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Bitcoin suffers mini price crash

By Rob Griffin

11:20, 20 September 2021

Several gold coins stamped with Bitcoin logo
Bitcoin suffers price fall – Photo: Shutterstock

Bitcoin suffered a mini price crash today as a spike in volatility over the weekend drove the price down 7% to $44,682.25 (£32,706.31).

The original cryptocurrency had been trading at $48,103.22 before it slipped $3,420.98 by lunchtime in London, according to CoinDesk.

Concerns about the China Evergrande crisis, and this week’s two-day Federal Reserve meeting on Tuesday and Wednesday are thought to be key reasons for today’s fall.

Presidential tweets

However, the lower price was enough to tempt Salvadoran president Nayib Bukele to increase the country’s bitcoin holdings.

On Sunday evening, he tweeted: “We just bought the dip. 150 new coins! El Salvador now holds 700 coins.”

He then followed it up with further messages: “They can never beat you if you buy the dips. Presidential advice.”

Gold

2,346.61 Price
+0.220% 1D Chg, %
Long position overnight fee -0.0190%
Short position overnight fee 0.0108%
Overnight fee time 21:00 (UTC)
Spread 0.50

BTC/USD

68,500.00 Price
+1.480% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

US100

18,638.80 Price
-0.260% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 1.8

XRP/USD

0.53 Price
+0.260% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

Legal tender

President Bukele’s comments follow El Salvador becoming the first country to adopt the cryptocurrency as legal tender earlier this month.

The controversial decision hasn’t helped bitcoin’s price, particularly as the rollout of Chivo, the country’s digital wallet, has hit technical problems.

However, bitcoin was volatile even before this period. After soaring to more than $60,000 in April, it plummeted the following month and was below $30,000 by late July.

 

Read more: China Evergrande plunges at start of bond repayment week

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