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El Salvador buys another 80 BTC amid course drop

President Nayib Bukele announced on Thursday, June 30, that the Salvadoran government has purchased another 80 BTC for a total of $1.52 million.

“El Salvador received 80 BTC today at $19,000 each. Bitcoin will come. Thanks for the cheap sale, ”Bukele wrote.

On June 30, the rate of the first cryptocurrency failed at $20,000 and later dropped below $19,000.

On the night of July 1, bitcoin price currently surpassed $20,800, but has now corrected closer to $19,420.

Hourly BTC/USD chart of the Binance exchange. Data: Trade Outlook.

El Salvador made the previous purchase in May as the prices of the first cryptocurrency fell below $30,000, after which Bukele announced that he had purchased another 500 BTC at an average price of $30,744.

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

For the first time, the country’s government began buying digital gold on the eve of the legalization of cryptocurrency in the country in September 2021. The authorities set up a special fund of 150 million dollars for this purpose.

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 total reserves to 700 BTC.

Another 100 BTC was bought after the price fell in November.

In January, El Salvador bought 410 BTC during the market correction. The average purchase price was $36,585.

Recall that in mid-June, Bukele advised not to worry about the prices of the first cryptocurrency. According to him, investments in digital gold will increase “immeasurably” after the end of the bearish cycle.

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Source: Fork Log



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