Major crypto currency Bitcoin plunged over 18% from its high on Tuesday night with the blame being put at El Salvador’s door after it ran into hurdles with its adoption of Bitcoin – the Central American nation is the 1st country to officially adopt Bitcoin. Apparently the plunge was caused by El Salvador’s government being forced to temporarily unplug a digital wallet to cope with demand.
We’re not convinced the story makes total sense because if demand was the issue the recovery would have been far more aggressive, MM is leaning towards too many traders being caught long after the cryptos 60% rally since early August – the risk / reward under $US45,000 looks appealing for aggressive traders / punters but as this weeks move has shown the crypto space is not for the faint hearted.
MM is neutral to bullish Bitcoin ~$US45,000
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