardano / ADA, Ripple / XRP and Polkadot. Solana presented himself as the only solid rock. The Sol token hit a new all-time high of almost $ 195. There was also a severe setback here. Over the course of the day, Solana is trading in double figures.
On Tuesday evening, the situation on the crypto market calmed down a bit. Bitcoin and most altcoins seem to be stabilizing again. Bitcoin, for example, is trading at around $ 47,500, Ethereum at over $ 3,500. On a weekly basis, at least the two top currencies are back in the green. Let’s see whether the positive forecasts of the past few days come true or whether a further course correction is pending.
