1 min read.Updated: 13 Sep 2021, 07:41 AM ISTLivemint
Bitcoin prices experienced a flash crash last week as El Salvador’s rollout of the digital asset as legal tender appeared to be hit by technical difficulties
In cryptocurrencies, Bitcoin prices today were trading with minor gains as the most popular digital token surged over 1% to $45,381. The world's largest cryptocurrency by market capitalization has gained over 59% this year (year-to-date), though, much lower from nearly $65,000 record high it hit in April.
As per CoinDesk, Ether, the coin linked to ethereum and second largest crypto , was up 2% to $3,339. Meanwhile, dogecoin prices gained to $0.24 whereas Cardano slipped 4% at $2.46. Other digital tokens like XRP, Uniswap, Stellar, Litecoin, Polkadot also surged over the last 24 hours while Solana, Binance Coin, Tether plunged.
Bitcoin experienced a flash crash last week as El Salvador’s rollout of the digital asset as legal tender appeared to be hit by technical difficulties. It fell as much as 17% that day, with the swiftness accelerating as some 336,000 traders had their accounts liquidated amid the decline.
El Salvador became the first country to adopt Bitcoin as legal tender, a development many crypto fans saw as potentially leading to greater adoption and mainstream acceptance.
Meanwhile, A Bloomberg report stated that US officials are discussing launching a formal review into whether Tether and other stablecoins threaten financial stability, scrutiny that could lead to dramatically ramped-up oversight for a fast-growing corner of the crypto market.
In addition, it’s a seasonally challenging period for the coin, in the past decade, September has been the only month when Bitcoin has failed to deliver positive returns. The token fell during the calendar month in six of the previous 10 years, losing more than 6% on average, data compiled by Bloomberg show.