The President of El Salvador confirmed early Saturday that his country purchased an additional 150 Bitcoin BTC/USD as the apex cryptocurrency fell as low as $42,874.62 shortly after midnight, according to CoinMarketCap.
What Happened: President Nayib Bukele announced the news in a tweet on Saturday, saying the purchase was made at an average cost of $48,670 per Bitcoin.
With Saturday's purchase, El Salvador’s Bitcoin reserve now amounts to 1,270 BTC, worth approximately $60 million at the time of publication. On Nov. 26 El Salvador purchased 100 Bitcoin when the digital currency fell about 8% to around $54,237.
Previously, Bukele announced purchasing 420 Bitcoin on Oct. 28 during a temporary price correction.
El Salvador adopted bitcoin as legal tender in September, and on Nov. 21, President Bukele announced the launch of Bitcoin City, an initiative funded initially by $1 billion in Bitcoin bonds.
What Else: Meanwhile, senior executives from eight major cryptocurrency firms will be testifying before the House of Representatives' Financial Services Committee on December 8 - the first time leaders in the cryptocurrency market will appear before U.S. lawmakers. The federal government is considering the implications of cryptocurrencies and how to best regulate them.
Last week, the U.S. Securities and Exchange Commission rejected a second spot-bitcoin exchange-traded fund proposal from WisdomTree.
At the time of publication Bitcoin is priced at $47,530.62, a drop of 16.02% in the past 24 hours.
Related Link: El Salvador May Be Pushing For Retail Transactions In Bitcoin But Michael Saylor Doesn't See It As A Good Idea
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