El Salvador is now the First Country to Adopt Bitcoin as a Legal Tender

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The price of Bitcoin (BTC), fell Tuesday after breaking its highest quarterly price of $52,000 late Monday. The largest digital currency by both price and market capitalization has plunged by 10% after El Salvador’s decision to adopt the crypto as a legal tender. The Central American country is the first country to adopt Bitcoin as a legal tender.

According to data by Coin Metrics, Bitcoin has plunged more than 16% on Tuesday morning following the news. It was last down by 9% going as low as $47,223. Consequently, crypto related stocks such as MicroStrategy and  Coinbase lost 6% and 3.5% respectively.

Furthermore, Coinbase customers have reported experiencing delayed and canceled transactions at “elevated rates,” according to an update by Coinbase. Kraken, another cryptocurrencies exchange giant has also been investigating delays for users who use instant funding methods and failed card payments.

El Salvador Disables Chivo

El Salvador has disabled Chivo, the government-run Bitcoin wallet on Tuesday. The country’s president Nayib Bukele explained in a Tweet that they disabled the digital token to increase the capacity of servers.