After a flash crash, last Tuesday as El Salvador officially made Bitcoin legal tender, the leading cryptoasset has steadied around $45K.
What was expected to be a historic day of celebration became one of the most volatile days of the year. The party was cut short by technical problems, and Bitcoin dropped by $10K in a matter of hours. It then clawed back losses over the next few days as Panama revealed its own Bitcoin legislation and Ukraine moved ahead with legalization.
Only a few altcoins had the strength to swim against the bearish tide: Tezos pushed 30% higher on the launch of an NFT collection from American rapper Doja Cat, and Algorand added an astonishing 60% on the back of a new DeFi fund.
This Week’s Highlights
Algorand adds 60% in defiance of market downturn Cardano falls on smart contract debut Algorand adds 60% in defiance of market downturn
As the crypto market turned red, Algorand