Seeking Alpha
2021-09-08 08:21:23

Bitcoin, other cryptos stabilize after downdraft on a sell-the-news El Salvador reaction

Cryptocurrencies and related stocks are facing less volatility this morning following Tuesday's plunge, which came as Bitcoin became legal tender in El Salvador. Bitcoin (BTC-USD) is trading around $45K, having fallen as much as 17% to below $43K yesterday. Ethereum (ETH-USD) is trading around $3,300 after falling below $3,000 yesterday, while Dogecoin (DOGE-USD) is at 24 cents, having held above 21 cents during the selloff. Bitcoin mining stocks such as Riot Blockchain (NASDAQ:RIOT), Bit Digital (NASDAQ:BTBT) and Marathon Digital (NASDAQ:MARA) are up slightly in premarket trading. Coinbase (NASDAQ:COIN) is also higher, while Grayscale Bitcoin Trust (NYSEARCA:BTC) is flat. El Salvador's rollout was not without its glitches, with the country's digital wallet having to come offline for fixes. But social media also highlighted positive stories, such as one user tweeting about successfully paying for breakfast at McDonald's with Bitcoin (BTC-USD). El Salvador President Nayib Bukele also took to Twitter to provide

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