prices have never been so low for almost a year

A very complicated start to the week for Bitcoin, which lost more than 3,000 euros on yesterday alone.

It’s a Monday to stay in bed. For many people who have made investments in the world of cryptocurrencies, and in particular Bitcoin, the most famous of virtual devices, the day has been very long. The reason ? An unprecedented drop in the value of major digital currencies.

At the worst moment of the day yesterday, Bitcoin fell below 28,350 euros. A low ranking figure. The last time Bitcoin was at such highs was in July 2021, the heart of a very turbulent summer for cryptocurrencies. Selling around 31,000 euros today, Bitcoin is still almost twice below its ATH (highest rate ever).

Bitcoin under 30,000 euros, unheard of for 10 months

In the midst of a crisis, the world of cryptocurrencies is finding it increasingly difficult to convince, and uses are struggling to be seen in everyday life. If Bitcoin is the example taken for the general public, it is also the tree that hides the forest. The famous cryptocurrency dragged all the others (or almost) down with it.

Indeed, Ethereum, recognized by many as the second most popular crypto, also fell almost 10% during the day on Monday. A real nightmare for people who had put money into this extremely volatile digital design. Even more, the stable coin Terra (UST) fell below the US dollar, on which it is however pegged.

It is perhaps this last point that shows how important the evolution of the market on Monday was. Even a stablecoin, thought to have no change in value over time, has been impacted. As for the popular Dogecoin, the cryptocurrency brought to the fore by Elon Musk, the latter reached $0.11, its lowest level in 52 weeks.

Bukele and El Salvador buy 500 more Bitcoins

If this fall was seen as a nightmare by many people, others took advantage of this moment of market weakness and fairly low selling costs to make investments. This is particularly the case of Salvadoran President Nayib Bukele. The latter announced on his twitter account that his government had acquired 500 new Bitcoins when the market was at its worst.

As a reminder, El Salvador, pushed by Bukele’s policy, was the first country in the world to accept Bitcoin as legal tender. Since then, the country has made numerous investments in this virtual currency, even planning the utopian (or dystopian, you be the judge) construction of Bitcoin City.

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