Bitcoin Bounces Back Slightly as El Salvador's Crypto Community Celebrates
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Bitcoin Bounces Back Slightly as El Salvador's Crypto Community Celebrates

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As of Wednesday morning, BTC was trading at about $46,000 — a substantial improvement from the lows of $43,285 seen yesterday.

Bitcoin Bounces Back Slightly as El Salvador's Crypto Community Celebrates

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Bitcoin has bounced back slightly after Tuesday’s bruising trading session — with precipitous falls coming on the day that El Salvador embraced the cryptocurrency as legal tender.

As of Wednesday morning, BTC was trading at about $46,000 — a substantial improvement from the lows of $43,285 seen yesterday.

El Salvador’s official crypto wallet had a bumpy start to proceedings. But on Twitter, footage showed consumers using the Chivo app to make purchases in Pizza Hut, Starbucks and McDonald’s.

Businesses in the country have been warned that they must offer BTC as a payment method, and that they could face consequences if they don’t.

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A Celebratory Atmosphere 

At Bitcoin Beach in the Salvadoran town of El Zonte last night, there were scenes of celebration as the community reflected on becoming the first country in the world to adopt Bitcoin.

In a conversation on Twitter Spaces, local crypto enthusiasts told CoinMarketCap of their hopes that Bitcoin will reduce remittance fees. They also pointed out that, when the colón was replaced by the U.S. dollar in 2001, consumers ended up paying more for everyday items.

Some also claimed that the true extent of protests on the streets of the capital had been exaggerated, describing them as “fake news.” That’s despite footage that has showed hundreds, if not thousands, rallying against Bitcoin in recent days.

When it comes to the dramatic fall we’ve seen in Bitcoin’s price, some analysts believe the peak-to-trough fall of 18.6% may have been a case of buy the rumor, sell the fact.

Speaking to Reuters, Apollo Capital’s chief investment officer Henrik Andersson drew parallels to Bitcoin’s movements ahead of Coinbase making its stock market debut.

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