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El Salvador buys 500 more Bitcoins in the dip

El Salvador has bought Bitcoin worth $15.5 million, adding more cryptocurrency to its Balance Sheet.

President Nayib Bukele announced that the country had purchased the dip in a tweet on Monday, adding another 500 bitcoin to the government’s coffers.

El Salvador has made the largest coin buy since adding bitcoin to its balance sheet in September 2021, the same month it became the first country to accept bitcoin as legal cash alongside the US dollar.

Bitcoin has dropped more than 8% in the previous 24 hours and is approximately 55% below its all-time high from November.

According to the president’s tweet, El Salvador purchased bitcoin for an average price of $30,744.

According to Bloomberg data, the country’s total reserve is up to 2,301 bitcoin, or approximately $71.7 million at current rates.

This is the latest in a run of dip buys by President Bukele, who has staked his political future on the outcome of the nation’s bitcoin experiment, as the crypto market plummets.

The government’s choice to embrace bitcoin is not without its detractors, who have grown in number in recent months.

About the author, Leyla Ozturk

Leyla Ozturk, lifelong learner currently immersed in the digital world and the way businesses can step into this world. Deeply fascinated by blockchain, cryptocurrency and the whole Fintech ecosystem. All 3 areas have proven that there are issues within the system, there are ways to improve the system and this disruption is needed for economic growth and improvement.

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