Cascading Liquidations Drop Bitcoin Price As El Salvador Introduces Legal Tender Law

Bitcoin Magazine

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On quite the momentous occasion, a day when the first country officially adopted bitcoin as legal tender, the price plunged $10,000 from the recent prior highs, at one point down nearly 20% intraday.

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So, what happened? Cascading liquidations.

During a day when bitcoiners around the world agreed to buy $30 worth of bitcoin in solidarity with El Salvador, it ultimately proved to not matter in terms of price action while going up against a nasty derivative market unwind.

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