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El Salvador Buys the Dip as Bitcoin Loses 8% on Friday

As the financial markets are a sea of red on Black Friday, El Salvador bought 100 additional Bitcoin, president Bukele announced on Twitter.

Spurred by worries over a new coronavirus variant, S&P500 shares dropped hard and the crypto markets showed a similar decline in risk appetite. Bitcoin tanked almost 8% on the day reaching a 6 week low since its all-time high of over $69,000.

It is not the first time that El Salvador has bought “the dip” since Bitcoin became legal tender in the country in September. On October 27, the Bitcoin president announced his country had purchased 420 Bitcoin to add to their totals.

Recently, Bukele announced plans of the world’s first Bitcoin City, an idea that appealed to the imagination of many crypto enthusiasts.

At the time of writing, Bitcoin is changing hands at $54,316.12 according to CoinMarketCap data.

The post El Salvador Buys the Dip as Bitcoin Loses 8% on Friday appeared first on iGaming.org.

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Author: Peter Siu