El Salvador buys the dip with additional 500 coins

The cryptocurrency market has registered notable dips over the previous few days. Over the previous 24 hours, at the least $1 billion has been liquidated from the market. However, El Salvador’s president, Nayib Bukele, doesn’t appear deterred by the bears.

In a latest tweet, Bukele confirmed that El Salvador had bought 500 Bitcoin at a median of $30,744 per coin. The new buy was made on Monday.

El Salvador buys the Bitcoin dip

Bukele’s latest buy is valued at round $15 million, and according to the president, the latest buy was “buying the dip.” Bukele has beforehand admitted that he buys the nation’s Bitcoin reserves from his telephone.

Bitcoin has been on a big dip over the previous few weeks. The major cryptocurrency made its sixth consecutive crimson weekly candle. This is the first time that the coin has created the sample since 2014. The coin is at present over 50% under its all-time excessive of $69,000, created in November final 12 months.

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During the previous 24 hours, the worth of Bitcoin dropped to under $29,000, nevertheless it has since bounced again, and at the time of writing, the coin was buying and selling at $31,459. However, Bukele stays undeterred regardless of the dip, and he is nonetheless increasing El Salvador’s Bitcoin reserves.

Before this buy, El Salvador final purchased Bitcoin in January. At the time, the nation purchased 410 Bitcoin for $15 million. The latest buy has introduced El Salvador’s complete Bitcoin holdings to round 2301 coins.

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IMF warns over cryptocurrency utilization

El Salvador continues with its plans for Bitcoin regardless of warnings by the International Monetary Fund (IMF). The IMF has known as upon Bukele to rescind the nation’s plans to undertake Bitcoin as authorized tender. According to the IMF, Bitcoin’s value was very risky, and it posed a hazard to the nation’s financial state. However, Bukele has dismissed any unfavorable discuss concerning the nation’s Bitcoin plans.

The IMF additionally not too long ago issued an identical warning to the Central African Republic (CAR). The establishment stated that the adoption of Bitcoin in the CAR additionally posed vital dangers. The CAR not too long ago adopted Bitcoin as authorized tender to assist the nation’s financial system.

A latest report additionally said that the IMF had issued a $45 billion mortgage to Argentina with a clause requiring the nation to tone down its crypto providers. The Central financial institution of Argentina not too long ago prohibited banks in the nation from providing Bitcoin providers.

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