El Salvador Bought the Dip Adding 500 Bitcoins

by in Cryptocurrency News

Bitcoin El Salvador

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.

Related: Fed Raised Interest Rates by Half Point, Crypto Market Responds

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.