El Salvador Buys 500 Additional Bitcoins Amid Ongoing Crypto Market Drop

Following a Twitter announcement by the Central American President, it was revealed on Monday that El Salvador's government had once again dug into the country's financial resources to acquire an extra 500 units of Bitcoin. This most recent purchase makes it the country's largest purchase to date of the cryptocurrency. The average price El Salvador paid, according to Bukele, was $30,744 per bitcoin, amounting to around $15 million in total.

El Salvador was the first nation to recognize bitcoin as legal tender, having done so in September of last year. Owing to the president's persistent conviction in Bitcoin, the government has made it a point to purchase the cryptocurrency whenever the market price is down. Most recently, on January 21, the government purchased 410 bitcoins at an average price of $36,585. El Salvador now looks to be in possession of around 2,301 bitcoins, which are now valued at around $71 million.

Bitcoin reaches 10-month low

A fall in market price has sent Bitcoin's price below $31,000 and now trading more than 50 percent below its all-time high of $68,990.90. This is the lowest price for the cryptocurrency in 10 months. As of today, Bitcoin has ended its 6th straight weekly red candle, marking the first time in a long time that this has happened. 

There has also been a significant increase in liquidation in the broader crypto market, with over $920 million worth of assets being liquidated in the last 24 hours.