El Salvador continues to 'catch the bottom' of Bitcoin

Amid the sell-off in the cryptocurrency market, El Salvador continued to buy Bitcoin, making the biggest deal of the day when the price fell below $90,000.

El Salvador is actively buying Bitcoin as the market is on fire. Photo: BitcoinNews .

El Salvador continues to maintain its Bitcoin buying strategy amid a sharp market decline. According to data from Bitcoin Office, the Central American country added 1,091 BTC on November 18, worth approximately $100 million .

President Nayib Bukele later posted a screenshot on the X platform, showing that the total amount of Bitcoin held by the government reached 7,474.37 BTC, equivalent to about $688 million .

The data also shows that El Salvador has accumulated 1,098.19 BTC in just the last 7 days. The government has maintained a daily purchase of 1 BTC since Bukele announced the periodic accumulation policy in November 2022.

Analysts say the continued buying despite the market slump reflects El Salvador’s long-term strategy for crypto assets. André Dragosch, head of European research at Bitwise, said sovereign states are increasing their purchases of Bitcoin as prices correct, signaling a shift in the global approach to finance.

Stacy Herbert, director of the Bitcoin Office of El Salvador, called BTC “freedom, transparency, and empowerment of the individual.” She said that President Bukele sees the world’s most valuable cryptocurrency as a distribution tool rather than a reinforcement of state power.

Not only El Salvador, some central banks are also starting to approach crypto assets. The Czech National Bank (CNB) said it bought Bitcoin and some other cryptocurrencies with a total value of about $ 1 million , marking the first time the agency directly held crypto assets.

Meanwhile, Bitcoin continued to fall sharply. On November 18, the price of BTC fell below $90,000 , down nearly 5% in 24 hours.

While El Salvador’s nearly $100 million purchase has provided a temporary respite for the market, the sharp decline has still fueled a defensive mood, with analysts saying the market is waiting to see whether long-term investors will absorb the supply at lower prices.

Two top El Salvador finance officials previously said the country had not purchased any more Bitcoin since February, contradicting Mr. Bukele's statement. The IMF report said the increase in Bitcoin holdings may have come from the consolidation of multiple government-controlled wallets, rather than new purchases.

Source: https://znews.vn/el-salvador-tiep-tuc-bat-day-bitcoin-post1603956.html