El Salvador Buys the Dip as Bitcoin Falls Rapidly
In a move to dilute losses sustained from the bloodbath in the cryptocurrencies markets, El Salvador has purchased 410 more Bitcoins; Nayib Bukele, President of El Salvador said on Twitter.
The first country which adopted Bitcoin as legal tender last year is now holding more than 1,500 BTC and it continues to position itself according to market dictates. Bukele appears unmoved despite the volatility of the virtual currency.
His mood indicates that El Salvador will continue to buy more Bitcoins as cryptocurrencies and traditional markets continue falling. The purchase costs the country 15 million dollars, allowing the country to hold 1500 BTC.
According to El Salvador president, the transaction for additional bitcoins was made exactly when the market fell below $37,000 for the first time since August 2021.
“Nope, I was wrong, didn’t miss it,” said Bukele about missing the opportunity to buy the dip when markets fell last week. “El Salvador just bought 410 Bitcoin for only 15 million dollars. Some guys are selling really cheap.”
Bitcoin has continued to free fall, trading at $35,200 at the press time on Saturday. The slowdown in crypto assets appears general as top virtual currencies are trading red.
Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), Solana (SOL), Luna (TERRA), Polkadot (DOT) and Dogecoin (DOGE) have suffered price depreciation in the last few days due to volatile trading.
Polkadot has lost big, falling by over 36% in the last 7 days alone followed by Solana (falling by 30% during the same period) and Luna, which registered more than 29% losses.
There have been no gainers among the top 100 in the last 7 days. Stablecoins were only able to sustain their value in recent days as investors are selling their coins and moving to stablecoins.
