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    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

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    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

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    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

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    Stitch Teams Up with Standard Bank’s Shyft for Instant Wallet Top-Ups in South Africa

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    Kenya Takes Action Against TikTok Following Child Exploitation Exposé

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    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    Kenyan Tourism Venture Studio Purple Elephant Ventures Increases Seed Round to $5 Million

    Kenyan Tourism Venture Studio Purple Elephant Ventures Increases Seed Round to $5 Million

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    GIIG Partners with SparkRockets to Launch AI-Powered Startup Validation Tool

    GIIG Partners with SparkRockets to Launch AI-Powered Startup Validation Tool

    Tanzania’s Kilimo BaNDO Revolutionizes Agriculture for Smallholder Farmers

    Tanzania’s Kilimo BaNDO Revolutionizes Agriculture for Smallholder Farmers

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

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    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

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    iPhone 16 Sales Surge 20% in China, Signaling a Strong Comeback

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    Grid Africa Secures $2.8 Million for Renewable Energy Initiatives in South Africa

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    Millennials and Gen Z Show Shorter Tenures Despite Clear Career Paths, New Report Shows

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    One Direction Star Liam Payne Dies after Hotel Balcony Fall

    It’s important to set boundaries in entertainment industry – Reminisce

    It’s important to set boundaries in entertainment industry – Reminisce

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Bitcoin Dips By 18%, El Salvador Makes Crypto Legal Tender

by Eucharia Egwuma
September 8, 2021
in Startups
Reading Time: 2 mins read
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Bitcoin hits all-time high rising above $20,000
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Crypto markets experienced a momentary tumble on Tuesday that resulted in some of the most popular digital-assets registering double-digit losses, until staging a mini recovery.

MarketWatch reported that at last check, Bitcoin was changing hands $46,964.65, down 9.1 per cent but had sunk to an intra-session 24-hour nadir at $42,921.27 on CoinDesk.

Ethereum, the number-two largest crypto by market value, was down 12 per cent at $3,461.97, but had hit a low at $3,036.30.

Strategists said there was no immediate catalysts for the sudden drop and its recovery, but investors also noted that Coinbase Global Inc., the U.S.’s largest crypto exchange, reported trading problems due to volume on its platform.

As of 1:40 p.m. Eastern Time, Coinbase reported that its technical problems had been resolved.

The turmoil in digital assets comes as El Salvador officially became the first country in the world to adopt Bitcoin as legal tender, allowing Salvadorans to do everything from buy goods and services to paying taxes. Fawad Razaqzada, market analyst at ThinkMarkets.com, reportedly said that the recovery in crypto coincided with a tweet from Salvadoran leader Nayib Bukele, who vowed to buy the decline in Bitcoin.

Razaqzada said Bitcoin’s struggle to stay above a price at $50,000, which some technical analysts view as a point of resistance, may provide some fodder for crypto skeptics and raise concern among digital-asset enthusiasts.

“Whether this will ignite fresh momentum buying remains to be seen. Bitcoin repeated failure to hold above $50,000 must be concerning some bullish investors,” the ThinkMarkets analyst was quoted as saying.

Stocks also were under some pressure on Tuesday, with the Dow Jones Industrial Average and the S&P 500 index trading lower, in the first trading session after the Labor Day holiday in the United States.

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