Bitcoin Milestone Block 700,000 Mined Amid Week of Turmoil Following El Salvador Launch Crash

Bitcoin reached a significant milestone on September 10, 2021, as block 700,000 was mined at 09:14:32 UTC — but the celebration was overshadowed by one of the wildest weeks in recent memory. Just days earlier, Bitcoin had plunged from $52,000 to under $43,000 in a dramatic flash crash that coincided with El Salvador’s historic adoption of BTC as legal tender.

TL;DR

• Bitcoin block 700,000 was mined on September 10, 2021 at 09:14:32 UTC
• BTC crashed nearly 20% on September 7 — the same day El Salvador adopted it as legal tender
• El Salvador’s Chivo digital wallet suffered major outages at launch
• Over 1,000 protesters took to the streets of San Salvador opposing the Bitcoin Law
• Bitcoin’s price recovered to approximately $44,884 by September 10

Block 700,000: A Milestone in Mining History

The mining of Bitcoin’s 700,000th block represented roughly one-third of the total supply schedule, with 18.8 million BTC in circulation. The block was a testament to the network’s continued growth and the immense hashing power securing the blockchain. Coming less than two years after block 600,000, the accelerating block production highlighted the competitive nature of modern Bitcoin mining.

The El Salvador Experiment Goes Sideways

On September 7, 2021, El Salvador became the first nation in history to adopt Bitcoin as legal tender alongside the US dollar. President Nayib Bukele’s ambitious gamble, however, got off to a rocky start. The government-backed digital wallet, known as Chivo, was not available on Apple or Huawei app stores at launch, and servers had to be taken offline after they couldn’t handle the volume of user registrations.

But the bigger problem was Bitcoin’s price action. The cryptocurrency crashed from approximately $52,000 to under $43,000 at one point — a drop of nearly 20%. Opposition politician Johnny Wright Sol told the BBC the fall caused one of Latin America’s poorest countries to lose roughly $3 million. “It was a very bad day for President Bukele, his government, and his Bitcoin experiment,” he said.

Protests and Promise

More than 1,000 protesters gathered outside El Salvador’s Supreme Court, setting off fireworks and burning tyres in opposition to the mandatory acceptance of Bitcoin. Critics argued the law was rushed through parliament in just five hours with minimal debate and that most Salvadorans knew little about cryptocurrencies.

The government had offered each citizen $30 worth of Bitcoin to encourage adoption and estimated BTC could save $400 million annually in remittance transaction fees. However, using World Bank and government data, the BBC calculated the actual savings figure to be closer to $170 million.

Exchanges Buckle Under Pressure

The September 7 flash crash wasn’t just painful for El Salvador. Major US cryptocurrency exchanges experienced significant outages as Bitcoin’s price plummeted. The combination of extreme volatility and surging trading volume overwhelmed platform infrastructure, leaving many users unable to execute trades during the most volatile moments of the crash.

Market Recovery and Weekly Performance

Despite the chaos, Bitcoin managed a partial recovery. According to Digital Asset Research, BTC closed the week at approximately $46,587, down 5.56% over the seven-day period. Ethereum fared worse, closing around $3,465, down 8.41% for the week. The total cryptocurrency market capitalization hovered slightly above $2.1 trillion.

Robinhood also made headlines during the week, adding recurring daily crypto purchases starting at just $1 — a move aimed at lowering barriers for retail investors looking to dollar-cost average into digital assets.

Why This Matters

Block 700,000 is more than a number — it’s proof that Bitcoin’s network continues to function reliably through bull runs, crashes, and geopolitical experiments alike. The El Salvador situation, despite its chaotic rollout, demonstrated that sovereign adoption of Bitcoin is no longer theoretical. Whether the experiment succeeds or fails, it has set a precedent that other nations are watching closely. For investors, the week’s volatility served as a reminder that Bitcoin at $44,884 can swing 20% in a single day — and that regulatory and political events are becoming inseparable from price action.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always conduct your own research before making investment decisions.