North American country, El Salvador’s president Nayib Bukele announced the purchase of a Bitcoin dip with another 500 BTC, each for $30,744. Now El Salvador’s treasury holds 2,301 BTC in total with this additional Bitcoin buying.
The acquisition of Bitcoins came when the market plummeted by more than 50% from it’s all-time high.
According to CoinMarketCap data, Bitcoin is trading at around $31,024.69 after its 8.15% drop in the market price in just 24 hours. It seems like the crypto market is proving its volatility.
Also Read: US Senate Bill to Ease Risks From El Salvador’s BTC Adoption
One of the reasons for the bloodbath in the crypto market is the ongoing war between Russia and Ukraine, which is now entering into its third month.
Last year, crypto enthusiast president Nayib Bukele declared Bitcoin as a legal currency in the country along with USD. Since then, the country is embracing the cryptocurrency in different segments of life. The last purchase of Bitcoins was made in January for 410 BTC after paying $36,585 for each coin.
With El Salvador’s crypto acceptance, however, international regulation sounds unpleasant for crypto adoption. The IMF advised El Salvador to remove Bitcoin’s legal tender status, which could make it difficult for the El Salvadoran government to obtain a loan.
