Bitcoin disappearing from El Salvadorian wallets, but BTC finds $51k levels again

El Salvadorians are complaining of security flaws in the government's Chivo wallet. Image from freepik.
El Salvadorians are complaining of security flaws in the government’s Chivo wallet. Image from freepik.

Key Takeaways:

  • Several El Salvadorian citizens have taken to Twitter to complain about losing their Bitcoins from their Chivo wallets.
  • Meanwhile, BTC prices are trading near $50,000.

NEW DELHI (CoinChapter.com) — As Bitcoin prices struggle to recover from their recent downtrend, El Salvador, the first country to adopt BTC as legal tender, faces a different kind of crisis.

A Twitter user with the pseudonym El Comisionado (The Commissioner) shared a Twitter thread of posts in which several Salvadorian citizens complained of Bitcoins disappearing from their Chivo wallets. The complaints reported losses to the tune of thousands.

The thread started on Dec 16, with The Commissioner sharing images of several tweets complaining about the mysterious disappearance of BTC from their wallets.

Another Twitter user shared that the government has made no comments despite repeated efforts to reach them. “No tech support and only useless calls. Where is my money?” he asked. Chivo is a cryptocurrency wallet that the El Salvador government controls.

Also Read: PlanB’s Bitcoin S2F model risks becoming “meme” over failed $135K BTC target.

There has been no official response from the government.

Interestingly, technical glitches in the Chivo wallet marred the launch of Bitcoin as a legal tender in the Central American nation. The resulting FUD caused Bitcoin prices to crash on Sept 7.

Furthermore, President Nayib Bukele’s move to adopt Bitcoin as a legal tender faced much resistance from Salvadorans. The protests centered around Bitcoin’s inherent volatility. As such, El Salvador’s citizens felt that Bitcoin was an unreliable investment option.

Meanwhile, Bitcoin Prices

Went above the $51,000 price level. However, the price action seems weak for BTC, with the 50-day and 100-day MA lines forming a resistance wall at $55,000. Immediate resistance for the token is near $53,000, but only if bulls manage to close the day above $51,000.

If buying sentiment remains strong, a move above immediate resistance could hint at the possibility of an uptrend. However, a move below from current level would negate the chances of an uptrend. BTC has immediate support near $50,000.

BTCUSD on the daily charts with RSI. Source: Tradingview.com
BTCUSD on the daily charts with RSI. Source: Tradingview.com

Further support for BTC comes from its 200-day MA line near the $47,600 price level.

The relative strength index for Bitcoin is currently neutral, clocking 51.72 on the daily charts. RSI trendline for BTC has been moving laterally for the past few days. Meanwhile, trend-based momentum oscillator MACD is bullish for BTC. The momentum reversed in favor of bulls on Dec 19, after nearly two months of negative bars on the MACD histogram.

Related: Bitcoin holds above $50K as greenback rises against global currencies.

The histogram plots the difference between the MACD line (difference between 12-day and 26-day EMA) and the MACD signal line (9-day EMA of MACD). However, the length of the bars is nearly flattening, indicating the momentum for BTC might be weakening.

BTCUSD on the daily charts with RSI. Source: Tradingview.com
BTCUSD on the daily charts with RSI. Source: Tradingview.com

At the time of writing, BTC was trading at $50,529, down 0.12% on the day.

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Bitcoin, Bitcoin disappearing from El Salvadorian wallets, but BTC finds $51k levels again

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