Cryptocurrency prices are falling and stock trading is declining
The price of cryptocurrencies fell and cryptocurrency trading was delayed on Tuesday, leaving El Salvador in a difficult position today as the first country to adopt bitcoin as a legal tender.
Shares of blockchain-related firms also fell as a result of the disruption of the cryptocurrency trading platform. But the main focus was on El Salvador, where the government had to temporarily remove a digital wallet to meet demand.
Bitcoin, the world’s largest and most well-known cryptocurrency, fell more than 17% to $ 43,000 before selling at $ 47,140.27, reducing some losses by 9.20%. Earlier, bitcoin reached a session of $ 52,948.00.
Ether, a small competitor connected to the Ethereum blockchain network, fell 11.99%.
Major cryptocurrency exchanges Coinbase Global Inc. (COIN.O) and Kraken said they were experiencing delays in some transactions on their platforms.
Coinbase said some transactions were delayed or canceled “at high rates” and “there could be errors in our applications.” The exchange later said that problems with Coinbase card transactions had been resolved and transactions were proceeding normally.
The Gemini office said it was temporarily undergoing a full overhaul to address an exchange problem that caused a performance problem.
Shares of Coinbase (COIN.O) fell 4.02%.
Shares of BTC buyer and business intelligence software firm MicroStrategy Inc. (MSTR.O) fell 7.64%.
Interviews by Herbert Lash in New York, Saikat Chatterjee in London and Aaron Saldanha in Bengaluru; Sujata was edited by Rao and Rosalba O’Brien
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