El Salvador buys 500 more bitcoins amid crypto bloodbath

May 09, 2022 4:17 PM ETBitcoin USD (BTC-USD)By: Max Gottlich, SA News Editor29 Comments

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As the price of bitcoin (BTC-USD) gets cut in half from its record high in Nov. 2021, El Salvador, the first-ever country to adopt the cryptocurrency as legal tender, has bought the dip... again.

El Salvador acquired 500 more bitcoins (BTC-USD) at an average price of $30.7K, equivalent to $15.4M, marking its largest purchase of the crypto on record, according to a Twitter post from President Nayib Bukele.

Overall, El Salvador owns 2,301 bitcoins at an average price of $43.8K, or just over $70M, with a net loss of over $30M as BTC comes crashing down towards $30K, according to a Twitter post by CryptoWhale that displays El Salvador's BTC holdings.

At the time of writing, bitcoin (BTC-USD -7.4%) is falling to $31.5K in afternoon trading.

In addition, bitcoin (BTC-USD) funds are seeing a bit of a comeback as inflows last week occurred for the first time in four weeks, CoinDesk reported, citing data from CoinShares. Specifically, those funds booked $45M of inflows in the week ended May 6, though "It is too early to tell if this marks the end of the four-week run of negative sentiment,” said CoinShares Head of Research James Butterfill

Previously, (May 1) bitcoin usage in El Salvador is underwhelming, while the U.S. dollar dominates.

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