El Salvador confirms at least 400 BTC, bringing daily liquidations close to $500 million.
BTC/USD reached fresh highs of $52,960, according to CoinMarketCap data. On September 7, Bitcoin set a goal of $53,000 as worries of a new BTC price drop faded above critical resistance.
Bitcoin surged back with fury after a quick retest of the $51,000 mark, the lower border of what was formerly a massive wall of selling pressure, surpassing bearish and reaching its peak in over four months.
Short sellers suffered significant losses, with 24-hour liquidations approaching $500 million at the time of writing.
On the other hand, analysts were all about El Salvador, which made the historic shift to a partial Bitcoin standard on Tuesday.
“El Salvador has just purchased 200 fresh coins. As the country’s accumulation officially began, we already have 400 BTC,” president Nayib Bukele said on Twitter.
Bukele, who was criticized by his countrymen and foreign financial institutions over the action, stated that the government will buy “a lot more” shortly.
El Salvador has made Bitcoin legal tender. Meanwhile, Samson Mow, CSO of Blockstream, stated in one of several replies anticipating a domino effect resulting from El Salvador.