Cryptocurrencies bomb as El Salvador opens its doors to Bitcoin

Sep 8, 2021

By: BI India Bureau

As El Salvador rolled out the red carpet for Bitcoin

The cryptocurrency market started to crash

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Bitcoin’s price has dipped by over 11 percent in the last 24 hours

The cryptocurrency is currently priced at USD 46,738.06

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Ethereum and Cardano are also down by over 11 percent

Ether is trading at USD 3,460 and Cardano’s price is USD 2.49

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Binance Coin has fallen by an even larger margin

The cryptocurrency is at USD 417.48 — a drop of 15 percent since yesterday

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Ripple’s XRP is in the red by 18 percent

Its current price is USD 1.12

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Similarly, Polkadot is down by over 18 percent as well

Its current price is USD 28.53

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Dogecoin has not been spared either

Its price is currently at USD 0.2592 — down by over 15 percent in last 24 hours

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Solana is the only cryptocurrency in the top 10 that seems to be ducking the trend

Its value has only dipped by 2.4 percent so far

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On a week-by-week basis, Solana is still up by 54 percent

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Disclaimer

These are top cryptocurrencies by volume according to CoinMarketCap | Prices updated as of 11am IST and may change over the course of the day

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Expect Nifty to end the December series on a positive note, reach a target of 18,900-19,000, says R Venkataraman of IIFL Securities