CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.1% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

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

2,233.43 Price
+1.740% 1D Chg, %
Long position overnight fee -0.0188%
Short position overnight fee 0.0106%
Overnight fee time 21:00 (UTC)
Spread 0.80

ETH/USD

3,577.07 Price
+0.320% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

XRP/USD

0.62 Price
-1.650% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

US100

18,249.40 Price
-0.200% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 7.0

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

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 580.000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading