The cryptocurrency market has been witnessing major shifts over the past couple of days.. After recording meteoric upticks, the industry was once again drowning in losses. Several assets like Bitcoin (BTC) lost major profits over the past 24 hours. After rising to a high of $94,727, the asset dipped back to a low of $82,467.24. While some were concerned about the king coin’s volatility, a few others were looking at the current scenario as a good buying opportunity. El Salvador, a country known for its inclination towards the cryptocurrency, made use of this to boost its BTC stash.
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Current Market
Over the past 24 hours, the world’s largest cryptocurrency, dipped by nearly 10%. At the time of writing, the king coin was trading at $84,124.73. It should be noted that Bitcoin surged all the way to a high of $109,114.88. Currently the asset is 23% below this peak.
Several prominent Bitcoin investors have viewed the king coin’s dip as a chance to pocket the asset. El Salvador has time and again purchased BTC each time the asset plummets. Continuing the tradition, the country purchased five BTC during BTC’s latest dip.
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A Look Into El Salvador’s BTC Stash
According to Bitcoin.gob, El Salvador has increased its Bitcoin holdings by acquiring five more BTC. With this most recent acquisition, the nation’s total holdings now stand at about 6,100.18 BTC. The projected worth of El Salvador’s Bitcoin holdings, based on current market values, is $513 million. The nation’s ongoing commitment to Bitcoin as part of its financial policy is reaffirmed by this action.
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It looks like El Salvador will continue purchasing the king coin each time it dips. The community believes that BTC could reach a peak of $200,000 over the next couple of months and the latest dip is a mere correction.