El Salvador Buys Another 500 Bitcoin Amid Market Pullback

El Salvador president Nayib Bukele has announced another Bitcoin purchase amid the current crypto market turmoil.

• Over Twitter, Bukele claimed to have bought exactly 500 Bitcoin for an average of $30,744 dollars each on Monday.
• The president, who has admitted to making Bitcoin buys from his phone using the country’s money, referred to the purchase as “buying the dip”.
• As of today, Bitcoin has closed its 6th consecutive red weekly candle for the first time since 2014.
• It’s also reached the lowest price point since July of 2021 and is more than 50% below its all-time high.
• Bitcoin collapsed as low as $31,000 earlier today, wiping $300 million in open interest from the crypto markets within an hour. It now trades even lower at $30,972 at the time of writing.
• Bukele has never been one to fear the market, however. He has been known to buy more Bitcoin whenever its price drops, intent on collecting as many as possible.
• The International Monetary Fund has repeatedly called on the president to roll back El Salvador’s adoption of Bitcoin, citing such volatility. Bukele has dismissed them at every turn.
• El Salvador’s last big Bitcoin purchase was in January when it secured 410 Bitcoin for $15 million. By comparison, today’s purchase of 500 coins costs roughly $15.3 million.
• This brings the country’s estimated Bitcoin holdings to about 2301.