President Nayib Bukele yet again found comforting prospects in the midst of the massive downturn of the cryptocurrency market.
Missed the f***ing bottom by 7 minutes 😂
— Nayib Bukele 🇸🇻 (@nayibbukele) December 4, 2021
150 Bitcoin (BTC) were added to El Salvador’s treasury at an average USD worth of $48,670, per the announcement of President Bukele. The total buying value for the newest acquisition was almost $7.3 million at present.
As a result, El Salvador’s total Bitcoin (BTC) holdings now stand at 1,270 Bitcoin (BTC), currently at a price of $59.6. When the market was last showing bearish tendencies, the acquisition of 450 Bitcoin (BTC) was made public by President Bukele.
Bitcoin (BTC) further plunged to new depths as it had a 24-hour dip of 17.27%, trading under 50,000. This is the lowest Bitcoin (BTC) has ever traded after the spectacular all-time high in November of a staggering $69,000.
Cryptocurrencies in the crypto market have encountered similar declines. Within less than an hour on Saturday, $190 million of Bitcoin (BTC) were liquidated. In that respect, the crypto market as a whole incurred a 16% in market cap reduction as well.
According to Zerohedge, the stock market encountered “the worst December opening performance for US stocks in 20 years,” as it credited precisely the stock market for the latest liquidation.
The liquidation at present surpasses even the liquidation of September, as supported by Colin Wu, the journalist from China. A 37% fall from the ATH of November left Bitcoin (BTC) at a low of $42,000 while El Salvador acquired it for $48,670.
El Salvador Bitcoin (BTC) holdings trading at a loss triggered some backlash. The Euro Pacific Capital Inc. CEO and Chief Global Strategist threw shade at President Bukele’s decision to acquire Bitcoin (BTC) by saying that “there’s a lot more dips coming. How much taxpayer money do you intend to waste?”
Others supported the El Salvador President in his quest to buy the dip, such as Spencer Schiff and Samson Moc of Blockstream.