Bitcoin and Major Cryptocurrencies Drop Up to 4% After El Salvador Research Announces

However, bad news has stopped this upward prospect. In the last few hours, the entity that oversees public management in El Salvador has agreed to carry out an audit of alleged irregularities in the purchase of Bitcoin and the construction of kiosks for the digital wallet ATMs of the government of President Nayib Bukele. Any trace of possible corruption around Bitcoin could affect the price.

The Court of Auditors can impose administrative sanctions against civil servants and is empowered to present formal notices to the office of the Attorney General to initiate criminal proceedings in the event of irregularities in their investigations. In early September, Cristosal, a human rights organization in Central America, filed a petition with the Court of Auditors audit the authorization processes for the purchase of digital currency and review the construction of the booths where the Chivo government’s digital wallet ATMs have been installed.

In addition, he asked to investigate the permits granted by the municipalities where some fifty service centers for network users have been built. However, President Bukele’s government did not immediately respond to a request for comment from Reuters.

“After having upheld the complaint, proceed with the preparation of the legal analysis report and, within the allotted time, send this report to the General Audit Coordination, so that it can order (to) proceed to the ‘corresponding audit examination’, specified the Court of Justice. Accounts last Thursday.

Officials allegedly acted illegally in authorizing purchases before a $ 150 million trust went into effect to develop the digital project, approved by Congress on August 31, according to the indictment.

Price analysis of Bitcoin indicates that bearish price action momentum will continue today as BTC started pulling out overnight. BTC / USD was trading in a range of $ 47,678.15 to $ 48,685.87. The trading volume has decreased by 6.67% and stands at $ 27 billion, while the total market cap is around $ 900.9 billion, resulting in a market dominance of 42, 2%. Apparently, the bulls weren’t ready to go up yet, causing a slow pullback to the downside over the past 24 hours.

Right now, Bitcoin is expected to move to a lower level within the next 24 hours.