El Salvador added $15 million worth of bitcoins after the crypto market collapses

The country’s president announced the purchase of 500 BTC at a rate of $30 744 per coin

10.05.2022 - 11:00

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What’s new? On May 9, El Salvador’s President Nayib Bukele announced on his Twitter the purchase of 500 BTC. According to the president, the purchase was made while the currency exchange rate was falling at a price of $30 744 for a total of $15,3 million. Including the new funds, El Salvador owns 2301 BTC ($72 million at the exchange rate as of May 10, 2022, according to Binance).

El Salvador just bought the dip! 🇸🇻500 coins at an average USD price of ~$30,744 🥳#Bitcoin— Nayib Bukele (@nayibbukele) May 9, 2022

What happened before? El Salvador purchased bitcoins in January 2022. Then the country bought 401 BTC for $15 million. Like this time, the coins were purchased at a discounted rate. Bukele is of the opinion that the bitcoin price will reach $200 000 by the end of 2022.

The country issued its own bitcoin bonds in March. Finance Minister Alejandro Zelaya estimates the oversubscription for bonds should be at least $500 million.

What is the bitcoin situation? As of 15:00 Moscow time, BTC is trading at $31 720. Traders have lost more than $1 billion because of the first cryptocurrency’s rate decline, with a total of almost 287 000 traders’ positions liquidated. According to CoinGecko, the total capitalization of the cryptocurrency market has decreased by $86 billion to $1,53 trillion in the past 24 hours.

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