Crypto markets get clapped as El Salvador sees glitches during rollout of Bitcoin adoption

08 Sep 2021

📉 BTC | $46,513 (-6,256, -11.9%)
📉 ETH | $3,410 (-515, -13.1%)
📉 XRP | $1.12 (-0.26, -19.0%)
📉 LTC | $176 (-44, -19.8%)

📉Total Crypto Market Cap: $2.08T (-12.1%)

🌊 Crypto markets saw around $300 billion in market value wiped out last night in just three hours of selling, after El Salvador took servers for the country’s digital wallet system “Chivo”, temporarily offline – supposedly to add capacity and to resolve issues with downloading it.

🏭 Not everything in the market has fallen though. Remarkably, Ethereum competitor Solana (+5.0%) has continued to rise , propelled by continuing adoption and institutional interest in the project. This also places it as the only cryptocurrency within the Top 30 to have not seen a double-digit sell-off in the last 24 hours.

🎢 Bitcoin momentarily dropped below $40,000 on the crypto exchange Huobi yesterday, marking a drop of over $10,000 in a matter of hours. Yesterday also saw billions in leveraged longs liquidated for Bitcoin yet again – although said liquidations remained somewhat smaller than previous sell-offs.

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