El Salvador Buys 500 More Bitcoin Amid Crypto Bloodbath

El Salvador has brought 500 more Bitcoin amid a heavy crypto market sell-off, the Salvadoran president announced.

Taking to Twitter, Salvadoran president Nayib Bukele, said, "El Salvador just bought the dip! 500 coins at an average USD price of ~$30,744"

His tweet came as the crypto market lost billions, and the price of Bitcoin fell more than 50% from its all-time high of around $69k in November, last year.

Bitcoin dipped 5.38% to $31,803, as of 5.27 a.m. ET, CoinMarketCap data showed. The global market cap was down 5.06% at $1.46trillion.

Last year, in September, El Salvador became the first country to make Bitcoin legal tender alongside the U.S. dollar.

Since then, the country has been purchasing BTC periodically. After purchasing 700 Bitcoin initially, the country bought 420 BTC in October, 100 BTC in November, 171 BTC in December, and 410 BTC in January.

With the recent purchase, the total number of BTC purchased by El Salvador has grown to 2,301 Bitcoins.

Even as the Bitcoin price continues to dip, President Bukele is bullish about the top token, expecting the price of BTC will reach $100K this year. El Salvador also plans to issue Bitcoin bonds but the launch date has not been set.