The president of El Salvador is struggling to make ends meet after buying millions of dollars worth of Bitcoin. El Salvador President Nietzsche Bukili has made a number of purchases since Bitcoin was made the country’s official currency. The president bought Bitcoin 410 at the end of January this year for $ 15 million to invest in Bitcoin. At that time Bitcoin costs around $ 43,000 to $ 35,000. At the end of October 2021, it acquired the Bitoicn 420. Bitcoin costs over $ 60,300 each. The president’s Bitcoin purchases did not stop there. Bitcoin’s president Najib Razak, who is in high demand for Bitcoin, said on Twitter that he bought another BTC 500 for another $ 15 million at a time when Bitcoin prices were falling.
President Nietzsche wrote on Twitter that he bought 500 Bitcoin for an average of $ 30,744. El Salvador currently owns 2,301 Bitcoins, valued at around $ 23,000 and valued at $ 53 million. That’s about half of the $ 105.6 million that was bought by President Bukili. The El Salvador government, led by President Najib Razak, has declared Bitcoin the country’s official currency since September last year, prompting protests from President Bukili’s party. Dissatisfaction with the authoritarian enactment of the Bitcoin law has raised concerns that Bitcoin could bring financial instability and inflation to impoverished Latin American countries.
Many traders, including the International Monetary Fund (IMF), have warned against legalizing cryptocurrencies, including Bitcoin. El Salvador and Central Africa are the only countries in the world that officially accept Bitcoin as their official currency. You can read the following bitcoin news.
After the withdrawal, Bitcoin fell below $ 23,000 bitcoin price usd (bitcoin news)
Bitcoin, one of the world’s largest cryptocurrencies, has fallen 17 percent since its December 2020 low. Prices fell on Monday after the well-known US cryptocurrency lending platform Celsius Network closed cryptocurrency trading on Monday. Centigrade said this was due to dangerous market conditions. The company’s CEL Token fell 21 cents to 21 cents after announcing the closure of cryptocurrencies at the Asian Open on Monday morning. Hours after the news broke that the cryptocurrency trading in Centigrade was suspended, other cryptocurrency prices also fell.
According to CoinMarketCap’s global cryptocurrency tracking, the combined market value of Crypto Assets, including Stablecoins and Tokens, fell below $ 3 trillion and $ 1 trillion in November last year. According to CoinDesk, Bitcoin is down about 17 percent. Last weekend and Monday morning, The entire cryptocurrency market lost more than $ 200 billion. US stock indexes fell sharply last week. Bitcoin and other cryptocurrencies associated with stocks and other real estate investments. As these indicators fall, so do cryptocurrencies.
In the United States, inflation is rising and the Fed is set to raise interest rates this week to contain rising commodity prices. Scott Mainnard, chief investment officer at Guggenheim, estimates that Bitcoin could now fall as low as $ 8,000 (bitcoin price).
Coinbase fired 1,100 employees due to falling bitcoin price usd (bitcoin news)
As the crypto market slows or today bitcoin price usd is low, Coinbase fires thousands of employees. Well-known crypto-exchange company laid off almost 18% of its full-time workforce, about 18%. Coinbase fired about 1,100 employees by reducing it by 5% on dismissal information. Brian Armstrong, the company’s chief executive, said the cuts were due to the risk of recession.
“After more than 10 years of recession, the recession is approaching. The recession could lead to another crypto-winter, which could longer.” Brian Armstrong said in a blog post:
Bitcoin, one of the world’s largest cryptocurrencies, fell 14 percent on Monday, falling below $ 22,000 to 1BTC after closing its withdrawals on the cryptocurrency conglomerate network. Coinbase also fired its employees at the same time. Armstrong said he would send an email to the fired employees. Earlier this month, Coinbase announced it was suspending recruitment, warning that the company could end up losing customers’ crypto if it went bankrupt.