Crypto losses near $700b as Bitcoin tumbles

El Salvador has become the first country in the world to make Bitcoin legal tender, despite surveys showing widespread scepticism about the move. The government has invested more than $20 million in the cryptocurrency in recent days, saying it will open up access to banking for many Salvadorans. Bitcoin will be accepted for payments in parallel with the US dollar. Also today, millions of Americans have lost their unemployment benefits as several pandemic-era welfare programmes have expired.

The value of Bitcoin has plunged by more than 10 percent after El Salvador on Tuesday became the first country in the world to accept the cryptocurrency as legal tender. The launch was marred by protests and technical difficulties with the digital wallet app, which had to be taken offline for several hours. Also today, we report on tourism businesses in the southwest of France that have benefitted from the recent spell of good weather, which has prolonged their summer season.

On 7 September 2021, El Salvador became the first country to embrace bitcoin as legal tender. Consumer demand saw its brand-new cyber wallet system crash on its first day of use as the currency's value seesawed against the US dollar. While thousands of Salvadorans are already using the cryptocurrency for everyday transactions, hundreds have taken to the streets to protest with concerns about the safety and legitimacy of the cyber currency.

Thousands of Salvadorans march in San Salvador against the use of bitcoin in the economy and against a decree that ordered the dismissal of a third of the nation’s judges.

In the quiet Texas town of Rockdale, North America's largest bitcoin mine is part of an already bustling US business now boosted by Beijing's intensified crypto crackdown that has pushed the industry west.

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The price of Bitcoin dipped in early trading on Wednesday, after the US Justice Department announced it had arrested two people and seized Bitcoin worth $3.6 billion that was stolen from the exchange Bitfinex in 2016. The investigation is being closely watched by players in the cryptocurrency sector as to how investigators are tracking criminal activity involving the tokens. Also today, we report on protests in Argentina against the latest agreement with the International Monetary Fund.

Find these stories and much more when you grab a copy of The Guardian on Friday.⁣

Find these stories and much more when you grab a copy of The Guardian on Tuesday.⁣

In September 2021, El Salvador became the first nation in the world to make bitcoin its official currency, along with the US dollar. The experiment in the small Central American country was considered groundbreaking by some and too risky by others. Seven months on, our regional correspondents take a look at how it has changed the lives of Salvadorians, for better or for worse.

Central African Republic and El Salvador have made Bitcoin legal tender and Panama has approved a bill to regulate crypto assets. Experts have warned that nations that adopt crypto currencies risk instability.

The value of the world's biggest cryptocurrencies have been sliding in line with global markets, in particular the tech-heavy Nasdaq.