President of El Salvador, Nayib Bukele, has announced that his country has “bought the dip” to the tune of 150 bitcoin, putting the country’s total BTC holdings at 700 bitcoin.
The world’s oldest cryptocurrency slumped by nearly $4,000 to break below $45,000 level amid sell-off in the global equity markets.
Weakness in the traditional markets had a bearing on the cryptocurrency market as bitcoin slumped to as low as $44,487.10 from $48,242.38 on Monday.
Read Also: El Salvador Makes History As World’s First Country To Make Bitcoin Legal Tender
President Bukele announced on his Twitter platform that his country bought the dip stating, “We just bought the dip. 150 new coins! El Salvador now holds 700 coins.”
We just bought the dip.
150 new coins!
El Salvador now holds 700 coins.#Bitcoin🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele) September 20, 2021
The total worth of the BTC held by El Salvador is around $32 million.
Earlier this month, the nation had bought 150 BTC on the day it had become the first country in the world to adopt bitcoin as a legal tender. On that day also, bitcoin had cracked more than 10% within an hour to drop near the $43,000 level on mass liquidation.
Read Also: El Salvador Buys 200 Bitcoins As The Digital Currency Becomes Legal Tender
El Salvador has been rolling out a network of 200 bitcoin ATMs and building a chain of stylish, Chivo-brand kiosks with staff who will introduce consumers to bitcoin at plazas around the country.
However, the adoption of bitcoin has not been smooth with the country witnessing protests against the introduction of bitcoin as its legal tender.
The announcement comes after Bitcoin dropped to a low of $45,000 in the Asian session which represents a 5% decline.
Bitcoin and altcoins started the week bearish with many alt-coins such as EOS, ALGO and LUNA posting double-figure losses for the day. The cryptocurrency market capitalization is down 5.54% to currently stand at $2.02 trillion. The market looks to be retesting the $2 trillion support zone.
Hitesh Malviya, founder of itsblockchain.com, a blockchain and cryptocurrency publication, expressed;
China’s largest real estate company announced a $2 trillion dollar debt making global markets nervous. Bitcoin found resistance at $48,000 and started dropping towards $45,000 after the news hit the market. We are still in the short-term bull market as long bitcoin stay above $43,000. However, breaking down from this support, bitcoin can retest the $36,000 zone.
