Bitcoin’s price is plunging dramatically

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The price of bitcoin has fallen in its latest dramatic drop.

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It has lost about 10 percent of its value over the past 24 hours, in a slow-moving price crash.

The weakness in other cryptocurrencies was even more dramatic: Ethereum, Cardano and other large digital coins fell 10 percent or more in the morning.

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Overall, the market is down 9.8 percent in the past 24 hours, according to tracking site CoinMarketCap. Activity had increased, probably as people responded to the crash, with 44 percent more trading than the previous day.

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As the crash began, the president of El Salvador – who became famous for holding bitcoin as well as mandated support for the cryptocurrency in the country – tweeted that the fall could be good news.

“We just bought the dip. 150 new coins! El Salvador now has 700 coins,” posted Nayib Bukele.

“If you buy dips they can never beat you. Presidential advice.”

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Credit: www.independent.co.uk /

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