El Salvador Acquires 500 Additional Bitcoin Amid Market Drop
05-10-2022The government of El Salvador, which was the first country to make bitcoin (BTC) legal tender last fall, has continued its bitcoin buying spree with the purchase of an additional 500 tokens for roughly $15.3 million, President Bukele tweeted on Monday.
- According to Bukele, the average price El Salvador paid for each bitcoin was $30,744. The price of bitcoin has dropped almost 10% to $31,053 over the last 24 hours.
- The bitcoin purchase made on Monday appears to be the tenth and the largest made by El Salvador so far.
- On Jan. 21, El Salvador made its last bitcoin purchase, acquiring 410 bitcoins at an average price of $36,585 per coin.
- El Salvador now appears to hold around 2,301 bitcoins, currently worth just under $71 million.
- El Salvador postponed its planned $1 billion bitcoin bond offering in March because of unfavorable market conditions, according to Finance Minister Alejandro Zelaya.
Source: Coindesk
More from this category
Layer1 CEO alleges co-founder is using majority power to ‘ransack’ company
02-07-2023The plaintiffs claim that Dolic and Ebel began to conduct unauthorized business activities when the corporate governance of its parent company, Enigma, collapsed. The CEO of crypto miner La...
Is BTC price about to retest $20K? 5 things to know in Bitcoin this week
02-06-2023Bitcoin looks like it is treading on thin ice as February fails to match the gains of last month. Bitcoin BTC $23,082 starts the second week of February in a newly bearish mood as mul...
Bitcoin stays out of fear for 11 straight days as price tips near 24K
01-30-2023Bitcoin's huge price surge in January has meant that 64% of Bitcoin investors are in profit, according to data from IntoTheBlock. Bitcoin (BTC) has just clocked its 11th consecutive day outsid...