- As per the recent tweet by Nayib Bukele, President of El Salvador, the nation bagged $15 Million worth of Bitcoin following the plunge.
- El Salvador is the initial nation on this globe to adopt Bitcoin as a legal tender, and is constantly buying the crowned asset.
- As of this writing, Bitcoin was trading at a market value of $32,260.73, down by 4.88% during the past 24 hours.
More Bitcoin For El Salvador
South American nation El Salvador acquired 500 Bitcoin worth $15.37 Million this week, taking advantage of extreme price plunge in the crowned asset to add to its cryptocurrency holdings.
El Salvador has already adopted Bitcoin as the legal tender of the country.
President of El Salvador, Nayib Bukele, took to Twitter, saying that they have bought the dip, bagging Bitcoin at an average value of $30,744.
There was a point when Bitcoin plunged down below $30,000. The crowned asset witnessed lower levels during July previous year.
El Salvador is the first nation on this globe to adopt Bitcoin as a legal tender, and has since been on a buying spree, following its most recent acquisition of 410 Bitcoin during January, where it bagged the crypto asset for $36,585 at an average.
During January, IMF urged the South American nation to let go of Bitcoin as a legal tender because of threats including consumer protection, market integrity and financial stability.
Bitcoin Price Action
As we can witness that the crowned asset is having a tough time, and is trading at $32,260.73 at the press timing. This plunge is likely due to rapid selling of Bitcoin ETF shares by the holders.
Currently, Bitcoin is relying on a support of $28,500 levels, and needs to stay between $35,000 to $45,000 in order to remain range bound. The crowned asset is still on top of the cryptocurrency market, and has a dominance of 41.5%.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.