El Salvador’s Nayib Bukele once again supported Bitcoin as he claimed that there is potential for growth for Bitcoin after the bear market
Due to the structure and level of complexity of the cryptocurrency market, it is well-known for its highly sentiment-driven and risky trading platform.
The cryptocurrency markets were able to recover some of their losses from the previous week on Monday, with Bitcoin, the market leader, inching closer to the $ 21,000 barrier.
Bukele sees growth potential after bear market
As part of his advocacy for Bitcoin, the President of El Salvador, Nayib Bukele, has indicated that the cryptocurrency possesses enormous growth potential after a bear market.
The value of investors’ capital was dramatically wiped out during the past week as Bitcoin’s price dropped below the $ 18,000 level. Over the course of the past seven trading sessions, the price of bitcoin fell by more than 23 percent.
On the other hand, trade-in Bitcoin picked up on Monday, and its price is currently around $20,709.71, which is an increase of 5.07 percent. The current value of Bitcoin on the market is something in the neighborhood of $395 billion.
Bitcoin’s price has fluctuated throughout the day, reaching a high of $19,438.12 and a low of $20,913.32 correspondingly.
Additionally, Bitcoin’s losses from the previous week were cut down to 11.33 percent.
Unending Support For Bitcoin
On June 19, Bukele, in support of Bitcoin, said the following through his Twitter account:
One of the countries that have shown the most enthusiasm for bitcoin is El Salvador. In September of 2017, the nation in Central America made the announcement that Bitcoin would be recognized as a legal tender.
In spite of the fact that El Salvador has seen a decline in the value of its investments in Bitcoin, the country’s president remains upbeat about the cryptocurrency.
Nayib Bukele’s portfolio decreases
According to a website called Nayibtracker, the value of Nayib Bukele’s portfolio has decreased by over 55 percent. As of right now, the typical purchase cost in El Salvador is $45,948.42, for a total of 2,301 bitcoin.
When compared to its original purchase price of $105.635 million, the value of the country’s Bitcoin holdings at the present time has decreased by 54.77 percent, coming in at $47.775 million.
On September 6, 2021, when El Salvador made its initial investment in Bitcoin, the price of the cryptocurrency was around the threshold of $51,800. Even though Bitcoin reached a new all-time high of $68,789.63 on November 10, 2021, the nation has not sold any of its Bitcoin holdings.
According to the tracker, the nation purchased 420 bitcoins on October 27 at an average price of $60, 345.17, and then subsequently purchased 100 bitcoins on November 26 at an average price of $58,935.45.
The most recent purchase of Bitcoin took place earlier in the month of May. El Salvador made a purchase of 500 bitcoins on May 9, 2022, paying an average of $30,744 per coin.
Earlier, Bukele was quoted as saying that he anticipates the price of a bitcoin will reach $100,000 by the end of this year.
The total value of all cryptocurrencies on the market as of today is around $6.49 billion, representing a 5.55 percent gain over the previous day. According to CoinMarketCap, the total volume of the cryptocurrency market over the past twenty-four hours was $82.41 billion, representing a fall of 11.80 percent.
