Crypto Market’s Loss Turns El Salvador’s Gain, President Bukele Buys the Bitcoin (BTC) Dip Again

Saturday crypto market mayhem saw the valuation of top cryptocurrencies fall in double digits and the market cap fell by nearly 20%. Bitcoin (BTC) dropped to a 2-month low of $42.848 and its market cap fell below $1 trillion, Ethereum (ETH) also fell to a monthly low below $4,000.

The crypto market bloodbath today might have caused havoc for traders, but it turned out to be a perfect opportunity for El Salvador to buy another dip. President Nayib Bukele took to Twitter to announce that the small Central American nation has purchased 150 more BTC at an average price of $48,670 during the recent market crash.

El Salvador has made it a tradition to buy the Bitcoin Dips ever since it became the first country to make BTC a legal tender in September. The nation has made a series of 150 BTC purchases since September and President Bukele has nailed the market bottom on most occasions. However, he missed it by seven minutes this time as the BTC price fell to $42,874 briefly before recovering above $47,000.

El Salvador bought its first dip in September when BTC price was hovering under $40K, and many warned the President of market volatility and possible losses he will cause to the state treasury. However, President Bukele nailed the market bottom and nearly doubled the investment in October as BTC hit $69K. El Salvador is now using the Bitcoin profit to make schools and hospitals.

Crypto Market Sees Biggest Liquidation in 15 Months

The blood bath on Satoshi Street led to the biggest liquidation event in the crypto market since September 2020. Nearly a billion-dollar worth of liquidation happened over the past hour with Bitcoin leading the chart with nearly $650 million followed by Ether at $292 million.

The market crash came as a shock to many as market pundits have predicted a bullish final quarter with the likes of Plan B giving a $100,000 Bitcoin price target. October brought a lot of hopes with one of the biggest bullish months as BTC and several other altcoins hit new all-time highs. As December begins on one of the biggest bearish notes, the market sentiment has gone from “greed” to “fear.”