Cascading Liquidations Drop Bitcoin Price As El Salvador Introduces Legal Ten...
The bitcoin price plunged $10,000 from recent highs as El Salvador officially adopted BTC as legal tender.The below is from the latest monthly report by the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.On quite the momentous occasion, a day when the first country officially adopted bitcoin as legal tender, the price plunged $10,000 from the recent prior highs, at one point down nearly 20% intraday.So, what happened? Cascading liquidations. During a....
Related News
Bitcoin fell to as low as $16,334 across major exchanges as cascading liquidations caused massive volatility. Bitcoin (BTC) price fell by a whopping 16% to $16,334 on Nov. 26 since achieving its peak at $19,484 the previous day. Data suggests that cascading liquidations were the driving force of the massive correction.Prior to the pullback, the open interest of the Bitcoin futures market hit a new record high. The derivatives market was also overheated with buyers, causing the market to sway to one side.BTC futures volumes. Source: Cointelegraph Markets, Digital Assets DataThe combination....
El Salvador has rejected the recommendation by the International Monetary Fund (IMF) to drop bitcoin as legal tender. The country’s finance minister reportedly “angrily” said, “No international organization is going to make us do anything, anything at all.”
El Salvador Says No to IMF on Bitcoin
The government of El Salvador has rejected a recommendation by the International Monetary Fund (IMF) to drop bitcoin as legal tender in the country.
The IMF urged El Salvador last week to drop bitcoin’s use as legal tender and....
It has been one year since Bitcoin became legal tender in El Salvador. Crypto adoption has not been without issues in El Salvador, but it’s difficult to weed through the different stories about Bitcoin because there are so many competing interests promoting or FUDing Bitcoin. This article will filter through the nonsense and describe how Bitcoin in El Salvador has panned out one year after it became legal tender. Why El Salvador Made Bitcoin Legal Tender El Salvador made Bitcoin legal tender ostensibly for a few reasons. The government cited the following reasons: A significant portion of....
Bitcoin is recovering, and traders are pinpointing $57,000 and $60,300 as the key short-term price levels to watch. The price of Bitcoin (BTC) is recovering after a strong sell-off during the weekend caused by cascading liquidations in the futures market.BTC/USDT 15-minute price chart (Binance). Source: TradingView.comTraders are pinpointing three levels as the critical price areas to watch in the short term: $51,200 as the major support, $60,300 as the important resistance, and $57,000 as the near term area of interest for sellers.It is critical for Bitcoin to reclaim $57,000Although the....
Bitcoin is now legal tender in El Salvador, and the country’s bitcoin stash has grown to 550 coins. The Salvadoran government started buying the cryptocurrency Monday ahead of the Bitcoin Law taking effect. On Tuesday, President Nayib Bukele said El Salvador bought the dip.
El Salvador Buys More Bitcoin
El Salvador’s Bitcoin Law came into effect Tuesday, Sept. 7, making BTC a national currency alongside the U.S. dollar.
El Salvador has been buying bitcoin ahead of the Bitcoin Law taking effect. President Nayib Bukele announced Monday that his government....