The crypto market suffered a loss of $ 240,000 million on the day of Bitcoin’s debut in El Salvador

It is that this Tuesday all the prices of the main crypto-currencies fell, except some like Solana which climbed by 2.3%.

Bitcoin, meanwhile, fell 16% but recovered slightly and is currently trading 11.3% lower than Monday. Ethereum is down 14.3% and Dogecoin is down over 18.3%.

The strong sell-off took place on the same day that Bitcoin was launched as legal tender in the country in El Salvador.

The launch had some hiccups as the country’s official e-wallet app was not available on Tuesday morning at major app stores like Apple and Google.

That is why El Salvador has temporarily deactivated the application, called Chivo, to increase the capacity of its servers to meet demand.

Earlier on Tuesday, that country’s government bought 400 BTC, at the time worth around $ 21 million. After the price fell, its president announced that the country had bought another 150 Bitcoins.

Economists and organizations such as the World Bank, the IMF and the Inter-American Development Bank (IDB) are skeptical of adopting Bitcoin as legal tender due to its high volatility.

“It’s a huge gamble for the country’s payment system because trading in the currency when the future price is so uncertain is risky.”Susannah Streeter, a market and investment analyst at London financial services firm Hargreaves Lansdown, said Tuesday.

“There is concern that by becoming a Bitcoin haven, the country which has already faced serious corruption problems will attract the wrong kind of investment from criminal groups seeking anonymity,” he said. added.