Top cryptocurrency makes strides after El Salvador’s president announced the country has purchased its first 200 coins
The gains came Monday night after El Salvador’s president announced that the country had secured the top cryptocurrency. Other major currencies were weak on Monday night, with the global cryptocurrency market capitalization up 0.55% to $2.35 trillion.
The top cryptocurrency was trading up 1.31% at $52,484.49 after a 24-hour tracking period. BTC is up 11.88% this week.
El Salvador’s President Nayib Bukele noted on Monday that the country has purchased the first 200 coins and that the country’s brokers will buy more coins by this Tuesday, the deadline to become the first country to adopt bitcoin.
According to Bukele, at the time of this article’s publication, El Salvador owns 400 bitcoins, worth nearly $21 million.
El Salvador just bought 200 new coins.
Now we have 400 #BITCOIN #BITCOINDAY
— NAYIB BUKELE (@NAYIBBUKELE) September 6, 2021
The second-largest cryptocurrency by market cap was down 0.89% at $3,898.16 after a 24-hour tracking period. ETH surged 21.29% over the 7-day tracking period.
The Shiba Inu-themed cryptocurrency traded down 1.99 percent to $0.30 after a 24-hour tracking period. DOGE is up 12.31% in 7 days.
In 24 hours, the cryptocurrency that benefits the most is FTX Token Fiber to the Home
, the sun
FTT surged 18.09% to $74.30 during the period, SOL gained 20.76% to $169.32 and THETA gained 14.19% to $9.16.
because it matters
Earlier this month, El Salvador announced it would create a $150 million bitcoin trust fund to facilitate transactions between the country’s BTC and the U.S. dollar, CoinDesk reported.
At the time, Maria Luisa Hayem Breve, El Salvador’s economy minister, said the figure could rise to $150 million.
Also read: Every adult in El Salvador will receive $30 in Bitcoin
Bitcoin whales have added more than 41,580 BTC (nearly $2 billion) to their holdings over the past 10 days, William Clement, chief insights analyst at Blockware Solutions, said on Twitter on Sunday.
Bitcoin whales have added +41,580 BTC (~$2B) to their holdings in the past 10 days. PIC.TWITTER.COM/RB8EJZOKJZ
— WILL CLEMENTE (@WCLEMENTEIII) September 4, 2021
Over the weekend, Bitcoin broke a key resistance level of $51,109, which could lead to more demand as traders increased, CoinDesk independently reported.
“The fact that BTC is above the 200-day SMA gives people more confidence that these key levels are resistance turned support,” said Lennard Neo, research director at Stack Funds, according to CoinDesk.
Neo has said that five out of six consecutive push days dwarfed the deal. “This further reinforces the bullish thesis for digital assets, at least in the short term,” he explained.