El Salvador buys the Bitcoin dip, getting 500 Bitcoins

Amid a massive crypto sell off, El Salvador has bought the Bitcoin dip.

The Salvadoran president, Nayib Bukele, announced Monday on Twitter that his country has purchased 500 more bitcoins.

“El Salvador just bought the dip! 500 coins at an average USD price of ~$30,744,” he wrote.

The crypto market has lost billions, and the price of bitcoin fell more than 50% from its all-time high.

At the time of writing, BTC is trading at $31,607. Per Bitcoin.com, the top digital asset was down 8.5% in the last 24 hours, 18.1% in the past 7 days, and 25.4% in the last 30 days.

El Salvador became the first country to make bitcoin legal tender alongside the U.S. dollar in September last year.

Since then, the country has been purchasing bitcoin periodically. With Monday’s purchase, the total number of BTC purchased by El Salvador has grown to 2,301 bitcoins.

El Salvador also plans to issue bitcoin bonds but the launch date has not been set.