El Salvador’s President Nayib Bukele revealed in a tweet on Monday that the country bought the bitcoin drop, adding another 500 bitcoin worth $15.5 million to government coffers as the world’s most popular cryptocurrency continues to fall.
According to Bloomberg data, this brings the country’s total reserve in the leading cryptocurrency to 2,301 bitcoin or approximately $71.7 million at current prices.
According to the president’s tweet, El Salvador purchased bitcoin at an average price of $30,744.
El Salvador’s recent coin purchase is the country’s largest since it began adding digital currency to its balance sheet in September 2021, the same month it became the first country to accept bitcoin as legal tender alongside the US dollar.
Bitcoin has dropped more than 8 percent in the last 24 hours and is nearly 55 percent off its all-time high set in November. Over $3.15 billion in value moved into or out of exchanges during the last week’s sell-off, the most since the market reached its all-time high in November 2021.