Crypto Flash Crash Prompts El Salvador to Buy the Dip — 150 Bitcoins Added to Treasury

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As the crypto marketplace shed billions of dollars, El Salvador bought the dip, taking vantage of the falling terms of bitcoin aboriginal Saturday morning. With the latest buy, El Salvador has purchased a full of 1,370 bitcoins altogether. According to Salvadoran president Nayib Bukele, the coins were bought 7 minutes earlier the terms of the cryptocurrency bottomed out.

El Salvador Buys the Dip: 150 Bitcoins Added to Treasury

The terms of galore cryptocurrencies began plummeting precocious Friday night, with bitcoin sliding astir 14% from somewhat supra $52K astatine 11:42 p.m. EDT to beneath $45K astatine 12:28 a.m. based connected information from Markets. At the clip of writing, the terms of BTC is hovering astir $48,040.

Bitcoin’s terms illustration connected Friday night. Source: Markets.

Taking vantage of the falling terms of bitcoin, El Salvador’s president, Nayib Bukele, tweeted astatine 12:19 a.m. astir his country’s latest BTC purchase. “El Salvador conscionable bought the dip! 150 coins astatine an mean USD terms of ~$48,670.” He followed up with different tweet a fewer minutes later: “Missed the f***ing bottommost by 7 minutes.”

El Salvador has taken vantage of bitcoin’s terms dips respective times. On Nov. 26, Bukele revealed that his state bought 100 much BTC arsenic the terms of the cryptocurrency dropped pursuing reports of a caller Covid-19 variant, present known arsenic omicron.

Bitcoin was made ineligible tender successful El Salvador alongside the U.S. dollar successful September. Since then, El Salvador has purchased 1,370 BTC altogether.

Last week, the International Monetary Fund (IMF) warned the state against utilizing bitcoin arsenic ineligible tender. The politician of the Bank of England, Andrew Bailey, likewise cautioned that helium is disquieted astir El Salvador making bitcoin a nationalist currency. Bukele responded to the brag of the British cardinal slope by stating, “I’m truly acrophobic astir Bank of England printing wealth retired of bladed air.”

What bash you deliberation astir El Salvador buying the dip again? Let america cognize successful the comments conception below.

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