El Salvador buys the dip in Bitcoin

By: Stephen Alpher

  • El Salvador President Nayib Bukele is either taking advantage of bitcoin’s (BTC-USD) dip below $60K, or he’s channeling his inner Elon Musk, but minutes ago he took to Twitter to announce the purchase of another 420 bitcoins.
  • That would take the country’s stash to 1,120 bitcoins, worth $66M at the crypto’s current price of $59K.
  • Bitcoin has had a rough few days of it since hitting a new all-time high of about $67K on Wednesday, sliding as low as $58.3K at one point this afternoon. Even with that decline, it’s higher by about 40% over the past month.
  • The action in the crypto market was pretty wild today, with nearly every coin selling off sharply, except for Shiba Inu (SHIB-USD), which climbed as much as 75%. It’s currently ahead 56%. Morning Brew takes note of one wallet address that purchased about $8K of Shiba in August that’s now worth $5.7B.
  • Has it really been 3+ years since Elon Musk’s “funding secured” at $420 tweet?

Via Seeking Alpha

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