September 7th should have had a big day in El Salvador. Today’s accomplishment will still be remembered, bitcoin price drop notwithstanding. The government announced plans to make the digital currency legal tender alongside the US dollar starting on September 7th. El Salvador went ahead with the project, making history in the process. The country is the world’s first to make bitcoin legal tender. Many saw El Salvador as the kind of news that would further prop up the bitcoin price. The world’s most popular cryptocurrency has been on a prolonged rally since July 20th, when it traded at just under $30,000. But what happened on Tuesday was another bitcoin and crypto bloodbath, the kind we’ve witnessed before. This time around, it’s not clear what caused the incredible $10,000 drop in price, but there are some explanations for the flash crash.
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