As Bitcoin Dips, El Salvador Buys More Bitcoins
On Sep 20, 2021
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Bitcoin crashes to $42k, and El Salvador buys more bitcoins. The crypto market turns to red with the huge sale volume.
The crypto market has followed the crash in Bitcoin, and the market lost about 10% in market capitalization. Bitcoin has 41% dominance in the crypto market, and the price fluctuations affect the market significantly. The total market capitalization of cryptocurrencies has slipped down below $2 trillion. It is the 4th time that the crypto market is below $2 trillion during September 2021. If the crash continues market cap will go below $1.9 trillion. At the time of writing the market cap was $1.92 trillion.
Bitcoin Dipped Below $43k
Bitcoin had a major crush today with losing 5k within a few hours. In the early morning, the price was around $47k, and slightly after that, the price dumped significantly. According to Tradingview, the price went below $43k and dipped almost to $42,5k, and shortly after, the buying pressure caused the price to bounce over $43k. It was the second huge dip since September 7th. On September 7th, bitcoin had lost $10k value and touched $42,900.
At the time of publishing, the price of Bitcoin was $43,281.
The market capitalization of Bitcoin has also decreased below $900 billion. At the time of writing, the market cap was $816.1 billion.
El Salvador Bought More Bitcoins
The country where Bitcoin is legal tender for transactions has purchased additional bitcoins. The president of El Salvador, Nayib Bukele has announced the purchase on his Twitter account. The president saw this dip as an opportunity to increase the bitcoin balance of El Salvador. According to the tweet, 150 bitcoins have been added to the reserves of El Salvador. Officially stated, the country now has 700 bitcoins in reserves.
Previously, the last time when El Salvador bought bitcoin, the price has fallen down below $43k. However, this time they bought the dip, at an almost $44-45k price level.
We just bought the dip.
150 new coins!
El Salvador now holds 700 coins.#Bitcoin🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele) September 20, 2021
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