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The cryptocurrency sale widened on Tuesday, while Bitcoin lost almost 4%, while its smaller rival, Ether, lost more than 6%.
Bitcoin, the world’s largest and most popular cryptocurrency, fell 4% to $ 50,516, after hitting its highest level since mid-May above $ 52,000 earlier, in the Asian trade. Ether fell more than 6% to $ 3,666.
El Salvador’s President Najib Boukela said on Monday that his country now had 400 units of Bitcoin, a day before it was officially approved as legal tender alongside the US dollar.
Refinitiv Eikon data showed Bitcoin temporarily jumped over 1.49% to over $ 52,680 on Monday night, as Reuters analysts expected the cryptocurrency to head towards the region of $ 56,000 to $ 56,300.
Earlier Monday, Palestinian-born President Boukela revealed that El Salvador had bought its first 200 bitcoins, saying on Twitter that “our brokers will buy a lot as the deadline approaches.”
Then he tweeted: “Now we have 400 bitcoins.”
El Salvador is set to legalize bitcoin today, September 7, a move that its agent says will save millions of dollars in commissions on money Salvadorans send home.
But polls show Salvadorans are skeptical about the use of bitcoin, and wary of the volatility of the cryptocurrency, which critics say could increase regulatory and financial risks.
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