Category: Cryptocurrency News

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Gemini, the popular bitcoin & crypto exchange platform, announced that starting on Tuesday, December 14th, it will launch its partnership with Colombian bank Bancolombia to provide an initial cohort of customers of the bank an on and off-ramp to trade bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) through the Gemini exchange. This…
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The Securities and Exchange Commission’s continued resistance to spot Bitcoin ETFs draws industry players’ ire.

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Bitcoin has now become part of El Salvador’s daily life following the official implementation of the cryptocurrency as a legal tender. Since then, the El Salvador government has pledged to purchase bitcoins and has held up its end of the bargain. Now, every time the price of BTC goes down, the country calls the dip and purchase a significant amount of bitcoin. In multiple instances spread through the past couple of months, El Salvador has purchased millions of dollars worth of bitcoin. The country had purchased 100 bitcoins during the last bitcoin dip. This time around, El Salvador has taken another opportunity to increase its BTC holdings, adding 150 coins to its coffers. Related Reading | Calls For Tesla To Resume Bitcoin Payments As Mining Reaches 57% Renewable Energy El Salvador Calls The Dip Only a week after its last purchase, El Salvador has deepened its bitcoin bet again. The decrease in the value of the digital asset has seen the country taking advantage of the presented opportunity. While a good portion of the market panics and believes that it might be headed into a bear market, El Salvador has gone the opposite way made evident by its BTC purchases. Once again, President Nayib Bukele had taken to Twitter to announce the purchase which took place on Saturday. Bukele announced to his 3.2 million Twitter followers that the country had bought the dip, purchasing 150 coins at an average price of $48,670, bringing the total loot to approximately $7.3 million. El Salvador just bought the dip! 🇸🇻 150 coins at an average USD price of ~$48,670 🥳#Bitcoin🎄 — Nayib Bukele 🇸🇻 (@nayibbukele) December 4, 2021 BTC trading below $50K | Source: BTCUSD on TradingView.com Bitcoin In The Green Although the move on President Nayib Bukele’s part is praised by many in the bitcoin space, not everyone has been happy with the purchases. There has been a lot of criticism regarding El Salvador’s decision to invest in BTC on a national scale but this has rolled off of Bukele like water off a camel’s back. Related Reading | SEC Boss Acknowledges That Bitcoin Is A Competitor For U.S. Banking System Responding to a comment saying that the president was wasting taxpayers’ money on a digital asset that was set to suffer more dips, Bukele explained that the BTC the country has purchased so far has remained in profit. Bukele compared its BTC holdings to its gold reserves which are down 0.37% from a year ago while its bitcoin remains in green. None. We’re already in the green from our last purchase, in less than 24 hours. You know boomer, we have 44,106 oz of gold in our reserves. Worth $79 million, down 0.37% from a year ago. If we had sold it a year ago and bought #Bitcoin, it would now be valued at $204 million. https://t.co/e5z9cVsfjg — Nayib Bukele 🇸🇻 (@nayibbukele) December 4, 2021 With its latest 150 bitcoin purchase, El Salvador now holds 1,370 BTC. Featured image from Anadolu Agency, chart from TradingView.com

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Even though the total value locked in DeFi protocols has eclipsed $246 billion, it was not enough to please the BIS.