Bitcoin plunged more than 10% in one hour, El Salvador bought at the bottom

Bitcoin fell as low as $43,050 in New York on Tuesday, plunging more than 17 percent within an hour to a one-month low. The Bloomberg Galaxy Cryptocurrency Index, which tracks some of the biggest cryptocurrencies, fell as much as 19%. According to Bybt, a cryptocurrency futures trading and information platform, more than 336,000 traders have cleared their positions in the past 24 hours, selling the equivalent of about $3.6 billion worth of bitcoin. The plan does not appear to be well received by the market.

Bitcoin has rallied nearly 75% since late July, and Tuesday marked the biggest sell-off since the rally started. Other cryptocurrencies that have rallied more recently fell more sharply, with Cardano down 15% and Dogecoin down nearly 20%, according to CoinMarketCap.com. But the resilient El Salvador took advantage of Tuesday's dip to buy another 150 bitcoins, bringing the total to 550 bitcoins.

With El Salvador becoming the first country to adopt bitcoin as legal tender, the cryptocurrency is going through its biggest test in its 12-year history. El Salvador's President Nayib Bukele said on Twitter that the e-wallet used for the cryptocurrency project has now been able to resume downloads after it was temporarily shut down due to a technical problem. The wallet, called Chivo, comes preloaded with $30 worth of bitcoin, which can be obtained after registering with an El Salvadoran ID number.