- Nayib Bukele, revealed that the country had purchased 150 bitcoins for an average price of $48,670 USD.
- Bitcoin dropped from $47,000 to $42,200 in a matter of minutes following El Salvador’s plan to buy more BTC.
- Over the last few months, Bitcoin appears to have been closely relates with stocks and traditional markets.
El Salvador is stockpiling Bitcoin (BTC) as the virtual currency’s price drops below $47,000 for the first time since October.
El Salvador’s president, Nayib Bukele, revealed that the country had purchased 150 bitcoins for an average price of $48,670 USD.
Bitcoin has lost over 30% of its value after hitting an all-time high of $69,000 a few weeks ago.
El Salvador Keeps Stacking Bitcoin El Salvador, the world’s first government to make Bitcoin legal tender, has purchased 150 more Bitcoins as the largest digital currency dips below $47,000 for the first price since October. There are already over 1,000 BTC in the country.
It’s worth noting that Bitcoin dropped from $47,000 to $42,200 in a matter of minutes following El Salvador’s plan to buy more BTC.
El Salvador appears to be buying Bitcoin whenever the value of the virtual currency drops significantly.
Crypto Investor Lark Davis shared a meme on Twitter on El Salvador’s bitcoin purchase.
They’re “buying the dip,” as Nayib Bukele explains.
Chief Economist and Global strategist Peter Schiff who is against bitcoin replies to Bukele’s Tweet by writing, “There’s a lot more dips coming. How much taxpayer money do you intend to waste?”
El Salvador has also been involved in a number of Bitcoin-related investments.
El Salvador Mined Their First Bitcoin From Volcanic Energy
The nation issued the so-called “Bitcoin Bond” to raise financing for the construction of a huge Bitcoin mining plant that would use volcano energy to safeguard the BTC network.
Bitcoin Tanks Due To Recent Corona Virus Outbreak
Over the last few months, Bitcoin appears to have been closely connected with stocks and traditional markets.
This link was already seen when BTC plummeted in March 2020, coinciding with the spread of the Coronavirus crisis.
Volumes appeared to drop during the weekends as new institutional and major investors entered the market.
Weekends used to have the same trading volume as working days when Bitcoin was a financial instrument for regular investors.
It will be fascinating to see how Bitcoin reacts from current levels, whether it continues to fall or begins an accumulating phase in this area.
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