Bitcoin has seen a big drop in its price in recent hours, which has worried investors around the world.
See also: Bitcoin: Subjected to the most important test because of El Salvador
The fall of Bitcoin seems to be directly related to the implementation of a new law by El Salvador, which makes the cryptocurrency legal tender for transactions.
The price fell from over $ 52,500 to under $ 44,000 on Tuesday, according to CoinMarketCap.
It has since recovered slightly and is trading just above $ 45,000 at the time of writing.
Several other leading cryptocurrencies also suffered large losses, including ethereum (ether), cardano (ada) and binance currency.
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"Horrible damage to the chart affects BTC and the rest of the cryptocurrency market", tweeted the crypto-trading analyst and author Glen Goodman.
"Bitcoin just retreated clearly from the previous resistance line. Is this a repeat of that line or the beginning of something much worse?"
The big drop seen in prices has wiped hundreds of billions from the total market, which was worth over $2.35 trillion at the beginning of the day.
The leading cryptocurrency exchange Coinbase also faced problems as people rushed to their portfolios to either cash out or buy due to the fall.
Coinbase suffered a shutdown amid the huge crash in the value of cryptocurrency.
See also: Coinbase: prevented Twitter hackers from stealing another $ 280,000
The company said on Twitter afterwards that it was aware of the issues that had arisen and that it had begun investigating the situation.
“We are aware that transactions are currently delayed or cancelled at high rates and our applications may experience errors", he said. "Our team is investigating the issue and we will update you here as soon as we know more.”
The problem arose as Coinbase took its place as a public company after becoming the first cryptocurrency company to have an IPO. That was completed in April, with its price falling from the initial listing, but it has since gained back, though it fell nearly 4 % on Tuesday.
