When Bitcoin's market cap approached $1 trillion, both governor Stefan Ingves of Riksbank (Central Bank) Sweden and governor Alejandro Diaz of Bank of Mexico criticized the currency as a stable medium of exchange, citing its significant trading volatility. El Salvador's historic adoption of bitcoin as legal tender on Tuesday was beset by teething problems, as an angry protest by mistrustful citizens, technological glitches and a dip in the cryptocurrency clouded the rollout. More than 1,000 people held a protest in San Salvador on Tuesday against the adoption of bitcoin, burning a tire and setting off fireworks in front of the Supreme Court.
Some Analysts are still positive about the crypto market in general, saying that the overall market cap of cryptocurrencies has nearly doubled since their nadir in May and is long due for a pullback. Even though blockchain innovations, such as the decentralized finance space, are rapidly gaining traction and may grow to as much as $800 billion next year, it can take quite some time for the market to take off again. Meanwhile, some government agencies such as the Swiss central bank, warned that Bitcoin could eventually collapse.
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