Reuters

Bitcoin bruised after chaotic debut as legal tender in El Salvador

Bitcoin licked its wounds on Wednesday, a day after its heaviest losses in 2-1/2 months as El Salvador’s historic adoption of the crypto asset as legal tender caused chaos online and on the street. Analysts said the sharp retreat was partly due to investors who had bought the rumour of El Salvador’s move now selling the fact. “I think there was some anticipation building ahead of that event (El Salvador), similar to what we saw ahead of Coinbase listing on Nasdaq,” said Henrik Andersson, chief investment officer at Apollo Capital, a crypto asset fund in Melbourne, Australia.

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