The government of El Salvador, a small country in the Central American region that is the largest in the world, has declared the world’s largest cryptocurrency, bitcoin, as the official currency against the United States despite warnings. the US dollar. from various government agencies.
It is no exaggeration to say that at the time of this announcement, the crypto market saw mixed trading and has now given a lot of confidence to the crypto market by re-releasing this important announcement.
The price of bitcoin, which had been high due to El Salvador’s recent announcement, began to fall after a few hours.
El Salvador
Since El Salvador has become the official Bitcoin currency in the country, El Salvador has decided to start bitcoin production as already planned. El Salvador’s president Nayib Bukele also plans to solve the biggest problem in bitcoin production.
Bitcoin production
Many tech experts and crypto investors, including Elon Musk, have said that the high use of fossil fuels, such as coal, in the production of bitcoins will lead not only to power shortages, but also to the environment over the whole world.
Salvadoran President Naib
To solve this problem, Nayib Bukele decided to generate electricity from the volcano for the production of bitcoins and thus produce bitcoin cryptocurrency. El Salvador’s president, Naib, has also released important information about current production.
Volcanic electricity
We are currently testing a project to generate electricity from the volcano. For the first phase of production, bitcoin production base is being constructed by us. 0.0059 bitcoin produced through this site. Naib said it was worth $260.
China Bans Crypto
While China has recently banned bitcoin trading from production to production and China has moved away from the wholesale cryptocurrency market, many countries, such as El Salvador, Indonesia, Thailand and the United States, are exploring how to regulate crypto trading.
The value of bitcoin
In trading today, the value of one bitcoin is down 0.46% to $47,698.70. Needless to say, El Salvador’s announcement did not appeal to the large-scale crypto market.
Other major crypto value
Rival is trading at $3,348.55, ripple at $1.03, cardano at $2.18, peas at $30.88, star at $0.3026, the tozcoin at $0.214, the chain link at $26.43 and the uniswap at $25.13.
Young investors
The vast majority of those who invest in these virtual currencies and tokens are young and new investors. They can be easily attracted to influencers and celebrities on social media. They would therefore only use it as a last resort to invest in cryptocurrencies.
Crypto Market
The UK announcement boosted investment in the crypto market as it pointed internet users to the social networking site and provided additional security for investors. Today’s rise is seen as an expression of this.
