El Savador Acquires 700 Bitcoin While Crypto Dips
Bitcoin and altcoins started the week bearish with many altcoins such as EOS, ALGO, and LUNA posting double-figure losses for the day. The cryptocurrency market capitalization is down 5.54% to currently stand at $2.02 trillion. The market looks to be retesting the $2 trillion support zone.
It was during this event that The official twitter account of The El Savador President ,President Bukele announced that his country bought the crypto dip stating, “We just bought the dip. 150 new coins! El Salvador now holds 700 coins.”
This announcement came more as a utilised opportunity than a coincidence as Bitcoin dropped to a low of $45,000 in the Asian session which represents a 5% decline.
Seems El Savador buying the dip positively affected the market,as Lark Davis, who is the curator of the ‘cryptolark’ newsletter stated, “we now have a country buying the dip! El Salvador just bought another 150 BTC!”
But Despite the drop in the price of Bitcoin, data from Glassnode suggests that the weekly on-chain exchange flow for Bitcoin recorded a negative flow of $1.1 billion. This means that Bitcoin is in high demand as the data suggests that there is a heavy accumulation of Bitcoin by investors, as $8.5 billion worth of Bitcoin was withdrawn from exchanges last week.
Ending his tweet, the El Savador President stated and gave a presidential advice suggesting that he advises others to buy the dip as his country has just done.
Bitcoin seems to be on the recovery towards the start of the London session as BTC is currently trading $45,770.