It has been one of the most volatile weeks for the cryptocurrency market in months. Markets began the week on a positive note, with Bitcoin first crossing the $50,000 mark and then $51,000 and then $52,000. The overall market capitalization had shot past $2.3 trillion.
However, the market took a drastic U-turn on Tuesday as Bitcoin dropped from near $53,000 levels to around $43,000. In one of the largest liquidation events in months, 328,000+ traders were liquidated. The total value of liquidations surpassed a whopping $3.54 billion.
The crash coincided with El Salvador’s implementation of Bitcoin as legal tender. Before the crash, several Redditors initiated a campaign to buy $30 worth of Bitcoin to show their support to El Salvador. President of El Salvador president Nayib Bukele tweeted that the country added 550 Bitcoins to its treasury.
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