Bitcoin bloodbath continued as the leading cryptocurrency touched its thirty thousand support – and bounced back for now – but El Salvador seized the opportunity and bought bitcoin worth over 15 million US dollars.
El Salvador has purchased Bitcoin worth over $15 million as prices fall sharply.
— The Spectator Index (@spectatorindex) May 9, 2022
Bitcoin, which is trading at around thirty-two thousand US dollars at the time of writing, continued its downward trend, which began at the start of this year.
However, on Monday, El Salvador bought the dip when everyone feared the Bitcoin bloodbath.
The Salvadoran president, Nayib Bukele, announced Monday on Twitter that his country has purchased 500 more BTC. “El Salvador just bought the dip! 500 coins at an average USD price of ~$30,744,” he wrote.
El Salvador just bought the dip! 🇸🇻
500 coins at an average USD price of ~$30,744 🥳#Bitcoin
— Nayib Bukele (@nayibbukele) May 9, 2022
His tweet came as the crypto market lost billions, and the price of the crypto market driver fell more than 50% from its all-time high.
El Salvador became the first country to make bitcoin legal tender alongside the US dollar in September last year.
Since then, the country has been purchasing bitcoin periodically. After an initial purchase of 700 bitcoins, the country bought 420 BTC in October, 100 BTC in November, 171 BTC in December, and 410 BTC in January. With Monday’s purchase, the total number of BTC purchased by El Salvador has grown to 2,301 bitcoins.