Bitcoin took a sudden drop Tuesday after climbing past $52,000 Monday.
The back-and-forth price movement follows El Salvador President Nayib Bukele revealing Monday that the country has purchased 400 Bitcoins worth about $20.9 million in a series of tweets. El Salvador is the first country to legalize Bitcoin for use as a currency.
The price of Bitcoin last dipped below $30,000 in July, and had recently been buoyed above $50,000.
Bitcoin hit a high of more than $60,000 in April, and the latest movement highlights the cryptocurrency’s volatility in a time when more and more people are interested in getting in on the action. In the weeks since the most recent July low point, Bitcoin has risen steadily, with several daily highs above $50,000. Again, Bitcoin is very volatile, so these ups and downs are par for the course.