Bitcoin (BTC-USD) was trading more than 10% lower on Tuesday, following the news, according to which El Salvador becomes the first country to adopt the cryptocurrency as an official currency, with the Chivo digital wallet becoming available on the Apple and Huawei app stores, after President Nayib Bukele promised $30 of bitcoin for each user who signs up.

According to Bukele, the usage of bitcoin will help citizens save $400 million a year on commissions for remittances, while providing people with no bank account access to financial services.

This huge sell-off in Bitcoin was followed by yesterday’s surge in prices, with bitcoin crossing the mark of $52,000, the first time since May 2021.

Coinbase and other major crypto exchanges such as Kraken and Gemini experienced delays and issues with the performance today morning, but the problems were resolved by afternoon.