El Salvador Increases its Bitcoin Holdings by 410 Bitcoins Despite the Crypto Market’s Bloodbath

<p>El Salvador, the world's first jurisdiction to legalise Bitcoin, adds 410 BTC to its holdings.</p> <p>El Salvador Makes a $15 Million Purchase of 410 Bitcoins</p> <p>While the plunge to $35k has compelled some to liquidate their holdings out of fear of more losses, it has also prompted many to increase their BTC purchases.</p> <p>El Salvador, a small country in Central America, is one such example. El Salvador, under by President Nayib Bukele, has reintroduced practically every dip following the legalisation of Bitcoin. El Salvador missed an opportunity last week when Bitcoin fell to $39k, and President Nayib Bukele expressed sadness, citing a squandered opportunity. However, as Bitcoin fell further to $35k on Friday, El Salvador was able to successfully bring the dip. Nayib Bukele, President of the Republic of South Africa, declared via Twitter:</p> <p>"Nope, I was incorrect; I did not overlook it.</p> <p>El Salvador recently purchased 410 Bitcoins for less than $15 million."</p> <p>El Salvador currently owns a total of 1801 BTCs following this recent acquisition, valued at $15 million. As a result, El Salvador's BTC holdings have increased in value to more than $60 million.</p> <p>Notably, El Salvador's Bitcoin holdings have declined by around $20 million as a result of Bitcoin's recent price behaviour.</p> <p>While El Salvador's crypto policy is undoubtedly a cause for celebration for crypto fans, certain individuals and institutions have criticised president Nayib Bukele for his excessive bullishness towards Bitcoin.</p> <p>Bitcoin Drops Below the $35,000 Level</p> <p>Bitcoin, which is currently trading at $34.9k, had just struck its six-month low of $34.3k seconds earlier. Bitcoin is currently down 10% day-to-day, 19% week-to-week, and 27% month-to-month. Whereas, Premier cryptocurrency is down 49% from its all-time high of $68.7k.</p> <p>Additionally, the market is undergoing a significant correction. The total market capitalisation of all cryptocurrencies is currently $1.60 trillion, down 13%