El Salvador Acquires 500 Additional Bitcoin Amid Pullback

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

El Salvador Acquires 500 Additional Bitcoin Amid Pullback

Bukele claimed to have bought exactly 500 Bitcoin for an average of $30,744 each on Monday. 

The president who has admitted to making Bitcoin buys from his phone using the country's money referred to the purchases as "buying the dip"

Bitcoin has closed its 6th consecutive red weekly candle for the first time since 2014. 

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 that time.

Bukele has never been one to fear the market, 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. 

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 approx $15.3 million. 

This brings the country's estimated Bitcoin Holdings to about 2301

Read: El Salvador reportedly postpones Bitcoin backed bonds to September

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