Ovunc Kutlu
September 07, 2021•Update: September 07, 2021
ANKARA
The price of Bitcoin plummeted approximately 10% Tuesday to the $42.800 range before recovering to around $47,000.
Bitcoin fell to as low as $42,843 at 11.08 a.m. EDT, down from $52,920 at 11 a.m. in just 12 hours for almost a 20% decline.
The world's largest cryptocurrency later recovered to around $47,130 at 2.50 p.m., while its market value was at $887 billion, according to data by digital asset price-tracking website CoinMarketCap.
Total market capitalization for cryptocurrencies also took a hit, sliding to $2.07 trillion from more than $2.25 trillion in previous days.
Some altcoins saw a 25% decline in 12 hours, including Tezos (XTZ), Ethereum Classic (ETC), and THORChain (Rune), according to CoinMarketCap.
The steep decline came right after El Salvador become the first country to officially make Bitcoin legal tender alongside the US dollar.
The dive on US exchanges also contributed to the fall in Bitcoin as investors tried to hedge losses on cryptocurrencies and precious metals.
