With the turmoil in the crypto markets, leading cryptocurrencies have lost value at a large rate. bitcoin (BTC) fell to a 2-month low of $42,848 and its market cap fell below $1 trillion, Ethereum (ETH) also fell below $4,000.
The bloodbath in the crypto market today may have wreaked havoc for traders, but it has turned into another bottom-up buying opportunity for El Salvador. Chairman Nayib Bukele announced that during the recent market crash, the small Central American country purchased another 150 BTC at an average price of $48,670.
El Salvador just bought the bottom! 🇸🇻
150 coins at an average USD price of ~$48,670 🥳#Bitcoin🎄
— Nayib Bukele 🇸🇻 (@nayibbukele) December 4, 2021
Since El Salvador became the first country to make BTC a legal currency in September, it has become a tradition to buy Bitcoin at the bottom. The country has made a number of BTC purchases since September, and Chairman Bukele noted that in most cases the market is bottoming out. However, it missed the bottom by seven minutes this time, as the BTC price briefly dropped to $42,874 before climbing above $47,000.
Missed the f***ing bottom by 7 minutes 😂
— Nayib Bukele 🇸🇻 (@nayibbukele) December 4, 2021
El Salvador made its first bottom purchase in September when the BTC price hovered below $40,000, with many warning the President of market volatility and potential losses to the state treasury. However, Chairman Bukele nearly doubled the investment in October. El Salvador now uses Bitcoin profits to build schools and hospitals.
Crypto Market Sees Biggest Liquidation in 15 Months
The bloodbath on Satoshi Street led to the largest liquidation in the crypto market since September 2020. Nearly a billion dollar liquidation has occurred in the past hour. Bitcoin is at the top of the list with approximately $650 million, followed by Ethereum with $292 million.
The market crash came as a surprise to many, as market experts gave predictions of $100,000 Bitcoin like Plan B. October brought a lot of hope as BTC and several other altcoins hit all-time highs as one of the biggest bullish months. As December started with one of the biggest bearish ratings, the market sentiment shifted from “greed” to “fear”.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.