The post El Salvador Bag Another Stash Of Bitcoin, As BTC Trading Below $100K appeared first on Coinpedia Fintech News
El Salvador isn’t slowing down on its Bitcoin journey. Even after adjusting its laws to meet the IMF’s $1.4 billion loan requirements, the country continues to buy more BTC whenever prices dip. Recently, El Salvador’s Bitcoin Office confirmed the purchase of 12 more in a single day, bringing its total holdings to 6,068 BTC, now worth over $554 million.
El Salvador Continue Adding BTC
El Salvador which usually buys one Bitcoin daily as part of its long-term buying strategy has been buying more lately. With Bitcoin trading below $100K, many institutions and countries are seizing the chance to accumulate at lower prices. El Salvador is no exception.
According to the country’s Bitcoin Office, on February 4, they bought 11 BTC for just over $1.1 million at an average price of $101,816 per Bitcoin. Later, they grabbed another BTC for $99,114.
In the past week alone, El Salvador added 21 BTC to its reserves. Over the past 30 days, the country has purchased 60 BTC showing their long-term confidence in Bitcoin, regardless of short-term price swings.
El Salvador’s Bitcoin Law Adjustments
While the government remains committed to Bitcoin, they’ve made some changes to their laws to secure a $1.4 billion loan from the IMF. Previously, businesses were required to accept Bitcoin as payment. Now, under the revised law, businesses can choose whether to accept it or not.
This adjustment was made under pressure from the IMF, which has been skeptical of El Salvador’s Bitcoin adoption. Despite this compromise, the country is proving its belief in Bitcoin by continuing to accumulate more BTC.
Bitcoin Faces Bearish Trends
Bitcoin’s price has been struggling lately, dropping to a 24-hour low of around $96,000 after failing to stay above the key $100,000 level, raising concerns among investors.
Meanwhile, technical indicators aren’t looking great either. However, the 14-week relative strength index (RSI) is showing a bearish pattern, similar to what happened in 2021 before Bitcoin’s major correction. For a bullish turnaround, the RSI needs to break above its downtrend.
