El Salvador Buys the Dip: Purchased Another 150 BTC Worth $7.3 Million

El Salvador’s pro-bitcoin president updated earlier today that the country has reacted to the recent price crash by purchasing 150 more coins at an average price of just over $48,500.

  • It’s safe to say that El Salvador is the most bullish country on bitcoin as it legalized the primary cryptocurrency earlier this year.
  • Since then, the president – Nayib Bukele – and his administration have used every opportunity to take further advantage of the opportunities in the market, such as planning to utilize the BTC profits to build schools and a pet hospital.
  • Most recently, Bukele announced intentions to build a designated Bitcoin City and buy $500 million more worth of the asset through a special bond.
  • Earlier today, Bukele updated that the country has indeed started to accumulate more coins. This purchase of 150 coins came amid BTC’s price crash as the asset dropped below $50,000 for the first time in two months.
  • With an average price of $48,670, this means that El Salvador spent $7.3 million to purchase the 150 bitcoins.
  • It’s worth noting that bitcoin’s correction continued in the hours after president Bukele announced the latest purchase.
  • The cryptocurrency fell to its lowest price since late September of $42,000. Almost altcoins followed suit with massive double-digit price drops as over $600 billion were evaporated from the market cap at one point.
  • As of now, BTC has reclaimed some ground and stands close to $48,000, but it’s still 15% down on the day.

Featured Image Courtesy of ForeignPolicy

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to $1750.

.custom-author-info{ border-top:none; margin:0px; margin-bottom:25px; background: #f1f1f1; } .custom-author-info .author-title{ margin-top:0px; color:#3b3b3b; background:#fed319; padding:5px 15px; font-size: 20px; } .author-info .author-avatar { margin: 0px 25px 0px 15px; } .custom-author-info .author-avatar img{ border-radius: 50%; border: 2px solid #d0c9c9; padding: 3px; }

Leave a Reply

Your email address will not be published. Required fields are marked *