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Nayib Bukele, El Salvador’s president, tweeted that his country bought another 200 Bitcoin. El Salvador currently holds 400 Bitcoin. Starting September 7 local time in El Salvador, Bitcoin will circulate alongside the US dollar as fiat currency in its market. Nayib Bukele says El Salvador will buy more Bitcoin over time. In addition, Nayib Bukele said El Salvador’s process of increasing its Bitcoin holdings will be conducted in a learning curve, not completed in a day or a week.
The cryptocurrency market is experiencing a maturing trend. Bitcoin extended its upward trend yesterday, continuing its surge to near $52,500. From the four-hour chart, Bitcoin has been sharply lifted for 3 green candles, and the price is now firmly above $52,000. On-chain indicators show that the amount of Bitcoin flowing to centralized exchanges is decreasing and a drop in selling volume continues to drive investors to add to their holdings. If Bitcoin can break through the 53,000 pressure level, it is likely to continue to move higher. At the same time, Bitcoin needs to reconfirm the support level around the $52,000 zone today, otherwise, a sustained rally might lead to a temporary volatile correction.