El Salvador bought an additional 80 BTC amid a drawdown in the course

by in Cryptocurrency News

Salvador

On Thursday, June 30, the Salvadoran government purchased an additional 80 BTC for a total of $1.52 million, President Nayib Bukele announced this.

“El Salvador bought 80 BTC today at $19,000 each. Bitcoin is the future. Thank you for the cheap sale,” Bukele wrote. On June 30, the rate of the first cryptocurrency failed at the $20,000 level and later fell below $19,000.

On the night of July 1, the price of bitcoin at the moment exceeded $20,800, but by now it has corrected to levels near $19,420.

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El Salvador made the previous purchase in May amid falling quotes of the first cryptocurrency below $30,000. Then Bukele announced the purchase of an additional 500 BTC at an average price of ~ $30,744.

In the further collapse of the market, the “paper” loss of the country from the coins held in the state fund exceeded $46.1 million.

For the first time, the government of the country began to buy digital gold on the eve of the legalization of cryptocurrency in the country in September 2021. The authorities have created a special fund for this purpose for $150 million.

Already at the end of September, the government took advantage of the drop in the exchange rate to $45,000 to purchase an additional 150 BTC, bringing the total reserves to 700 BTC.

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On the fall of the price in November, another 100 BTC were bought.

In January, El Salvador purchased 410 BTC amid a market correction. The average purchase price was $36,585.