As reported yesterday, El Salvador passed the Bitcoin law which went into effect yesterday. Many celebrated, calling this “Bitcoin’s Day.”
Unfortunately, the celebrations were cut short as the markets turned red in a couple of violent hourly candles where BTC itself lost over $7K in less than two hours. This brought the total daily losses to more than $10,000, turning this into the worst day (price-wise) since May 19th.
It’s also worth noting that the cryptocurrency staged somewhat of a recovery, although it currently trades at around $45K – still a massive loss from yesterday’s highs of around $53K. At the time of this writing, Bitcoin is trading below the key support level of $46K, although the daily close was above it. It remains important to follow the price action closely and see how it will perform in the following days.
Altcoins Also Deep in Red
As it’s almost always the case, the entire market tumbled following Bitcoin’s crash. This resulted in a loss of around $330 billion being completely wiped off the market capitalization.