Bitcoin bruised after chaotic debut

TOKYO (Reuters) – FxPremiere.com Bitcoin licked its wounds on Wednesday, a day after its heaviest losses in 2-1/2 months as El Salvador’s historic adoption of the crypto asset as legal tender caused chaos online and on the street.

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“I think there was some anticipation building ahead of that event (El Salvador), similar to what we saw ahead of Coinbase (NASDAQ:COIN) listing on Nasdaq,” said Henrik Andersson, chief investment officer at Apollo Capital, a crypto asset fund in Melbourne, Australia.

As bitcoin wobbled, Salvadoran President Nayib Bukele said his government purchased an additional 150 bitcoins on Tuesday, worth around $7 million.

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“That has underscored the difficulty in trying to protect the value of bitcoin as its own currency,” said Nana Otsuki, chief economist at Monex Securities. “The buying didn’t seem to be effective in halting its fall.”

Amid the trading frenzy, major U.S. cryptocurrency exchanges Coinbase Global Inc, Kraken and Gemini struggled with delays in some transactions.

Bitcoin bruised after chaotic debut

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