El Salvador buys the dip as Bitcoin price flash crashes to $42.9K

El Salvador buys the dip as Bitcoin price flash crashes to $42.9K

Bitcoin (BTC) holders took profits on Tuesday, just as El Salvador moved to recognize the digital currency as legal tender in a landmark move that could have significant implications for global adoption. 

After hitting local highs north of $52,800 on Monday, the Bitcoin price plunged all the way to $42,900 in early Tuesday trading, according to Cointelegraph Markets Pro. Peak to trough, the flagship cryptocurrency plunged nearly 19% over the previous 24 hours.

The BTC price appears to have bounced off the intraday low of $42,900. It was last seen trading just below $47,000. Source: Cointelegraph Markets Pro

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El Salvador president Nayib Bukele confirmed that his government bought the dip by snatching up 150 BTC during the depths of the selloff. As Cointelegraph reported, El Salvador made its first BTC purchase late Tuesday on the eve of the Bitcoin Law coming into effect. The initial purchase of 200 BTC was valued at roughly $10.4 million.

Buying the dip

150 new coins

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