The Bitcoin exchange rate fell by more than 17% yesterday amid the failure of the Chivo payment application, which was developed by the authorities of El Salvador, where the cryptocurrency has been recognized as the official currency since September 7.
According to Bloomberg, on Tuesday in New York, the largest cryptocurrency fell to $ 43,050.
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The Chivo crypto wallet has been restored to work — President Nayib Bukele tweeted that the app is available for download again.
After the collapse of the rate, the largest crypto exchanges in the world Coinbase, Gemini and Kraken reported technical problems. Due to the liquidation of positions, traders lost more than $ 3.5 billion.
By 10:15 am Kyiv time on September 8, Bitcoin is trading at $ 45,470 (-13.4%), according to data from the Coindesk cryptocurrency exchange.
In early September, Bitcoin crossed the $ 50,000 mark several times.
On June 9, 2021, the Parliament of the Republic of El Salvador adopted a law recognizing the bitcoin cryptocurrency as a legal tender in the country. On June 17, the World Bank announced that it could not help the El Salvadorian authorities with the legalization of bitcoins. On June 26, the President of El Salvador announced the introduction of the Chivo crypto wallet for every citizen of the country. On September 7, El Salvador became the first country in the world to recognize bitcoin as an official means of payment. According to the country’s president, this will allow Salvadorans to gain greater access to financial services and save on fees for remittances. Economists believe that such a volatile currency will only hurt the weak Salvadoran economy.