The President of El Salvador, Nayib Bukele, has announced an addition of 150 new BTC to the country’s Bitcoin stash amid the global decline in crypto currencies’ prices.
Bukele took to Twitter to announce the purchase, also declaring that “El Salvador now holds 700 coins.”
He made it clear that the country is taking advantage of the current Bitcoin and crypto market decline, using the popular “buy the dip” principle.
“We just bought the dip. 150 new coins! El Salvador now holds 700 coins. #BitcoinFlag of El Salvador,” he tweeted.
El Salvador made its first Bitcoin purchase on September 6, before the country became the first nation to legalize Bitcoin as legal tender.
In the last 24 hours, bitcoin is down by 7.54%, with a current price of $43,742.71 as at the time of writing this. Within 24 hours, bitcoin dropped to $42,527.50 low and $47,776.44 high. The trading volume of bitcoin in the last 24 hours is $822.78M. The current market capitalization of bitcoin is $1.9B. Currently, $18.81M bitcoins is in circulation.
Stats and Image from Coin Desk
Ever since the country made history, BTC has experienced a significant price decline, first losing about 10% of its value, falling from about $53,000 to a current price of approximately $42,800 at press time.
Other cryptocurrencies that have plummet are Ethereum, which has experienced a 9.26% decline to sit at $3,097.57 according to data on Coin Desk even after reaching an all-time high of $3600 and the co-founder Vitalik Buterin featuring on the Time’s 100 most influential people list.
Solana is also one of the market losers. It has fallen by 19.6% in the last week and 13.5% in the last 24 hours.
DOT, Stellar, Dogecoin, chainlink, and many more have all lost double digits in prices.