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.
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