Bitcoin plummets $10,000 on El Salvador's first day

Bitcoin plummets $10,000 on El Salvador's first day

The price of bitcoin has dropped by $10,000 in a matter of hours, on the day that El Salvador officially accepted it as legal tender.

According to crypto exchange Binance, the price of bitcoin fell from highs of $53,000 to as low as $42,800 — while it dropped below $40,000 on crypto exchange Huobi.

As a result, more than $1.2 billion has been liquidated in the last hour, according to Bybt.

Since then the price of bitcoin has rebounded somewhat, back up to $46,000.

This story is breaking and will be updated shortly.

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