Bitcoin injured after a chaotic debut as a legal means of payment in El Salvador

The Coin last traded at $ 46,560 after he acted wildly the day before he reached an almost four-month high of $ 52,956 before he reached 11.1% Boiled, the greatest decline since June 2.

Analysts said that the severe decline was partly due to investors who had bought the rumor about the move of El Salvador and are now selling the fact.

"I think before this event (El Salvador) aroused a certain anticipation, similar to before the listing of Coinbase on Nasdaq," said Henrik Andersson, Chief Investment Officer at Apollo Capital, a crypto-asset fund in Melbourne, Australia.

At one point on Tuesday, the digital currency fell by up to 18.6% and destroyed more than $ 180 billion from the market.

It was a historical day for Bitcoin when El Salvador's experiment to make it a legal means of payment had a bumpy start.

technological breakdowns hindered the use when street protests suspended in the Central American country.

as Bitcoin wobbled, said Salvadorian President Nayib Bukele that his government bought another 150 bitcoins worth around $ 7 million on Tuesday.

"This underlined the difficulty of protecting Bitcoin as a separate currency," said Nana Otsuki, chief economist at Monex Securities. "The purchase did not seem effective to stop the decline."

In the middle of the commercial frenzy, the large US cryptocurrency exchanges Coinbase had to deal with delays in some transactions. Everyone said their systems have been restored.

Regardless of this, the US security supervisory authority has threatened to sue Coinbase globally if the crypto exchange continues with plans for the introduction of a program that users can earn interest by lending crypto assets.

A look at all business events of today can be found in our economic calendar.

(Reporting by Hideyuki Sano, Anushka Trivedi; Editor of Sam Holmes)