The chaos in the cryptocurrency market today, Saturday, witnessed a decline in the valuation of the best cryptocurrencies, reaching the double digits, and the market value decreased by about 20%.
Bitcoin price fell to a two-month low of $42,848 and the market cap fell below $1 trillion, Ethereum also dropped to its monthly low of less than $4000.
The bloodbath in the cryptocurrency market today may have caused chaos for traders, but it turned out to be a perfect opportunity for El Salvador to buy another pullback.
President Najib Bukele took to Twitter to announce that the small Central American country had bought an additional 150 bitcoins at an average price of $48,670 during the recent market crash.
El Salvador just bought the dip! 🇸🇻
150 coins at an average USD price of ~$48,670 🥳#Bitcoin🎄
— Nayib Bukele 🇸🇻 (@nayibbukele) December 4, 2021
El Salvador has made buying bitcoin drop since it became the first country to make bitcoin legal tender in September, a tradition.
The country has made a series of 150 bitcoin purchases since September, and President Bukele has set the market low on most occasions.
However, this time around, it sped up by seven minutes, with Bitcoin dropping to $42,874 for a brief period before recovering above $47,000.
El Salvador bought its first dip in September when the bitcoin price was hovering under $40,000, and many warned the president about market volatility and the potential losses it could cause to the state treasury.
However, the president set the bottom of the market and nearly doubled the investment in October, reaching $69,000.
El Salvador is now using bitcoin earnings to set up schools and hospitals.
The cryptocurrency market witnessed the largest liquidation in 15 months:
The bloodbath led to the largest liquidation event in the crypto market since September.
A liquidation of nearly $1 billion occurred in the last hour with Bitcoin topping the chart with around $650 million followed by Ethereum at $292 million.
The market crash came as a shock to many as market experts predicted a final bullish quarter with some giving a target of $100,000.
October brought a lot of hopes with one of the biggest bullish months as Bitcoin and many other digital currencies reached all-time highs.
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Bitcoin price drop below $50,000 caused $100 million to be liquidated in 10 minutes