September 7, 2021 will forever remain in the history of Bitcoin (BTC). The cryptocurrency hit a four-month high above $ 52,900 today, and within hours it lost nearly 15% in an extraordinary collapse that saw it hit lows below $ 43K. As of press time, the price of BTC partially recovered to $ 47,044.
The rise to monthly highs is easy to explain. Today the Bitcoin Law came into force in El Salvador, which transformed the cryptocurrency into a legal tender.
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While everyone is waiting for the project, some leaders of the crypto ecosystem tried to orchestrate a massive wave of small investments that will drive up the price and motivate Salvadorans to use it.
However, the price of BTC failed to make a foothold above $ 52K and quickly retreated towards $ 50K. Once it lost that level, the whales were quick to react and the price dropped by 10% in a matter of minutes.
Neither slow nor lazy, El Salvador’s president, Nayib Bukele, took advantage of the BTC drop and added another 150 BTC to the country’s reserves. The president ironic on his social networks against the official news site of the International Monetary Fund.
“Thanks for the drop, IMF News.
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We saved a million on printed paper. El Salvador now has 550 bitcoins,” Bukele wrote. Anthony Pompliano, one of the world’s most popular crypto commentators, highlighted the rapid movement of the Salvadoran president: “A national state is buying the fall of bitcoin. Unreal”.
Despite the collapse, specialists have highlighted the strong supports that BTC has formed between USD 40K and USD 50K in recent months, so they estimate that it will not take long before testing USD 50K again.
Today’s crash didn’t just affect BTC. The vast majority of the major cryptocurrencies on the market also posted losses of more than 10%. Ether (ETH), which was close to breaking above $ 4K, was down more than 15% and hit daily lows near $ 3,200. In the last hours it recovered, and its current price is USD 3,456.
Cardano (ADA), Binance coin (BNB), and XRP are down 15% and are trading at $ 2.45, $ 418, and $ 1.14 respectively. Polkadot (DOT) and bitcoin cash (BCH) fell to the same extent and their price is $ 28.46 and $ 6.71.
Lastly, dogecoin (DOGE), chainlink (LINK), and litecoin (LTC) plunged 20% and are trading at $ 0.24, $ 28.53, and $ 180 respectively.