The fall comes after El Salvador complied with a plan announced in June and adopted digital currency as its legal tender, making it the first country in the world to do so.
This is good news for Bitcoin integration. But cryptography fell on Tuesday into the “buy the rumor, sell the news” phenomenon related to Salvadoran politics that eventually came to be, said Edward Moya, a senior market analyst at Oanda.
The Central American nation had previously bought 200 bitcoins, and bought another 200 on Monday afternoon before formal adoption and another 150 on Tuesday, bringing the country’s total to 550 bitcoins. It will also give residents a $ 30 value in bitcoins with the download of the state-run Chivo wallet app to encourage citizens to try out encrypted payments.
Bitcoin had traded Monday at nearly $ 53,000 per coin in Salvadoran activity.
When the New York Stock Exchange opened on Tuesday, the digital currency was more or less flat and, at noon, had fallen to a low of $ 24,921 in 24 hours, according to CoinDesk data.
Salvadoran President Nayib Bukele, a right-wing populist who came to power in 2019, he tweeted around noon he was “buying the bathroom.”
Since then, cryptography has dropped from its lows, although it continues to fall by 8.5%. Bukele he tweeted that “it looks like the discount is over.”
CNN Business’s Merlin Delcid contributed to this report.