El Salvador has purchased the bitcoin price drop. The Salvadoran president declared that his country has purchased 500 additional bitcoins amid a severe crypto market sell-off. The Salvadoran government has purchased 2,301 bitcoin since the cryptocurrency was made legal tender in El Salvador.
El Salvador has purchased the dip amid a bitcoin catastrophe. Nayib Bukele, the president of El Salvador, declared on Twitter on Monday that his country had purchased 500 additional bitcoins. “El Salvador just bought the dip!” He wrote, “500 coins at an average USD price of $30,744.”
His remark came as the crypto market lost billions of dollars and bitcoin’s price plummeted by more than half from its all-time high.
BTC is now trading at $31,607 at the time of writing. It had dropped 8.5% in the previous 24 hours, 18.1% in the previous 7 days, and 25.4% in the previous 30 days.
In September of last year, El Salvador became the first country to make bitcoin legal tender alongside the US dollar.
Since then, the corporation has made occasional bitcoin purchases. The country purchased 420 bitcoins in October, 100 bitcoins in November, 171 bitcoins in December, and 410 bitcoins in January after initially purchasing 700 bitcoins. El Salvador has now purchased 2,301 bitcoins, bringing the total amount of bitcoins purchased by the country to 2,301.
El Salvador’s total bitcoin holdings, according to one estimate, have lost more than $30 million in value. Despite this, President Bukele remains enthusiastic about bitcoin, predicting that the price would reach $100,000 this year.