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Bitcoin drops 4%.. A country buys 400 units before it is officially approved

Bitcoin drops 4%.. A country buys 400 units before it is officially approved

Cryptocurrency sell-off widened on Tuesday, while Bitcoin shed nearly 4%, while its smaller rival, Ether, shed more than 6%.

Bitcoin, the world’s largest and most popular cryptocurrency, fell 4% to $50,516, after rising to its highest level since mid-May above $52,000 earlier, in Asian trading. Ether fell more than 6% to $3,666.

The President of El Salvador, Najib Bukila, said on Monday that his country now owns 400 units of Bitcoin, a day before officially approved As legal tender alongside the US dollar.

Refinitiv Eikon data showed that Bitcoin temporarily jumped more than 1.49% to more than $52,680 on Monday evening, as Reuters analysts expected the cryptocurrency to head towards the $56,000-$56,300 region.

Earlier on Monday, President Boukela, who is of Palestinian origin, revealed that El Salvador had bought its first 200 bitcoins, saying on Twitter that “our brokers will be buying a lot as the deadline approaches.”

Then he tweeted, “Now we have 400 bitcoins.”

El Salvador is set to legalize bitcoin today, September 7, a move his agent said would save millions of dollars in commissions on money El Salvadorans send home.

But polls show that Salvadorans are skeptical about the use of bitcoin, as well as wary of the cryptocurrency’s volatility, which critics say could increase regulatory and financial risks.

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