I-El Salvador iThenga i-Bitcoin Dip phakathi kwe-FUD-Induced Sell-Off

UAzeez Mustapha

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As the crypto market continues to cave under the prevailing FUD pressure, El Salvador has bought the Bitcoin (BTC) dip again.

The Central American nation took advantage of the heightened sell-off to purchase 100 more BTCs amid panic over the new “Omicron” variant of the COVID-19 virus. President of El Salvador Nayib Bukele took to Twitter on Friday to announce that the country bought the dip, noting that: “100 extra coins acquired with a discount.”

Last Friday, a World Health Organization (WHO) classified the Omicron variant as deadlier and more transmissible than other variants. The hawkish comments triggered a massive sell-off in BTC, which fell from $59,195 on Thursday to $53,530 by noon on Friday. At press time, BTC trades at $54,300 as the selling pressure prevails.

El Salvador officially made Bitcoin a legal tender alongside the US dollar on September 7. At the time, the benchmark cryptocurrency traded around $46,000. Since then, the Central American nation has made consecutive BTC purchases, which has brought its total holdings to 1,220 BTC.

Meanwhile, Bukele announced plans to create the world’s first “Bitcoin City,” powered by a volcano and funded by BTC bonds, the first of its kind.

Amanqanaba eBitcoin abalulekileyo omawubukele - nge-28 kaNovemba

Following its FUD-induced fall, BTC has found some support at the $54,000 pivot base, as the market witnessed a bearish slowdown on Sunday. That said, the next course of action for the benchmark cryptocurrency remains shrouded in uncertainty.

I-BTCUSD - Itshathi yeeyure ze-4 kwiGemini. Umthombo: TradingView

Nonetheless, if BTC continues to prevent a bullish slide below the $54,000 line over the coming hours, we could see an increase in bullish traction towards the $57,000 – $58,000 soon.

Okwangoku, amanqanaba okumelana nam akwi-55,000 yeedola, i-55,500 yeedola, kunye ne-56,700 yeedola, kwaye amanqanaba am enkxaso angundoqo akwi-$54,000, i-$53,000, kunye ne-$52,000.

Imali iyonke yentengiso: $ 2.45 zezigidi

Imali yeNtengiso yeBitcoin: $ 1.02 zezigidi

I-Bitcoin Dominance: 42%

Inqanaba lentengiso: #1

 

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UAzeez Mustapha

U-Azeez Mustapha yingcali kwezorhwebo, umhlalutyi wemali, umhleli weempawu, kunye nomphathi wezezimali ngaphezulu kweminyaka elishumi yamava kwicandelo lezemali. Njengombhali webhlog kunye nombhali wezemali, unceda abatyali mali baqonde iikhonsepthi ezintsonkothileyo zemali, ukuphucula izakhono zabo zotyalo-mali, kunye nokufunda ukulawula imali yabo.

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