Crypto News- BTC Triumph: In a remarkable turn of events, El Salvador finds itself basking in the glow of Bitcoin’s recent surge. Reports indicate that the country’s Bitcoin reserves have soared past the $150 million mark, thanks to the cryptocurrency’s recent rally. This substantial increase amounts to more than $50 million in growth.
BTC Triumph: El Salvador’s Bitcoin Reserves Hit 164M Dollars, 53M Dollars in Profits Amplify Success
Bitcoin Hits New All-Time High, Boosting El Salvador’s Holdings to $164.7 Million The recent rally in Bitcoin’s price propelled the cryptocurrency to a new all-time high, surpassing its previous record set in 2021. At this new peak, El Salvador’s Bitcoin holdings now stand at an impressive $164.7 million, marking a remarkable increase of over $53 million in value.
El Salvador’s Bold Bitcoin Move Defies Critics
In a bold move in 2021, El Salvador made history by becoming the first country to adopt Bitcoin as legal tender. Despite facing criticism and skepticism from entities like the International Monetary Fund (IMF) and JPMorgan, President Nayib Bukele stood firm in his decision. Even amid concerns raised about liquidity issues and financial risks, Bukele remained resolute. In fact, he doubled down on his commitment by announcing the country’s plan to purchase 1 Bitcoin every day starting in 2022.
Bukele Takes Aim at Critics Amid Bitcoin Success
President Bukele recently took to X to call out media platforms that previously criticized El Salvador’s Bitcoin purchases but have remained silent on its recent gains. He highlighted the hypocrisy of those who were quick to point out losses during Bitcoin’s downturn but have stayed mum amidst its upward trajectory. Bukele emphasized that El Salvador’s Bitcoin holdings have seen a profit of over 40%, mainly fueled by market purchases and the country’s citizenship program.
Bitcoin’s Market Volatility Impacts Tokens and Traders
While Bitcoin’s rally has been met with enthusiasm, its recent crash following the all-time high sent shockwaves across the market. Tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) experienced significant declines, with leveraged traders bearing the brunt of the market downturn. Coinglass data revealed liquidations totaling $1 billion, with long positions accounting for the majority of losses.
Spot BTC ETFs Gain Attention in Arizona State Senate
The buzz surrounding Bitcoin’s rally has extended to the spot BTC exchange-traded fund (ETF) market, prompting the Arizona State Senate to explore crypto investments in state pension funds. A resolution passed in February, with a narrow margin, mandates state agencies to consider adding spot BTC ETFs to their portfolios. If approved by the House, pension outfits like the Public Safety Personnel Retirement System (PSPRS) and the Arizona State Retirement System (ASRS) would need to conduct comprehensive assessments of the potential benefits and risks associated with including spot Bitcoin ETFs in their funds.
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