There has been a great deal of excitement in the industry in the past few weeks; the market was finally recovering from its crash in May, several altcoins hit all-time highs, and all eyes were on El Salvador as it became the first nation in the world to adopt Bitcoin as legal tender.
But just as soon as the highly anticipated adoption arrived, the markets responded with almost all major coins losing 10% to 15% in a matter of hours. According to data from Bybt.com, US$2.7 billion was liquidated from the market in an hour.
Bitcoin, which had been briefly trading above US$52 for most of Tuesday, has lost 15% since then and was trading at US$45,232 at press time. A massive selloff on the day of El Salvador’s adoption might not have been the ideal start for the project, but President Nayib Bukele was trying to make the best of the situation, announcing on Twitter his government had “bought the dip,” adding 150 BTC to its position. This is in addition to the 400 BTC the country purchased in the lead-up to the adoption.