Major virtual assets are in a downward trend.
As of 12:58 PM on the 20th, based on Bithumb, Bitcoin (BTC) fell 3.16% from the previous day to 14,588,500 won. Ethereum (ETH) fell 5.56% to 5,125,000 won, Ripple (XRP) rose 0.34% to 3,492 won, BNB fell 2.51% to 1,011,000 won, and Solana (SOL) fell 4.25% to 294,800 won.
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The international market is also in a downward trend.
At the same time, on CoinMarketCap, BTC recorded $97,009.28, down 4.11% from the previous day. ETH fell 7.07% to $3,408.93, XRP fell 1.38% to $2.33, BNB fell 3.73% to $673.59, and SOL fell 6.03% to $196.27.
The total market capitalization of virtual assets decreased by 4% from the previous day to about $3.36 trillion (about 487.52 trillion won). The Crypto Fear and Greed Index of alternative.me, a virtual asset data company, fell 1 point from the previous day to 74 points, indicating 'greed'.
El Salvador, which has adopted BTC as legal tender, is restricted from public BTC-related activities as a condition for receiving a $1.4 billion loan from the International Monetary Fund (IMF).
According to The Block on the 19th (local time), El Salvador agreed on the 18th to reduce national-level BTC purchases and sell the state-run BTC wallet Chivo in exchange for a $1.4 billion loan from the IMF. As a result of this deal, Salvadoran citizens can no longer pay taxes in BTC. The acceptance of BTC by private companies also becomes optional.
The IMF said it "recognizes El Salvador's macroeconomic and structural challenges and will work to strengthen fiscal and external stability" and "will enhance the transparency, regulation and supervision of El Salvador's digital assets to protect investors and financial stability and integrity." In addition to the IMF, El Salvador is receiving financial support from the World Bank and the Inter-American Development Bank, totaling over $3.5 billion.
However, El Salvador has stated that it will continue to purchase BTC, regardless of the agreement with the IMF. Stacy Herbert, head of El Salvador's BTC office, said "El Salvador will continue to use BTC and the US dollar as legal tender."
Previously, in September 2021, Nayib Bukele, the President of El Salvador, became the first in the world to adopt BTC as legal tender to promote economic growth and financial inclusion. As of 9:07 AM on the 20th, according to Bitinfo Charts, El Salvador holds 5,980.76 BTC worth $58,177,635.
- Hae-yeon Kang, Reporter
- haeyeon41@rni.kr
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