El Salvador Buys 410 Bitcoin Worth $15 Million as Price Droped to $36K

Many countries are going into the cryptocurrency realm, and a few more are planning to enter the market. According to the most recent updates, El Salvador’s President, Nayib Bukele, acknowledged the purchase of 410 bitcoins for $15 million, putting the trading price at around $36,585 per bitcoin. El Salvador, a Central American country, has added 410 Bitcoin to its central reserve.

The country now has over 1,500 BTC in its possession, and it is continuing to increase its BTC holdings. El Salvador’s President, Nayib Bukele, shared the information on Twitter.

https://twitter.com/nayibbukele/status/1484651539587289091

As cryptocurrencies and traditional markets continue to decline, El Salvador continues to buy Bitcoin. The transaction cost just 15 million dollars, allowing the country to hold 1500 bitcoins. Let’s not forget that El Salvador was the world’s first country to make Bitcoin legal tender alongside the US dollar.

Nope, I was wrong; I didn’t miss it, Bukele replied, referring to the possibility of buying the market’s drop last week. El Salvador recently purchased 410 Bitcoin for only $15 million. Some people are selling for a very low price. In the previous seven days, Bitcoin has lost 17% of its value. That means the virtual currency is currently worth around $35,700 and has a market capitalization of $670 billion.

Bukele, on the other hand, has been promoting cryptocurrency like no one else — despite the fact that the country’s GDP is $24.64 billion (the US and China’s GDPs are $19.48 and $12.238 trillion, respectively), the president talked about building a Bitcoin City in the shape of a coin at the foot of a volcano in La Unión’s southeastern region.

El Salvador had already bought the dip when its value dropped by more than 10% on news that Chinese property developer Evergrande was facing debt default last September.

Other cryptocurrencies are following in Bitcoin’s footsteps. Ethereum, Binance Coin, Cardano, Solana, Luna, Polkadot, and Dogecoin are just a few examples. Polkadot was the worst performer, with a drop of over 36% in just 7 days. Solana lost 30% during the same time period and Luna lost more than 29%. In the last seven days, there have been no gainers among the top 100. Stablecoins have only recently been able to maintain their value. Investors are selling their coins and switching to stablecoins, as evidenced by this. TIME, which fell by 60% in the last week, LRC, which fell by 49% and POKT, which fell by more than 48%, were the biggest losers among the top 100.

In comparison to other cryptocurrencies, Bitcoin has performed admirably. Some investors also appear to be switching from altcoins to Bitcoin.

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Also Read: Shiba Inu Crashes At $0.00002596 – Is There Any Recovery In Sight?

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