Crypto Market Flash Crash Makes El Salvador Buy the Dip

El Salvador Buy the Dip
  • Bitcoin plunges below $50k
  • Investors forecast Bitcoin to reach over $500k in the future. 

Bitcoin, the king of cryptocurrency, again experienced a bearish dip as it dropped its price below $50k. This bearish performance of Bitcoin was felt on every corner of the crypto market. Hence, the market capitalization of the crypto market amounts to $2.1 trillion, which has been down by -9.4% in the past 24 hours. Truly, this behavior of the market recently gives chills to investors and traders around the world. 

Aside from Bitcoin, some crypto assets such as XRP, LINK and DOGE also experienced the wild volatility bought by the bearish market. In detail, these cryptos mentioned above suffered more than a -10% price decline in the past 24 hours. However, despite the market fall in the past few days, other people in the crypto community see this event as an opportunity.

One of them is the president of El Salvador Nayib Bukele, who tweeted that the country of El Salvador is buying the dip with an additional 150 BTC. This brings the total BTC holdings of El Salvador to 550 Bitcoins. Indeed, this number of Bitcoins inspires the crypto community in the country.

On the other hand, crypto analysts and investors also remain positive about the future of Bitcoin. For example, in a tweet posted by Bitcoin Magazine, the CEO of 10T Holdings stated that “#Bitcoin is going up to $400,000 or $500,000 and potentially more.”

Moreover, this is not the first time that the crypto market experience and Bitcoin experienced a bearish dip. In fact, this event is not a new thing in the crypto world anymore. Through this, we can say that the crypto market can return to its feet once again in no time.  

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