Bitcoin Day: El Salvador's Nayib Bukele buys the dip, taunts IMF

As El Salvador becomes the first nation to formalize cryptocurrency Bitcoin as its legal tender, President Nayib Bukele was seen following 'buy the dip' strategy a bit too seriously.

"Buying the dip... 150 new coins added," Nayib Bukele tweeted as the South American nation celebrates Bitcoin Day. He added that El Salvador now holds 500 Bitcoins as it had added 400 previously in two tranches.

Bitcoin prices, in the last 24 hours, fell from as high as $52,700 to touch a low of $43,285. Although, it was now trading above $46,000.

Also Read: Cryptocurrency Bitcoin faces it's biggest test as it becomes a legal tender in El-Salvador

President Nayib Bukele even taunted the International Monetary Fund as he thanked the organisation for the dip in the Bitcoin prices.

Crypto experts, however, blame a mass liquidation of leveraged positions for the recent crash in Bitcoin prices.