Bitcoin Crashes!: Crypto News Recap, Sept. 7

It's official! El Salvador has become the first country in the world to adopt Bitcoin as legal tender. There have been teething troubles. Chivo, the government's official crypto wallet, needed to be briefly disconnected because of server capacity issues. And while BTC hit $52,853.76 in early trading on Tuesday, a big bombshell was just around the corner.

Bitcoin fell 12% in the space of an hour on Tuesday — taking it as low as $43,285.21. This is one of the worst daily performances seen this year — casting a dark shadow over Bitcoin Day. El Salvador's president, Nayib Bukele, is attempting to put a brave face on the situation. He said the government is "buying the dip" by adding 150 BTC to its reserves. The latest.

Russia has come out to say that it won't be following El Salvador in embracing Bitcoin as legal tender. In the media, a number of outlets have struck a cautious tone. The Financial Times has described the country's move as a "dangerous gamble" and warned the experiment will not end well — adding that everyday consumers will be the ones who suffer. Here's our story.

The UK’s Financial Conduct Authority has criticized celebrities — including Kim Kardashian West — for promoting “untested” cryptocurrencies. The A-lister shared a post about Ethereum Max to her 250 million followers on Instagram. EMAX is 3,168th in CMC's rankings, and prices have fallen 97% since hitting an all-time high in May. Learn more.