Following El Salvador’s announcement that it will adopt Bitcoin as legal tender, the continued decline in cryptocurrency appears to be a worrying situation for all crypto enthusiasts around the world.
This week wasn’t good for all of the top cryptocurrencies, with currencies like Bitcoin, Ethereum and Dogecoin continuing to crash all week. On Saturday, Bitcoin saw a drop of over 4 percent and Ethereum plunged to $ 2,291, a drop of nearly 6.56 percent.
Dogecoin was also up 5.64 percent and was trading at $ 0.30. This is following the latest reveal from the world’s youngest billionaire, in which he said he made millions on Dogecoin. The unstable nature of cryptocurrency is well known. Despite that fact, this month was all about the positive side of the currency.
This week has stressed all crypto holders with the rapid decline in all virtual currencies. In addition to popular currencies such as Bitcoin, Ethereum and Dogecoin, other currencies such as Cardano, LiteCoin, XRP and Stellar also fell by 10 percent. Bitcoin Cash was also down 7.10 percent on Saturday and Ethereum Classic was trading 6.42 percent lower.
If we look at Bitcoin’s weekly account, this week the currency was unexpectedly volatile, the market value of the currency rose from $ 39,000 to $ 31,000 while trading at $ 35,000 over the weekend, which is 4% lower. These currency fluctuations have triggered many countries in Europe and as a result, the Dutch CPB chief recommended that the Dutch government ban cryptocurrency in the country as soon as possible.
During the month there were various developments and announcements like the introduction of Bitcoin as legal tender in El Salvador and the change of his heart from Elon Musk towards cryptocurrency, which cheered up the crypto geeks around the world, but this continual decline could be negatively affect the decisions of investors who indulge in the cryptocurrency.
Countries like China and Turkey also banned crypto currencies as a means of payment this week and strictly warned investors in the country to stop crypto trading. All these ups and downs around the currency at the same time are nothing less than an exciting adventure for all crypto followers around the world. Now all eyes are on the week ahead as the industry sees big changes every other day.