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El Salvador Buys 1,090 BTC as Prices Drop and IMF Pressure Mounts
What to know:
El Salvador has increased its bitcoin holdings by over 1,000 BTC, despite a significant market selloff.
The country's total bitcoin reserves now approach 7,500 BTC, maintained by a policy of buying one BTC per day.
President Bukele's recent bitcoin purchase comes amid discussions with U.S. officials on digital asset regulation.
El Salvador is doubling down on its bitcoin strategy during one of the sharpest sell-offs of the year, adding more than 1,000 BTC to its national BTC treasury.
The government has now accumulated nearly 7500 BTC, a position built through a one-BTC-per-day policy that continues despite IMF conditions that discourage additional public sector holdings, though El Salvador has said that the buys won't stop.
The most recent BTC buy also follows closer coordination with Washington on digital asset oversight, including a June meeting between President Bukele and White House crypto adviser Bo Hines.
Bitcoin fell below $90,000 as Asia traded through the day, extending its recent slide amid weakening risk sentiment across global markets.