Tag: accumulating

Bitcoin News: El Salvador Stacks More Coins as BTC Price Drops Below $90K

The post Bitcoin News: El Salvador Stacks More Coins as BTC Price Drops Below $90K appeared com. Key Insights: In the latest Bitcoin news, El Salvador buys the dip, accumulating another 1, 090 BTC as the crypto market retreats. The Bitcoin price has dropped below $90K as panic and fear grip crypto investors. Nakamoto CEO David Bailey warns that the price action shows “something big is happening” and warns investors to “stay safe.” El Salvador has made headlines in the Bitcoin news column with its BTC stance, highlighting the Central American nation-state’s BTC commitment during the broader selloff. As panic rippled through global markets and the Bitcoin price plunged below $90, 000, President Nayib Bukele’s government snapped up another 1, 090 BTC. The country spent nearly $100 million to increase the national reserves to an impressive 7, 474 BTC, valued at around $685 million, according to on-chain tracker Lookonchain. The country’s dip-buying spree was corroborated by Bukele, who posted a screenshot of the country’s total BTC holdings, along with the word, “Hooah! Bitcoin News: El Salvador Buys Amid Epic Slide for BTC Price El Salvador has once again ignited discussions in the Bitcoin news sector with its latest move to add more BTC. Notably, this comes after the BTC price touched euphoric all-time highs near $126,000 just six weeks ago, with the price now finding itself teetering below $90, 000. Bitcoin price had slid to as $89,300 at the time of writing. That’s a 30% drawdown in less than two months, as crypto market traders wrestled with chronic leverage and the growing chill of macro unease. To make matters worse, last week Bitcoin closed below the 50-day moving average, a clear.