Crypto Flash Crash Invites El Salvador to Buy Downside – 150 Bitcoins Added to Treasury – Bitcoin Markets and Prices News

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As the crypto market shed billions of dollars, El Salvador bought the decline, profiting from the drop in the price of bitcoin early on Saturday morning. With the last purchase, El Salvador bought a total of 1,370 bitcoins in total. According to Salvadoran President Nayib Bukele, the coins were bought seven minutes before the price of the cryptocurrency reached its lowest.

El Salvador buys the drop: 150 Bitcoins added to the treasury

The price of many cryptocurrencies began to fall late on Friday night, with bitcoin slipping nearly 14% from just over $ 52,000 at 11:42 p.m. EDT to below $ 45,000 at 12:28 a.m. on the Bitcoin.com Markets database. As of this writing, the price of BTC hovers around $ 48,040.

Bitcoin price chart on Friday night. Source: Bitcoin.com Markets.

Taking advantage of the falling price of bitcoin, El Salvador President Nayib Bukele tweeted at 12:19 a.m. about his country’s latest BTC purchase. “El Salvador just bought the dip! 150 coins at an average USD price of around $ 48,670. He followed up with another tweet a few minutes later: “I missed the bottom of the shit by 7 minutes.”

El Salvador has benefited from falling bitcoin prices on several occasions. On November 26, Bukele revealed that his country bought an additional 100 BTC as the price of the cryptocurrency fell following reports of a new variant of Covid-19, now known as omicron.

Bitcoin became legal tender in El Salvador alongside the US dollar in September. Since then, El Salvador has bought a total of 1,370 BTC.

Last week, the International Monetary Fund (IMF) warned the country against using bitcoin as legal tender. Bank of England Governor Andrew Bailey also warned he feared El Salvador would make bitcoin a national currency. Bukele responded to the boss of the UK central bank by saying: “I am really concerned that the Bank of England is printing money out of thin air.”

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What do you think about El Salvador buying the dip again? Let us know in the comments section below.

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