Bitcoin’s BTC/USD weekend retrace was one of its steepest recent years, with the King Crypto briefly plunging below $50,000.
But away from the noise of sell-offs and bearish pressure, El Salvador continued to purchase and add BTCs to its reserves.
What Happened: El Salvador purchased one BTC on Monday, according to the mempool space that tracks the country’s treasury reserves, staying true to its objective of buying one Bitcoin per day.
At the time of writing, the Central American nation had 5,833.76 Bitcoins in its custody, worth more than $324 million. Seven BTCs were added to the Treasury over the last week and 30 over the month.
See Also: Peter Schiff Thinks Bitcoin ‘Will Never Be A Reserve Asset,’ But Others See The Drop As A ‘Testament To Bitcoin’s Potential’
Why It Matters: Just two weeks after Joe Biden’s dramatic withdrawal from the race, Harris has surged to the forefront of the Democratic presidential ticket, securing the party’s nomination in a “virtual roll call” on Friday.
Notably, the Eastern German state of Saxony liquidated billions in seized Bitcoin over fears of significant price losses. The move was slammed by German lawmaker Joana Cotar, who called it a “monumental missed opportunity.”
El Salvador, led by Nayib Bukele, has doubled down on Bitcoin ever since adopting the world’s largest digital currency as a legal tender in 2021.
ARK Invest CEO Cathie Wood stated earlier that El Salvador’s economy could grow dramatically if it continues to embrace Bitcoin.
Price Action: At the time of writing, Bitcoin was trading at $55,623.37, rebounding 2.94% in the last 24 hours following the weekend crash, according to data from Benzinga Pro.
Read Next:
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
