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El Salvador Buys 500 Bitcoins As The Cryptocurrency Market Continues To Fall

El Salvador has purchased an additional 500 bitcoins in the midst of the continuing market meltdown.

El Salvador Buys 500 Bitcoins As The Cryptocurrency Market Continues To Fall

Following a Twitter announcement by the Central American President, it was revealed on Monday that El Salvador’s government had once again dug into the country’s financial resources to acquire an extra 500 units of Bitcoin. This most recent purchase makes it the country’s largest purchase to date of the cryptocurrency. The average price El Salvador paid, according to Bukele, was $30,744 per bitcoin, amounting to around $15 million in total.

El Salvador was the first nation to recognize bitcoin as legal tender

El Salvador Buys 500 Bitcoins As The Cryptocurrency Market Continues To Fall

Owing to the president’s persistent conviction in Bitcoin, the government has made it a point to purchase the cryptocurrency whenever the market price is down. Most recently, on January 21, the government purchased 410 bitcoins at an average price of $36,585. El Salvador now looks to be in possession of around 2,301 bitcoins, which are now valued at around $71 million.

Bitcoin reaches 10-month low

A fall in market price has sent Bitcoin’s price below $31,000 and now trading more than 50 percent below its all-time high of $68,990.90. This is the lowest price for the cryptocurrency in 10 months. As of today, Bitcoin has ended its 6th straight weekly red candle, marking the first time in a long time that this has happened. 

There has also been a significant increase in liquidation in the broader crypto market, with over $920 million worth of assets being liquidated in the last 24 hours.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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