El Salvador bought 410 bitcoins 'really cheap' for $15 million during crypto selloff, according to the country's president.
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El Salvador has bought 410 bitcoin for the equivalent of R230 million the country's President Nayib Bukele tweeted.Bitcoin has plummeted over the last week and is down almost 50% from its November record high.El Salvador purchased 410 bitcoin worth the equivalent R230 million as the cryptocurrency's price plunged, according to the country's president Nayib Bukele.He referenced the crypto selloff, saying,"Some guys are selling really cheap.
Bukele, whose country was the first to make bitcoin legal tender in September, mentioned the broad selloff that has hit the cryptocurrency market hard in January, saying he"didn't miss it." Bitcoin has plunged recently, in line with a sharp retreat in investor risk appetite that has hit the more valuable parts of the stock market, such as technology shares. Bitcoin has fallen by 20% over the last week and lost nearly 28% this month. It has fallen nearly 50% from its all-time high of around $69,000 in November, putting it firmly in bear-market territory.
The Federal Reserve has signaled it intends to wind down the support it put in place for the economy during the pandemic and will raise interest rates this year, as it fights off a rapid rise in consumer inflation and wages.around its lowest for six months. , according to CoinDesk. The country plans to issue a $1 billion, 10-year bitcoin bond this year., having also done so after bitcoin dropped 7.7% on 26 November 2021. El Salvador bought 100 bitcoins at this point.
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