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As Bitcoin Slips to $45K, El Salvador Buys the Dip

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Mon, 09/20/2021 - 05:43
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Alex Dovbnya
El Salvador has bought the dip
As Bitcoin Slips to $45K, El Salvador Buys the Dip
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The government of El Salvador took advantage of a recent Bitcoin price drop, with President Nayib Bukele announcing the purchase of another 150 coins that are worth roughly $6.8 million at press time.

Bukele also shared "presidential advice" on Twitter, urging followers to buy the dip.

Earlier today, the flagship cryptocurrency slipped to $45,135 on the Bitstamp exchange.

The recent sell-off coincided with Hong Kong’s Hang Seng index dropping 4% amid Evergrande contagion fears.

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El Salvador now holds 700 coins after the most recent buy. The Central American nation initially purchased 400 coins on Sept. 7, the day it adopted Bitcoin as legal tender. Prior to that, the Congress approved the creation of a $150 million Bitcoin fund.  

While giving a major push to crypto adoption, El Salvador’s Bitcoin experiment stirred up a lot of controversy. Disgruntled protestors recently burned a Chivo ATM in San Salvador.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.