The president of El Salvador, Nayib Bukele announced that the country added $15.5 M worth of Bitcoins to its balance sheet at an average price of $30,744.
El Salvador just bought the dip! 🇸🇻— Nayib Bukele (@nayibbukele) May 9, 2022
500 coins at an average USD price of ~$30,744 🥳#Bitcoin
It is the largest BTC purchase of the country. According to data from Bloomberg, since its first purchase in September 2021, El Salvador has accumulated 2,301 bitcoins worth around $71.7 M at current prices. From the first time since July 2021, the Bitcoin price dropped below $31,000. At the moment, the price of the coin is around $31,700. The global crypto market cap stands at about $1.46 trillion.
The fall is happening amid the general financial markets unceratinty created after the Federal Reserve announced raising interest rates. Tech stocks are also down. For instance, the S&P 500 index has suffered five executive weeks of declines.