Bitcoin has been making headlines this week after its price plummeted dramatically, losing almost 10% of its value. Other cryptocurrencies, such as Ethereum, Cardano, Ether, and others, experienced even greater declines. Overall, the market has fallen by 9.8%. The drop was triggered by a decline in US stocks following a widespread sell-off caused by the Chinese company Evergrande Group. However, the crisis spread to global markets. Analysts are warning of a turbulent week with a potential pullback of up to US$41,000. Other signs suggest this could be a respite for the currency, as traders cash out their riskier assets to cover margin calls and remain on the sidelines until users feel confident. El Salvador officially adopted Bitcoin as its legal tender on June 8, 2021. As the currency collapse began, President Nayib Bukele started calling for cryptocurrency support in the country. In addition to holding bitcoins, he tweeted that the drop could be good news. “We just bought the dip. 150 new coins! El Salvador now has 700 coins,” Nayib Bukele posted. Meanwhile, yesterday, Friday, the mega real estate developer, Evergrande Group, saw its shares fall 11.61% on the Hong Kong stock exchange. Furthermore, the People\'s Bank of China banned all cryptocurrency-related activities, deeming them a risk to national stability.