Most Cryptocurrencies fell following El Salvador updates
Black Tuesday for Cryptocurrencies. The price of most digital coins fell on Tuesday morning after El Salvador Rollout falters. Bitcoin, Ethereum, Dogecoin, Binance coin, and all other major altcoins had fallen roughly 15% to 35% after the breaking news as El Salvador looks to implement a law today that will see Bitcoin accepted as legal tender, making it the first Latin American country to do so.
What is El Salvador Rollout Falters ?
This means is that the citizens of El Salvador can choose to use Bitcoin (BTC) as payment and businesses must accept it in exchange for goods and services. In addition, citizens will be able to pay taxes in Bitcoin, Crypto exchanges will not be subject to capital gain taxes, and the price of Bitcoin will be tied to the dollar exchange rate.
In preparation for the new law, which is set to go effect at 3 p.m EDT today, the El Salvador Government has purchased roughly $20 million in Bitcoin and installed 200 Bitcoin ATMs across the country. Government run Bitcoin wallets will be loaded with $30 worth of BTC for citizens who register. Reuters reported this morning that the El Salvador government “had to unplug a digital wallet to cope with demand” as citizens register for the wallets.
Despite the issues, Leah Wald, CEO at the Cryptocurrency and alternative asset management firm Valkryie investments said she was not surprised by the market’s reaction today, as the news surrounding El Salvador gas already been priced in.
She added that if other Latin American nations begin accepting Bitcoin as legal tender, that could result in a ‘parabolic’ move higher in crypto prices. Many expert believes Latin America could be ripe for adopting cryptocurrencies to help improve money transmission and for central banks that already deal with volatile currencies.
IDEX Token on Bullish trends :
Despite big plunged in major cryptocurrencies, the newly launched IDEX coin is out-performer today. The price of IDEX token unleashed a monster bull run and hit new ATH $0.76. with more than 500% weekly gain. Currently, the token trading above $0.55.
IDEX token is the native cryptocurrency of the IDEX cryptocurrency exchange. It’s a Centralized exchange that offers decentralized security and community ownership.
It is initially built on Ethereum through it is now available on other blockchains including Binance Smart Chain (BSC) and Polkadot.