The President of El Salvador Lands in Trouble Over Eighteen Million Dollar Loss as Bitcoin Falls to $23,000

The president of El Salvador: Bukele, has been under the attack from critics, as Bitcoin falls deeper below $23,000. However, Bitcoin hasn’t fallen this far since last month of 2020.

This undesirable occurrence started at the beginning of Tokyo Trading period on Monday this week. Bitcoin became vulnerable after the publication of US inflation data; which was higher than anticipated. Nevertheless, the headlines which disclosed that Celsius: a cryptocurrency loaning platform, had stopped withdrawal because of liquidity alleged problems, caused the cryptocurrency market decline.

Since the 12^th of this month: June, Bitcoin has experienced 25% loss in value. However, there was a correction off the $20,800 price level on June 14^th, notwithstanding market feeling remains in abject anxiety.

Situations, Facts, and Figures Surrounding El Salvador Bitcoin Losses
That said, Bitcoin was seen trading at $22,900 on June 15^th. Consequently, this marks a one and a half year low for the crypto king.

Nevertheless, El Salvador minister described the risk which the nation was exposed to; due to Bitcoin price decline as small. People who had earlier criticized the authorization of Bitcoin as a legal tender in the nation, sized the chance rebuke the president; Bukele.

Furthermore, El Salvador possess 2,301 Bitcoin at the present, having a mean purchase price of $30,744. As a result, the nation has  floating losses of  about $17,980,000.

Consequently, people are worried that more fall in Bitcoin price, may affect citizens of the nation.

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