El Salvador Buys 500 Bitcoins Amid Crypto Bloodbath
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Loading... - James Hale
- 10 May 2022
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El Salvador Buys the Bitcoin Dip
Amid a crypto bloodbath, El Salvador has bought the dip. The Salvadoran president, Nayib Bukele, announced Monday on Twitter that his country has purchased 500 more bitcoins. “El Salvador just bought the dip! 500 coins at an average USD price of ~$30,744,” he wrote.
His tweet came as the crypto market lost billions, and the price of bitcoin fell more than 50% from its all-time high.
At the time of writing, BTC is trading at $31,607. It was down 8.5% in the last 24 hours, 18.1% in the past 7 days, and 25.4% in the last 30 days.
El Salvador became the first country to make bitcoin legal tender alongside the U.S. dollar in September last year.
Since then, the company has been purchasing bitcoin periodically. After an initial purchase of 700 bitcoins, the country bought 420 BTC in October, 100 BTC in November, 171 BTC in December, and 410 BTC in January. With Monday’s purchase, the total number of BTC purchased by El Salvador has grown to 2,301 bitcoins. Read More…
