Crypto exchanges struggle as El Salvador adopts Bitcoin

Crypto exchanges struggle as El Salvador adopts Bitcoin


Illustration by Alex Castro / The Verge

Today, Bitcoin is becoming an official currency in El Salvador, and the markets and crypto exchanges seem to be struggling. On Tuesday morning, the price of Bitcoin plunged from around $50,000 down to under $43,000 according to Coinbase — it seems that the country’s official Bitcoin app also hasn’t been able to keep up.

CNBC reports that El Salvador’s official crypto app, Chivo, was unavailable for new users to install on Tuesday morning. The country’s president, Nayib Bukele, has since announced that the app would be reopening for signups, though he did call the new uptime a “test.”

Major exchanges like Coinbase and Kraken have also reported having issues with payments or transactions not going through or being delayed. Not everyone is…

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