El Salvador Buys Dip After Bitcoin Price Sinks
El Salvador buys more bitcoin after the largest digital crypto-asset dropped off about 10%. Profit takings by retail investors have plunged Bitcoin price to about $49,000 in a seesaw crypto market movement.
Cryptoassets market capitalisation has also fallen to $2.3 trillion. However, the market appears to be in recovery mode from highly volatile weekend trades. El Salvador now has 1370 bitcoins after its new addition. Read Also: El Salvador Becomes First Country to Adopt Bitcoin
On Saturday, Bitcoin dropped 9.95% to $48,397.56, losing $5,346.13 from its previous close. The world’s biggest and best-known cryptocurrency is down 29.9% from the year’s high of $69,000 on Nov. 10.
Also in the class of loser chart, Ether, the coin linked to the Ethereum blockchain network, dropped 4.67 % to $4,025.67 on Saturday, losing $197.13 from its previous close.
El Salvador President Nayib Bukele said the Central American country had acquired an additional 150 bitcoins after the digital currency’s value slumped again, enlarging his bet on the cryptocurrency despite criticism.
Bitcoin, the world’s biggest and best-known cryptocurrency, is down about 30% from the year’s high of $69,000 on Nov. 10. Bukele said last week that El Salvador had acquired 100 additional coins to take advantage of the currency weakening.
Late on Friday, Bukele announced the government had stepped into the market again.
“El Salvador just bought the dip! 150 coins at an average USD price of $48,670,” Bukele wrote on Twitter. Until Nov. 26, El Salvador had 1,220 bitcoins.
El Salvador became the world’s first nation to adopt bitcoin as legal tender, a move that generated global media attention but also attracted criticism from the opposition and foreign financial institutions.
The International Monetary Fund (IMF) said on Monday that El Salvador should not use bitcoin as legal tender, considering risks related to the cryptocurrency. #El Salvador Buys Dip After Bitcoin Price Sinks
