El Salvador has purchased 410 more Bitcoin (BTC) as markets tumbled on Friday, January 21st. The country is now holding more than 1,5000 BTC and it continues to increase the number of BTC that it holds. The information was released by Nayib Bukele, President of El Salvador, on Twitter.
El Salvador Purchases 410 Bitcoins
El Salvador continues to buy Bitcoin as cryptocurrencies and traditional markets continue falling. The purchase was made for “only 15 million dollars,” allowing the country to hold 1500 BTC. Let’s not forget that El Salvador was the first country in the world to make Bitcoin legal tender alongside the U.S. dollar.
This purchase of BTC was made exactly when the market fell below $37,000 for the first time since August 2021. Therefore, the country continues to accumulate Bitcoin as the market falls.
“Nope, I was wrong, didn’t miss it,” said Bukele about missing the opportunity to buy the dip when markets fell last week. “El Salvador just bought 410 Bitcoin for only 15 million dollars. Some guys are selling really cheap.”
According to data shared by Coingecko, Bitcoin has fallen by 17% in the last 7 days. That means that the virtual currency is now being traded close to $35,700 and it has a market capitalization of $670 billion.
Other cryptocurrencies are following the same trend as Bitcoin. For example, Ethereum (ETH), binance Coin (BNB), Cardano (ADA), Solana (SOL), Luna (TERRA), Polkadot (DOT) and Dogecoin (DOGE), among others.
Among the top 10, Polkadot was the largest loser, falling by over 36% in the last 7 days alone. This was followed by Solana (falling by 30% during the same period) and Luna, which registered more than 29% losses.
There have been no gainers among the top 100 in the last 7 days. Stablecoins were only able to sustain their value in recent days. This shows that investors are selling their coins and moving to stablecoins. The largest losers during the last week among the top 100 were TIME, falling by 60%, LRC registering a drop of 49% and POKT falling by over 48%.
Bitcoin has behaved relatively well compared to altcoins. It seems that some investors are also moving from altcoins to Bitcoin. This is something that we have seen throughout the years. When Bitcoin moves higher, altcoins usually follow it expanding even further. When Bitcoin moves lower, altcoins usually follow by falling even more.