The Republic of El Salvador is a country in Central America. This country recently decided to buy Bitcoin. Further, they are running on the simple strategy of “buy the dip”. This is a crypto technique used by experienced and beginner traders.
The results of such a strategy realized by the whole country of Central America are here.
Black Friday Sale in El Salvador
The recent most major market activity in the country was the Black Friday sale. This activity that the cryptocurrency market experienced amid the announcement of new pandemic measures in Europe.
Moreover, due to the high chances of risks on the market, more traders have left markets and held edict currencies. In addition, Oil’s price drop started a worldwide correction on markets and then reflected on the crypto market. Also, major currencies and Bitcoin lost 15% in total approximately.
El Salvador’s president Nayib Bukele on Nov. 26, announced on Twitter that the country has bought more than 100 BTC. This dip is now already worth 6.8% as compared to the lowest point 3 days ago.
Earlier, El Salvador also bought 150 new coins on the September Bitcoin dip. In those days, the price of the first cryptocurrency has dropped to $43,000 from the local peak of $52,000.
Lastly, after this most recent dip bought by the country, they hold 800 Bitcoin. This holding is now worth about $45 million. The well-known cryptocurrency market critic, Peter Schiff, called the country’s president for making excessive risks for the country’s economy by following a trading strategy while managing the whole country’s funds.