Another "trap"? El Salvador buys 410 bitcoins on the eve of the crash

By    28 Feb,2022

The Central American country of El Salvador has announced another purchase of 410 bitcoins as the price of the currency continues to fall.

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On Jan. 21, Salvadoran President Nayib Bukele announced on social media that he had purchased 410 bitcoins for $15 million at an average price of $36,585 each.

This follows El Salvador's announcement on September 7, 2021, to adopt bitcoin as the country's legal tender as a means of fighting inflation. As of Jan. 21, El Salvador had accumulated about 1,800 bitcoin buys.

Over the weekend, cryptocurrencies crashed en masse, with most dropping by double-digits or more, with bitcoin falling below $35,000 at one point and ethereum falling below $2,400 at another.

So far this year, bitcoin has fallen 25%, and El Salvador may have been "trapped".



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