Bitcoin crash! : Crypto News Recap, September 7th

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Bitcoin becomes legal tender in El Salvador!

It’s official! El Salvador became the first country in the world to adopt Bitcoin as legal tender. There were teething problems. Chivo, the government’s official crypto wallet, had to be briefly disconnected due to server capacity issues. And while BTC hit $ 52,853.76 in early trading on Tuesday, a big bomb was around the corner.

Baptism of fire as BTC crashes

Bitcoin fell 12% in the space of an hour on Tuesday, taking it to $ 43,285.21. This is one of the worst daily performances seen this year, casting a dark shadow over Bitcoin Day. El Salvador President Nayib Bukele is trying to put a brave face to the situation. He said the government is “buying the drop” by adding 150 BTC to its reserves. The last.

Is it a “dangerous bet”?

Russia has said it will not follow El Salvador in adopting Bitcoin as legal tender. In the media, a number of media have adopted a cautious tone. The Financial Times called the country’s move a “dangerous bet” and warned that the experiment would not end well, adding that ordinary consumers would be the ones to suffer. Here is our story.

Kim Kardashian West slammed for crypto advertising

The UK’s Financial Conduct Authority has slammed celebrities, including Kim Kardashian West, for promoting untested cryptocurrencies. The A-lister shared an article on Ethereum Max to his 250 million followers on Instagram. EMAX is 3,168th in the CMC rankings, and prices have fallen 97% since reaching an all-time high in May. Learn more.

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