El Salvador ‘Buys the Dip,‘ Adding 100 Cryptocurrency Coins to the National Treasury

<p>While the recent 7.8% drop in Bitcoin may have scared some traders, El Salvador is now taking advantage of the dip to purchase additional cryptocurrency. El Salvador's President, Nayib Bukele, stated that his country took advantage of the dip and purchased an additional 100 Bitcoin to add to the country's national treasury.</p> <p>According to Yahoo Finance, El Salvador's president Bukele recently tweeted that his country had "just purchased the dip." This move comes less than a week after he announced the country's intention to sell $1 billion in tokenised 10-year dollar-denominated bonds. </p> <p>El Salvador purchased 1,100 Bitcoins in total on October 27. Additionally, on September 7, the country decided to make cryptocurrency legal tender alongside the US dollar. </p> <p>The Performance of El Salvador's Dollar Debt </p> <p>As of November, El Salvador's dollar bonds were ranked as one of the worst performing emerging market debt. According to data from a Bloomberg index, the bonds underperformed Lebanon's debt. </p> <p>The bond sell-off began as investors considered the possibility of the Central American country increasing its debt. This was accompanied by concerns about its ability to reach an agreement with the International Monetary Fund. </p> <p>Bitcoin's Price Has Decreased from an All-Time High of $69K </p> <p>Bitcoin fell 7.8 percent, to its lowest level since October 12, according to a Reuters article. The cryptocurrency was on track for its biggest one-day loss since September 20 and is currently down more than 20% from its new all-time high of $69K earlier this month. </p> <p>On October 28, the country purchased a whopping 1,120 Bitcoins, garnering both positive and negative attention, with some praising the decision while others chastised it. While many hodlers and crypto enthusiasts lauded this decision, the country faced backlash even before officially recognising Bitcoin as legal tender, as the World Bank stated in another Reuters article. </p> <p>El Salvador Becomes the First Countr