Bitcoin: El Salvador can’t help the price to grow?

Bitcoin fell on Tuesday from $52,600 to $46,700. Still, the rule “Buy on hearsay, sell on facts” works perfectly.

Apparently, in order to cover them, experts from Standard Chartered reported that they expect Bitcoin to rise to $175,000, and Ethereum to $35,000. But this did not help, as did the flash mob “buy bitcoin for $30” launched on social networks and mobile apps in support of El Salvador.

At the moment, the cryptocurrency market was falling in volume by $ 424 billion, and the liquidation of long positions amounted to $ 3.61 billion.

And all this on the news that BTC has become the official currency in the Republic of El Salvador.

Ratings agencies like Fitch were quick to point out the weaknesses in this decision. In particular, the insurance industry of the Republic will be under a special blow. So, bonds with a B- rating are circulating in it, and now the situation will be aggravated by the presence of an unstable cryptocurrency.

Despite all the risks, a draft law was submitted to the Panama parliament, which will give BTC the status of a means of payment on the islands.

At first, one might think that these are the very “rumors” that would help the rate not fall below the next support line at $ 46,000. But then the rate fell to $ 45600, and the panic in the market continued.