A very difficult start to the week for Bitcoin, which only lost more than 3,000 euros yesterday.
It’s Monday to stay in bed. For many people who have made investments in the world of cryptocurrencies, and in particular Bitcoin, the most famous virtual currency, the day has been very long. The reason ? An unprecedented drop in the value of major digital currencies.
At the worst time of yesterday, Bitcoin fell below 28,350 euros. An incredibly low number. The last time Bitcoin was so high was in July 2021, the heart of a very turbulent summer for cryptocurrencies. Coming around 31,000 euros today, Bitcoin is still almost twice below its ATH (highest rate ever).
Bitcoin below 30,000 euros, unpublished for 10 months
In the midst of a crisis, the world of cryptocurrencies is finding it increasingly difficult to convince and the uses are struggling to make a difference in everyday life. If Bitcoin is the example for the general public, it is also the tree that hides the forest. The famous cryptocurrency dragged all the others (or almost) with it.
In fact, Ethereum, recognized by many as the second most popular cryptocurrency, also fell nearly 10% on Monday. A real nightmare for people who had invested money in this extremely volatile digital currency. Even more surprising, the stablecoin Terra (UST) fell below the U.S. dollar, to which it is pegged.
Perhaps it is this last point that shows how important the evolution of the market was on Monday. Even a stable currency, which is thought to have no change in value over time, has been affected. As for the popular Dogecoin, a cryptocurrency put first by Elon Musk, it reached $ 0.11, its lowest level in 52 weeks.
Bukele and El Salvador buy 500 more Bitcoins
While this fall was seen as a nightmare by many people, others took advantage of this moment of market weakness and relatively low selling costs to make investments. This is especially the case with Salvadoran President Nayib Bukele. The latter announced on his Twitter account that his government had acquired 500 new Bitcoins when the market was at its worst.
As a reminder, El Salvador, pushed by Bukele’s policy, was the first country in the world to accept Bitcoin as a legal tender. Since then, the country has made numerous investments in this virtual currency, even planning the utopian (or dystopian, judge for you) construction of Bitcoin City.