El Salvador Purchases 500 Bitcoins in the midst of the cryptocurrency bloodbath

May 10, 2022

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El Salvador Purchases 500 Bitcoins in the midst of the cryptocurrency bloodbath

El Salvador has purchased the bitcoin drop. During a crypto market sell-off, Salvadoran President Salvador Allende stated that his nation had acquired 500 additional bitcoins. Since El Salvador made cryptocurrencies legal tender, the Salvadoran government has acquired a total of 2,301 bitcoins.

El Salvador has bought the dip withinside the midst of a bitcoin massacre. On Monday, Salvadoran President Nayib Bukele found out on Twitter that his state had obtained 500 extra bitcoins. “El Salvador simply bought the dip!” “500 cash at a USD common rate of $30,744,” he wrote. His submission got here after the crypto marketplace misplaced billions of greenbacks because the rate of bitcoin dropped greater than 50% from its all-time high.

At the time of writing, BTC becomes worth $31,607. It had dropped 8.5 percent withinside the preceding 24 hours, 18.1 percent withinside the preceding 7 days, and 25.4 percentage withinside the preceding 30 days. In September of the remaining year, El Salvador has become the primary USA to make bitcoin prison cash along the American dollar.

Since then, the corporation has purchased bitcoin on a regular basis. Following an initial purchase of 700 bitcoins, the country purchased 420 bitcoins in October, 100 bitcoins in November, 171 bitcoins in December, and 410 bitcoins in January. With Monday’s transaction, El Salvador’s total BTC buy has increased to 2,301 bitcoins. El Salvador’s total bitcoin holdings, according to one estimate, have lost more than $30 million in value. Nonetheless, President Bukele remains optimistic about bitcoin, predicting that the price would reach $100,000 this year.

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