The cryptocurrency market is known for its highly sentiment-driven and risk-averse trading platforms due to its complexity and nature. On Monday, the crypto markets recovered some of the losses from the previous week, with bitcoin, the leader of the board, approaching its $21,000 mark. El Salvador President Nayib Bukele has backed bitcoin, saying that the cryptocurrency has the potential to rise significantly after a bear market.
Last week, Bitcoin Slipped below the $18,000 mark and investors’ wealth was wiped out significantly. Bitcoin is down more than 23% over the past seven trading sessions.
However, on Monday, bitcoin traded higher and is currently trading up 5.07% near $20,709.71. At current price, bitcoin Market The valuation is around $395 billion. Bitcoin has touched intraday highs and lows of $19,438.12 and $20,913.32 respectively.
Bitcoin also narrowed its losses from last week to 11.33%.
“I see some people being concerned or concerned about the market cap of bitcoin,” Bukele said in support of bitcoin via his Twitter account on June 19.
he said. “My advice: stop looking at graphs and enjoy life. If you have invested in BTC your investment is safe and will increase in value significantly after the bear market.”
“Patience is the key,” Bukele said.
El Salvador is one of the biggest proponents of bitcoin. The Central American country declared bitcoin as legal tender in September last year.
The President of El Salvador shows optimism about bitcoin despite a decline in his investments in crypto in the country.
according to a nbtracker Website, NB Bukele Portfolio is down about 55%. The average purchase price in El Salvador is $45 908.42 out of 2,301 bitcoins today. The current value of bitcoin holdings in the country is down by 54.77% to $47.775 million compared to the total purchase cost of $105.635 million.
When El Salvador first invested in bitcoin on September 6, 2021, the crypto was worth around $51,800. The country has not sold any of its bitcoin holdings even after the cryptocurrency touched an all-time high of $68,789.63 on November 10, 2021.
According to the tracker, the country bought 420 bitcoins on October 27 at an average price of $60,345.17, and they bought 100 bitcoins on November 26 last year at an average price of $58,935.45.
Before this, the last purchase of bitcoin was in May.
On May 9, 2022, El Salvador bought 500 bitcoins at an average price of $30,744.
Bukele previously said that he expects bitcoin to hit $100,000 by the end of this year.
Today, the global crypto market cap is approximately $06.49 billion, a 5.55% increase from the previous day. According to CoinMarketCap, the total crypto market volume in the last 24 hours is $82.41B, a decrease of 11.80%.