The cryptocurrency market is going through a slump recently. Famous cryptocurrencies including bitcoin, ethereum, and dogecoin are facing steep price volatility in the last few days. While bitcoin price has already recorded over a 10% dip, it continues to follow the downward trend. On the other hand, the all-in-all social cryptocurrency, ethereum, also experienced a 12% price fall, causing great worry to investors. Dogecoin also fell by 16% this month.
Before the bitcoin price started going down, it hit a recent high of US$52,000. Later, El Salvador announced that the country is legalizing the usage of cryptocurrency and businesses should accept them from consumers. Since that was the first positive move from any government, crypto investors thought it would boost the bitcoin price. Unfortunately, it didn’t go well as per their expectation. Surveys show Salvadorans being skeptical about using bitcoin as a legal tender. They are worried that the digital token’s volatility could affect the economic status of the country. This marked the beginning of bitcoin’s fall followed by China’s crackdown on the cryptocurrency sphere. However, despite the plummeting value of bitcoin, crypto investors are less worried about the trend. They think that this is just another speed breaker where bitcoin will tumble and get back to track in no time.
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