The digital currency market continued to lose ground on Friday, January 21, falling another 8%. The cryptocurrency market has seen significant selling for the second day in a row, with investors losing more than $350 billion in total worth.
Bitcoin is presently trading at $36,611 with a market valuation of less than $700 billion, down 7.38 percent as of press time. Bitcoin’s weekly losses have risen to more than 15% due to the two-day market downturn.
El Salvador invests in Bitcoin’s downturn
While the cryptocurrency market has become very fearful, El Salvador President Nayib Bukele wants to hold his head up and views the situation as a buying opportunity. President Bukele stated a few hours ago that El Salvador’s Treasury had acquired another 410 Bitcoins for a stunning $15 million.
Bukele, on the other hand, has come under fire since the country’s Bitcoin investments have resulted in unrealized losses of more than $15 million. El Salvador’s Treasury presently has about 1400 bitcoins.
Bitcoin opponent Peter Schiff slammed Bukele for his recent statement, writing:
“That means you wasted over $36,500 per Bitcoin. If you want to make bad bets on Bitcoin do it with your own money. Why didn’t you include in your tweet how many Bitcoin you HODL, and how much money you have already lost. I warned you not to buy the last dip. Don’t buy the next!”
El Salvador’s credit rating was also reduced by Moody’s last year, as the nation’s USD bonds have been on a free slide since the nation’s Bitcoin decision last year. On the other hand, President Nayib Bukele of El Salvador has opted to give all of his detractors a pass and proceed with their Bitcoin plans.
El Salvador’s government proposes making Bitcoin-backed loans available to small enterprises. The program will address the urgent need for entrepreneurs to get affordable financing for their businesses.