El Salvador has bought the bitcoin dip. Amid a heavy crypto market sell-off, the Salvadoran president announced that his country has purchased 500 more bitcoins. Since El Salvador adopted the cryptocurrency as legal tender, the Salvadoran government has purchased 2,301 bitcoins altogether.
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 compan
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