In the midst of a tragic cryptocurrency market crash, El Salvador President Nayib Bukele announced the country’s largest purchase so far of Bitcoin. He made the announcement on Monday in a tweet that said, “El Salvador just bought the dip! 500 coins at an average price of $30,744.”
El Salvador continues to buy the dip
The first country to adopt Bitcoin as legal tender, El Salvador’s total holdings was estimated to be at least 1,801 Bitcoin as of January this year, according to Bloomberg. The latest addition, valued at $15,372,000, takes the country’s Bitcoin count to over 2,300, valued at around $71.3 million considering the current Bitcoin price at $31,000. The new purchase is the largest ever purchase of Bitcoin by the country, which had earlier bought 420 Bitcoin at once.
Amid widespread negative sentiment, the bloodbath in crypto market served as the perfect opportunity for El Salvador to buy the cryptocurrency at a cheaper rate.
Advantage El Salvador
Despite criticism from the International Monetary Fund over risks related to making Bitcoin as legal tender, the Central American country had on several occasions acquired Bitcoin, taking advantage of the price drop. On December 7, 2021, the Salvadorian president announced the purchase of 150 coins at an average price of $48,670. The country also acquired 100 Bitcoin a week prior to this, on the occasion of Black Friday.
To mark the 21st day of the last month of the 21st year of the 21st century, Nayib Bukele announced the purchase another 21 bitcoins. As of writing, the Bitcoin price was trading at $31,254, nearly 9% down in the last 24 hours. The price drop comes with a $3,082 slump in the last 24 hours from a high of $34,461.
- Is Do Kwon’s Terra Recovery Plan Part Of A “Kill Switch” Protocol?
- This Top-50 Crypto Jumped 28% This Week Despite A Market Crash
- Goldman Sachs: Crypto Drawdown Will Have Little Impact on U.S. Economy
- Just-In: Ethereum Merge Most Likely In August, Says Vitalik Buterin
- Beware, Bitcoin Jumping Back Above $30,000 Could Be A Dead Cat Bounce, Here’s why
- Terra Ecosystem Announces Some Key Amendments to Its Revival Plan
- Breaking: Stablecoin Tether ($USDT) Reveals Reserves Fully Backed In New Report
- LUNA Crash: Blockchain Firm Losses $3.5 Billion As Terra (LUNA) Crumbles
- SWIFT Plans To Interlink All CBDCs, Here’s Why
- Breaking: Ripple (XRP) Throws In $100 Million To Cut Down Carbon Emission
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
