Cryptocurrency was trading down early Tuesday morning as all of the major currencies are down in the last 24 hours, Coindesk reported.At 5:30 a.m., Bitcoin was trading at $32,827, down 9.72% in that time period.
In addition, Ethereum, XRP and Cardano are down around 10%. Dogecoin, Coindesk reported, is down nearly 12%.
EL SALVADOR WILL BE FIRST COUNTRY TO ADOPT BITCOIN AS LEGAL TENDER
Nearly one month ago, on May 9, Bitcoin was trading at $59,356, but the cryptocurrency has made a steady decline since that day.
On Saturday, El Salvador President Nayib Bukele announced plans to introduce legislation that will make his country the world’s first to adopt Bitcoin as legal tender along with the U.S. dollar.
Cryptocurrency was trading down early Tuesday morning as all of the major currencies are down in the last 24 hours, Coindesk reported.
Bukele made the Saturday announcement in a video shown at Bitcoin 2021, a multiday conference in Miami that was marketed as the biggest Bitcoin event in history.
"Next week I will send to Congress a bill that will make Bitcoin a legal tender in El Salvador," Bukele said. "In the short term this will generate jobs and help provide financial inclusion to thousands outside the formal economy and in the medium and long term we hope that this small decision can help us push humanity at least a tiny bit into the right direction."
Trump said Bitcoin seems like a "scam" and the euphoria surrounding the world's largest cryptocurrency is watering down the U.S. dollar.
"The currency of this world should be the dollar. And I don't think we should have all of the Bitcoins of the world out there. I think they should regulate them very, very high," Trump told Varney, adding, "It takes the edge off of the dollar and the importance of the dollar."