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El Salvador has bought the bitcoin dip. Amid a heavy crypto market sell-off, the Salvadoran president announced that his country has purchased 500 more bitcoins. Since El Salvador adopted the cryptocurrency as legal tender, the Salvadoran government has purchased 2,301 bitcoins altogether.<\/strong>\n<\/p>\n \n His tweet came as the crypto market lost billions, and the price of bitcoin fell more than 50%<\/a> from its all-time high.<\/p>\n At the time of writing, BTC<\/a> is trading at $31,607. It was down 8.5% in the last 24 hours, 18.1% in the past 7 days, and 25.4% in the last 30 days.<\/p>\n El Salvador became the first country to make bitcoin legal tender alongside the U.S. dollar in September last year.<\/p>\n Since then, the company has been purchasing bitcoin periodically. After an initial purchase<\/a> of 700 bitcoins, the country bought 420 BTC<\/a> in October, 100 BTC<\/a> in November, 171 BTC<\/a> in December, and 410<\/a> BTC<\/a> in January. With Monday\u2019s purchase, the total number of BTC<\/a> purchased by El Salvador has grown to 2,301 bitcoins.<\/p>\n According to one estimate, El Salvador\u2019s total bitcoin holdings have lost more than $30 million in value. Nonetheless, President Bukele is still bullish about bitcoin, expecting the price of BTC<\/a> will reach $100K<\/a> this year.<\/p>\n El Salvador also plans to issue bitcoin bonds but the launch date has not been set. Alejandro Zelaya, El Salvador\u2019s treasury minister, explained that the market conditions and the Russia-Ukraine war have affected the bond issuance. \u201cWe are waiting for the right moment and the president says when \u2026 It depends on how the market is,\u201d he noted<\/a>.<\/p>\nEl Salvador Buys the Bitcoin Dip<\/h2>\n
\nAmid a crypto bloodbath, El Salvador has bought the dip. The Salvadoran president, Nayib Bukele, announced Monday on Twitter that his country has purchased 500 more bitcoins. \u201cEl Salvador just bought the dip! 500 coins at an average USD price of ~$30,744,\u201d he wrote.<\/p>\n![\"\"](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/05\/bukele-tweet.jpg\")
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