El Salvador’s troubled cryptocurrency rollout hits bitcoin

El Salvador’s crypto launch had a rocky start due to technical issues with its digital wallet that were later resolved.

Bitcoin nursed losses Wednesday after plunging amid El Salvador’s troubled rollout of the largest cryptocurrency as legal tender. The virtual coin was trading at about $47,100 as of 11 a.m. in Singapore, having slid as much as 17% a day earlier before paring some of the losses. The downdraft also swept across tokens such as Ether and Dogecoin, as well as the Bloomberg Galaxy Crypto Index. “Social media platforms were very cautious over the weekend that a plunge could occur following El Salvador’s big day,” Edward Moya, senior market analyst at Oanda Corp., wrote in a note. Some investors likely bought in anticipation of the nation implementing its Bitcoin law Sept. 7 and then moved to “sell the fact,” he said.