As the price of Bitcoin plummeted to $42,900, El Salvador bought on dips and bought

Bitcoin (Bitcoin) The holders made a profit on Tuesday, which coincided with El Salvador’s recognition of digital currency as legal tender. This is a landmark move that may have a significant impact on global adoption.

After hitting a local high north of $52,800 on Monday, Bitcoin price plummeted According to Tuesday’s trading, it rose all the way to $42,900 Cointelegraph Markets Pro. From peak to trough, the flagship cryptocurrency has plummeted nearly 19% in the past 24 hours.

BTC prices seem to have rebounded from the intraday low of $42,900. The last transaction price was slightly less than $47,000. Source: Cointelegraph Markets Pro

President of El Salvador Naib Bukler comfirmed His government bought down by snapping up 150 BTC during the deep sell-off period. As Cointelegraph reported, El Salvador buys BTC for the first time On the eve of the Bitcoin law coming into effect on Tuesday. The initial purchase of 200 BTC is worth about 10.4 million U.S. dollars.

Less than five minutes after the initial buy tweet was posted, Bukele Said Bitcoin’s “discount is about to end”. He also thanked the International Monetary Fund (IMF) for helping his country “save 1 million printing paper” when the government bought Bitcoin. In terms of background, the International Monetary Fund has come out to oppose the Bitcoin march in El Salvador. Its warning of the El Salvador initiative may have caused the latest round of market volatility.

El Salvador now holds 550 BTC, which is worth approximately $28.8 million at current prices.

related: Bank of America outlines 4 potential benefits of El Salvador’s Bitcoin strategy

Volatility is nothing new in the cryptocurrency market. As technical transactions, profit-taking and fear-inducing headlines dropped Bitcoin all the way from a high of close to $65,000 to $29,000, the collective market value of all tokens halved between May and July. The market has experienced an impressive recovery in the past month. Bitcoin recovered $50,000 and Ether (Ethereum) Reached US$4,000, and the total market value rose to more than US$2.4 trillion.