Bitcoin Price Bloodbath: Is El Salvador A “Sell The News” Event?

Today is one of the biggest days in the history of Bitcoin, with one of the most fundamentally bullish moments unfolding: the cryptocurrency has officially become legal tender in El Salvador. But Bitcoin price isn’t responding as expected. Instead, the market has responded with an absolute bloodbath and $10,000 drop per coin. Could this mean that Bitcoin’s big deal was merely a “buy the rumor, sell the news” event? Or despite the selloff will this moment have a lasting impact? Bitcoin Price Sheds Nearly 20% In El Salvador Bloodbath Bitcoin price is down more than 19% intraday on a day that was supposed to be its time to shine. The leading cryptocurrency by market cap before it becomes a teenager has become legal tender in the country of El Salvador. The country itself has purchased 400 BTC to distribute to adults who use the government-run Chivo app. Other nations and individuals are buying BTC in support today of the milestone moment in the history of crypto. Related Reading | How Bitcoin Bulls Can Make September A Month To Remember Having risen from virtually worthless, being bootstrapped via the dark web, to now becoming legal tender of a nation is nothing short of incredible. There is no denying the potential implications of this move and its dramatic impact on cryptocurrency adoption and acceptance worldwide. Yet for some reason, Bitcoin price isn’t responding with the bullish momentum i...