El Salvador buys more Bitcoin as BTC price dumps to $45k

The state had bought 400 BTC successful the pb up to the implementation of its Bitcoin Law

El Salvador took vantage of the downtrend successful Bitcoin's terms to adhd to its BTC holdings, President Nayib Bukele tweeted connected Monday morning.

According to the Salvadoran leader, the state bought an further 150 BTC arsenic a pullback for Bitcoin saw the coin's worth against the US dollar scope lows of $45,000.

"We conscionable bought the dip. 150 caller coins! El Salvador present holds 700 coins," President Bukele said connected Twitter.

"They tin ne'er bushed you if you bargain the dips," he added.

At Bitcoin's existent worth of $45,220, the further cryptocurrency is worthy astir $6.78 million.

This is the 2nd clip the Central American federation has bought the dip aft doing truthful connected 7 September. Incidentally, El Salvador's archetypal 'buy the dip' acquisition of 150 bitcoins came connected the time the state made past arsenic the first-ever sovereign federation to marque Bitcoin ineligible tender.

On that occasion, Bitcoin terms crashed astir 20%, nosediving from highs of $52,945 to interaction lows of $42,830. The benchmark cryptocurrency had since experienced a caller bounce to trial absorption astir $48,825 earlier the latest downside action.

Court investigating BTC purchases

El Salvador's latest BTC acquisition arsenic portion of its Bitcoin implementation has travel days aft the country's Court of Accounts said it would beryllium investigating the purchases, arsenic good arsenic ATM kiosk constructions, amid protests and complaints astir the Bitcoin Law.

On Friday, Reuters reported that quality rights radical Cristosal had filed a ailment with the Court of Accounts, asking for an audit of the process starring to the acquisition of the cryptocurrency.

The substance is yet to beryllium heard but adds to the challenges and criticisms facing El Salvador arsenic it bids to win with its historical move.