Cryptocurrency

El Salvador Buys 500 Bitcoin Following Market Bloodbath

El Salvador Buys 500 Bitcoin Following Market Bloodbath

  • El Salvador has bought the cryptocurrency market dip, adding 500 BTC to its reserve.
  • Since the Central American adopted BTC as legal tender, it has purchased 2,301 BTC altogether.
  • The purchased coins were bought at an average price of $30,744, following a crash in the cryptocurrency market on Monday.

The government of El Salvador has continued its Bitcoin buying spree, purchasing additional 500 units of the flagship cryptocurrency on Monday. The country which became the first to make Bitcoin legal tender last year spent roughly $15.3 million on the purchase.

Bitcoin Value

Nayib Bukele announced the purchase on Monday, revealing that the country paid an average price of $30,744 for each token. The purchase was made after the price of Bitcoin dropped almost 10% to $31,053 on Monday.

The country’s latest Bitcoin purchase is the tenth that it has made since making BTC legal tender. It is also the largest buy, surpassing previous Bitcoin acquisitions by El Salvador.

Despite the recent market crash, Bukele remains bullish about the leading cryptocurrency. The country’s president has tipped Bitcoin to reach $100,000 before the end of the year.

El Salvador

Before this, the Central American country had purchased the flagship cryptocurrency last on January 21. At that point, 410 BTC was purchased at an average price of $36,585. In total, the country holds around 2,301 Bitcoin, worth about $71 million in today’s market.

Read also: Gucci to Launch Crypto Payment Option for Luxury Items

This is coming less than two months after El Salvador canceled its planned $1 billion bond offering. The country Latin American country had scheduled its bond offering for March but canceled it because of unfavorable market conditions, according to Finance Minister Alejandro Zelaya.

At the time of this report, BTC is trading at $32,565. The flagship crypto is down 2.8% in the last 24 hours, with a market cap of $617 Billion.

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