El Salvador announces new purchase of 500 BTC

El Salvador bought 500 BTC on Monday, according to its president, Nayib Bukele. 

"El Salvador just bought the dip," Bukele said in a post on Twitter. "500 coins at an average USD price of ~$30,744."

The South American adopted bitcoin as legal tender last year and has since accumulated the cryptocurrency through a series of announced purchases. Based on past announcements, El Salvador has bought more than 2,000 BTC. 

Bitcoin's price has fallen sharply in the past 24 hours. At press time, the cryptocurrency is trading at $31,780 on Coinbase, according to TradingView data. 

 

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Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).

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