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El Salvador Buys Another 500 Bitcoin Amid Market Drop

El Salvador Buys Another 500 Bitcoin Amid Market Drop, Crypto Trading News
El Salvador President Nayib Bukele has another amid the current turmoil in the crypto market Bitcoin-Purchase announced.

  • Via Twitter, Bukele claimed to have bought exactly 500 bitcoins on Monday for an average of $30,744 each.
  • The president, who has admitted to making bitcoin purchases from his phone using the country’s money, described the purchase as “buying the dip.”
  • To date, Bitcoin has closed its 6th consecutive red weekly candle for the first time since 2014.
  • It has also reached its lowest price since July 2021, more than 50% below its all-time high.
  • Bitcoin broke as low as $31,000 today, erasing $300 million of open interest from crypto markets in an hour. At the time of writing, it is now trading even lower at $30,972.
  • However, Bukele was never one to fear the market. He has been known to buy more bitcoin when the price falls in order to collect as many as possible.
  • The International Monetary Fund has repeatedly urged the President to reverse El Salvador’s adoption of Bitcoin, citing this volatility. Bukele dismissed her at every turn.
  • El Salvador’s last major bitcoin purchase was in January when it secured 410 bitcoin for $15 million. For comparison, buying 500 coins today costs approximately $15.3 million.
  • This brings the estimated Bitcoin-stocks of the country to about 2301.

Source: Crypto News Deutsch

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