El Salvador continues to ‘bottom-fish’ Bitcoin while the market is unstable

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2021-12-28 09:57:15

The cryptocurrency market has just continued to witness an unexpected price crash, bringing Bitcoin immediately to $42,000 on Binance.

Specifically, today’s turbulence has seen the capitalization of the crypto market lose nearly 20%. Bitcoin fell to a 2-month low at $42,000 while Ethereum dropped to $3,503 on Binance.

crypto market overview

However, this catastrophic correction provided a perfect opportunity for El Salvador to once again bottom out BTC.

Recently, President Nayib Bukele announced on Twitter that the country has just bought 150 more BTC at an average price at $48,670.

El Salvador has made Bitcoin “bottom fishing” a tradition since becoming the first country to accept BTC as legal currency in September. The country has made a series of 150 BTC purchases. since September and in almost every case, President Bukele has almost hit the bottom.

This time, however, it was slightly different as he missed the moment when the BTC price dropped to $42,000 in a few brief moments before recovering above $47,000.

El Salvador “bottomed out” for the first time in September, when the price of BTC hovered below $40,000 and many warned the President about market volatility and possible losses to state coffers. .

However, as of now, this has not happened and El Salvador is currently using the profits from Bitcoin to build schools and hospitals.

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