El Salvador Buys 150 Bitcoins After Market Crash
-
El Salvador has purchased another 150 BTC to add to its Bitcoin holdings, President Nayib Bukele has revealed
-
The coins were bought at an average price of $48,670, following a flash crash of the cryptocurrency market on Saturday
-
The central American country has purchased 1,370 BTC altogether since making Bitcoin its legal tender in September
As the cryptocurrency market shed billions of dollars on Saturday, El Salvador took advantage of the situation to buy the dip.
The president of the Latin American country, Nayib Bukele took to Twitter on Saturday to announce that the country had purchased 150 BTC.
The coins were bought seven minutes before the price of the cryptocurrency bottomed out at $42,600.
This coming less than a week after Bukele disclosed that the country had purchased 100 more BTC to add to its treasury on November 26th.
Since bitcoin was made legal tender in El Salvador in September, the country had bought 1,370 BTC.
Read also: 2063 Bitcoin Stolen in BadgerDAO Crypto Hack
The price of many cryptocurrencies began falling late Friday night, with Bitcoin crashing from above $52,000 to below $43,000, according to data from CoinMarketCap.
Since then, the market has stabilized and one unit of the flagship cryptocurrency is valued at $49,735.
Follow Naija.fm on our social media handles Facebook and Instagram to keep up with trending news, breaking news, entertainment news, and hot gist.
