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This week, the crypto market is experiencing an absolute meltdown with large devaluations of the main crypto assets. Taking advantage of this fall, El Salvador announced that it bought more bitcoins.

In total, the South American country has acquired 500 units of the crypto asset in recent days. The announcement was posted by Nayib Bukele, president of El Salvador, on Twitter last Monday (9).

Bitcoin and the main crypto assets on the market are severely depreciating. For example, BTC has accumulated about a 28% drop in price in the past seven days, following the crypto market downtrend.

Bitcoin has fallen since El Salvador’s purchase

Considered a great enthusiast of the crypto market, Nayib Bukele is responsible for making El Salvador the first country to declare bitcoin an official currency.

Assim, considerando o preço médio pago por El Salvador nas 500 unidades, o bitcoin caiu mais de 8% desde então. Conforme mostram os dados do CoinMarketCap, nesta quinta-feira (12) a moeda digital caiu mais de 10%, e segue cotada por volta de US$ 28 mil.

El Salvador’s bitcoin purchase reached US$15.3 million in market value, considering the crypto asset’s price on the day. With this new acquisition, the country increases its position to more than 2,300 digital currency units.

According to him, each bitcoin unit was bought in recent days for an average price of US$ 30.774 on the market. However, the crypto asset keeps on depreciating in the market.

Thus, considering the average price paid by El Salvador on the 500 units, bitcoin has fallen by more than 8 percent since then. As CoinMarketCap data shows, on Thursday (May 12), the digital currency fell more than 10% and is still quoted at around US$ 28,000.