Bitcoin collapses by almost 20% - what is happening to the cryptocurrency market?
Bitcoin dropped sharply in price on Tuesday, falling to $ 43,000, along with other cryptocurrencies collapsed
Sep 8, 2021
1 min read
Anna BakkerNews analyzer

The price change from recent highs was about 18%. Major altcoins have lost more than 20% in value.

There have been reports of crashes on crypto exchanges such as Coinbase, Gemini and Kraken following a sharp decline in the prices of major cryptocurrencies.

Market capitalization has also declined, bouncing to $ 2 trillion from a recent high of $ 2.4 trillion. The liquidation of positions over the past 24 hours amounted to about $ 3.5 billion.

Experts report that the fall in the cryptocurrency market was due to the strengthening of the dollar and the decline in the S&P 500 index.

Yesterday, the law of the Republic of El Salvador on the recognition of Bitcoin as an official means of payment came into force. According to many analysts, this event can be compared in importance with the listing of Coinbase on the stock market in April this year, which led to the conquest of new highs in the cryptocurrency market.

El Salvador has already acquired about 550 BTC and is planning to increase its position.

One of the reasons for the collapse of cryptocurrencies was the actions in the OTC market, where there was a sale of BTC by large holders.

Another reason for the collapse of the cryptocurrency was the message that an investigation was initiated against one of the largest decentralized crypto exchanges Uniswap, the investigation is being conducted by the US Securities and Exchange Commission (SEC).

Another bad news for Bitcoin is Russia's refusal to recognize digital currency as an official means of payment. According to the Russian government, the legalization of the first cryptocurrency will only harm the country's financial system.

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