Bitcoin price unexpectedly dropped below $47,000 on Dec. 4 and its 24-hour loss reached 20%. This correction marks the hardest one-day drop since May 15, when the Bitcoin price momentarily dropped to around $33,000. Now, Salvadoran President Nayib Bukele has announced that he has purchased another 150 BTC at bottom prices. Details cryptocoin.com‘in.
Bitcoin price drops below $47,000, erasing October gains
The market price of BTC is down 26.4% from a one-week support of $57,206 to $42,268 before returning to $45,000. According to ByBit data, the Bitcoin market has seen a total liquidation of $1.3 billion in the last hour, with $735 million of BTC long-term liquidated in this drop.
Nayib Bukele announces BTC purchase
Despite concerns about volatility and non-compliance with traditional financial practices, Bitcoin continues to rise as a viable asset for jurisdictions with volatile economies. Salvadoran President Nayib Bukele announced that he has purchased 150 BTC as the market price momentarily plunged below $50,000 after losing more than 15% in market cap.
Bukele also acknowledged that he missed the opportunity to buy Bitcoin at the bottom, while tweeting, “I missed the bottom by 7 minutes.” With this acquisition, El Salvador’s Bitcoin reserve currently reaches 1,270 BTC, which is worth around $60.3 million at the time of writing. Earlier, the chairman announced that he bought 420 Bitcoin on October 28 during a temporary bearish market. Following in the footsteps of El Salvador, the Zimbabwean government is exploring the mainstream use of Bitcoin. Retired Brigadier General Charles Wekwete, permanent secretary and head of the presidential office and cabinet’s e-government technology unit, confirmed that talks with businesses are ongoing.
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