Bitcoin fell 9% in one hour and raised R $ 14.9 billion in the market.

price Bitcoin (BTC) recorded a sharp drop in less than an hour. According to CoinMarketCap, the price has dropped more than 9%, from $ 50,000 to about $ 43,000. The fall took the market by surprise, estimates show.

The fall was so significant that about R $ 14.9 billion was liquidated in less than one year. Some of this drop has been offset and the price is now around $ 47,000. However, the results are still negative, creating a strong bearish candlestick on the chart.

The largest of these calculations took place on the Huobi exchange and caught one trader. The deal resulted in an individual loss of US $ 43.7 million, or R $ 226 million at the current price.

Among the largest cryptocurrencies market, only Solana (SOL) did not record losses. The rest, however, registered double-digit devaluation. As a result, the market as a whole lost about $ 200 billion in market value. At the time of this writing, XRP (17.84%) and Polkadot (15.96%) have had the biggest drops.

Bitcoin’s day ended in failure

The plunge not only caught the market by surprise, but also seemingly chilled the mood with Bitcoin Day. On Tuesday (7), BTC began to act as legal tender in El Salvador and this fact has had a huge impact on social media.

As reported Light cryptusers from all over the world have banded together to buy BTC 160 in BTC to show their support for this decision. At first, they feared that such an attitude could cause artificially high prices due to manipulation. In the end, exactly the opposite happened, the market recorded a rapid decline.

It is still unclear what prompted the market to take such a sharp turn, although there are speculations about massive sales from large investors. Others used the buy-by-rumor, sell-by-fact principle, meaning that when Ley Bitcoin actually acted, investors reduced their positions in BTC.

Even if this is true, at least one big whale took advantage of the fall to buy more BTC: the government of El Salvador. Yes, President Naib Bukele announced that the country bought another 150 BTC during the economic downturn. Now the national reserves of the country have accumulated 550 BTC.

In another tweet, Bukele “thanked” the International Monetary Fund (IMF) for the depreciation BTC… The organization criticized El Salvador for accepting BTC as its official currency, but it is still unclear if the fall in the market is related to the IMF.

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Read also: New Brand: El Salvador acquires 400 bitcoins and becomes the first country to buy cryptocurrency.