Bitcoin Tumbles Most Since May and El Salvador Buys the Dip

The sell-off triggered liquidations of billions of dollars of trading positions due to margin calls, across both centralized and decentralized exchanges. According to the website Bybt, about $3 billion of liquidations were recorded in the past four hours.One perspective is that the correction might help to reset cryptocurrency markets, with excessively leveraged trading positions getting shaken out.“This was a healthy event today,” Collins said.All major cryptocurrencies were in the red.Ether, the native cryptocurrency of the Ethereum blockchain, tumbled 20% to $3,138, while Cardano’s ADA token lost 23%. Uniswap’s UNI token fell 27% and XRP was down 28%.El Salvadorian President Nayib Bukele, whose push to adopt bitcoin as legal tender took effect this week, tweeted that he was “buying the dip” with “150 new coins added.“