El Salvador Purchases 150 More Bitcoin As BTC Falls Below $47,000 |

El Salvador Purchases 150 More Bitcoin As BTC Falls Below $47,000 |

Despite the bear market, El Salvador is buying more Bitcoin because it’s cheaper than Dollars.

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The bitcoin price has fallen below $47,000 as the El Salvador government purchases 150 more bitcoin. The price of Bitcoin is now at a low point in its history.

El Salvador Purchases 150 More Bitcoin As BTC Falls Below $47,000 |

El Salvador is stockpiling Bitcoin (BTC) as the virtual currency’s price drops below $47,000 for the first time since October. El Salvador’s president, Nayib Bukele, revealed that the country had acquired 150 bitcoins for an average price of $48,670 USD. Bitcoin has lost nearly 30% of its value after hitting an all-time high of $69,000 a few weeks ago. 

El Salvador Keeps Stacking Bitcoin

El Salvador, the world’s first government to declare Bitcoin legal money, has purchased 150 more Bitcoins as the biggest digital currency dips below $47,000 for the first price since October. There are already over 1,000 BTC in the nation. 

El Salvador has recently purchased the dip!

150 coins with an average price of $48,670 in US dollars #Bitcoin

December 4, 2021 — Nayib Bukele (@nayibbukele)

It’s worth noting that Bitcoin dropped from $47,000 to $42,200 in a matter of minutes after El Salvador’s plan to buy additional BTC. El Salvador seems to be buying Bitcoin whenever the value of the virtual currency drops significantly. They’re “buying the dip,” as Nayib Bukele explains.

El Salvador has also been engaged in a number of Bitcoin-related ventures. The nation issued the so-called “Bitcoin Bond” to raise financing for the construction of a huge Bitcoin mining plant that would use volcanic energy to safeguard the BTC network. 

Over the previous several months, Bitcoin seems to have been closely connected with equities and conventional markets. This link was already seen when BTC plummeted in March 2020, coinciding with the spread of the Coronavirus epidemic. 

El Salvador Purchases 150 More Bitcoin As BTC Falls Below $47,000 |

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The connection between Bitcoin and the S&P 500 over the past year can be seen in the graphic above. However, there are other factors that might have an impact on Bitcoin. Let’s not forget that, after 18 months of quantitative easing and government money creation, central banks are beginning to taper and raise interest rates. 

This is hardly a positive climate for conventional markets or Bitcoin. As a result, both the virtual currency and the stock market are presently in decline. Let’s not forget that Bitcoin is available on weekends as well. Nonetheless, the price of the biggest cryptocurrency seems to be less volatile and calmer on weekends. 

Volumes seemed to drop during the weekends as new institutional and major investors joined the market. Weekends used to have the same trading volume as working days when Bitcoin was a financial tool for regular investors. It will be fascinating to observe how Bitcoin reacts from present levels, whether it continues to decline or begins an accumulating phase in this area.

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El Salvador has purchased 150 more Bitcoin as BTC falls below $47,000. The country is looking to diversify its portfolio by purchasing the cryptocurrency before it becomes too expensive. Reference: el salvador bitcoin holdings.

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