El Salvador has bought the bitcoin dip. Amid a heavy crypto market sell-off, the Salvadoran president announced that his country has purchased 500 more bitcoins. Since El Salvador adopted the cryptocurrency as legal tender, the Salvadoran government has purchased 2,301 bitcoins altogether.
Amid a crypto massacre, El Salvador has bought the dip. The Salvadoran president, Nayib Bukele, declared Monday on Twitter that his country has purchased 500 additional bitcoins. “El Salvador simply bought the dip! five hundred coins at a mean USD worth of ~$30,744,” he wrote.
His tweet came because the crypto market lost billions, and also the worth of bitcoin fell over 50% from its all-time high.
At the time of writing, BTC is trading at $31,607. it absolutely was down 8.5% within the last 24 hours, 18.1% within the past seven days, and 25.4% within the last 30 days.
El Salvador became the primary country to form bitcoin tender aboard the U.S. dollar in September last year.
Since then, the corporate has been getting bitcoin periodically. when an initial purchase of 700 bitcoins, the country bought 420 BTC in Oct, one hundred BTC in November, 171 BTC in December, and 410 BTC in January. With Monday’s purchase, the overall range of BTC purchased by Republic of El Salvador has adult to 2,301 bitcoins.
According to one estimate, El Salvador’s total bitcoin holdings have lost over $30 million in worth. notwithstanding, President Bukele continues to be optimistic concerning bitcoin, expecting the value of BTC can reach $100K this year.
El Salvador additionally plans to issue bitcoin bonds however the launch date has not been set. Alejandro Zelaya, El Salvador’s treasury minister, explained that the market conditions and also the Russia-Ukraine war have affected the bond supply. “We are looking forward to the proper moment and also the president says once … It depends on however the market is,” he noted.
( Kevin Helms, Bitcoin.com, 2022 )