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President Bukele advises patience as market declines

President Bukele

TL;DR Breakdown

  • President Bukele advises patience
  • The president encourages traders to take time off from the market
  • Crypto market slumps over the weekend

President Bukele of El Salvador has urged traders across the crypto market to be patient and ride out the storm that is currently overwhelming the crypto market. The president is looking to revive the hope of traders after the market posted another bout of heavy loss going to the tune of two digits. In his statement on Twitter, the El Salvador president mentioned that the current situation in the market is not drastic and things would change for the better soon.

President Bukele encourages traders

According to his message on the microblogging platform Twitter, the president urged traders to enjoy their life and forget about the bearish trends in the market for now. His comments came immediately after Bitcoin saw a decline below $18,000, a feat it had not posted in the last year and a half.

President Bukele mentioned that traders who put money in Bitcoin should not have to worry. This is because they have seen the market post performances like these. However, the El Salvador president is sure that things will return to winning ways for the entire market once the bearish turn is over. However, no one seems to know when that will be as traders continue to hope for the best after bouts of bearish performances.

Crypto market slumps over the weekend

President Bukele bought his first Bitcoin last year when the digital asset was still trading at a high flying figure of $51,000. During the period, he made two different purchases of a cumulative $10 million of the digital asset. Over the months to the end of the year, he bought more of the digital asset while crowning it up with his last buy some months ago this year. According to sources currently tracking the price of his portfolio, his entire Bitcoin cache is now down 56% at around $46 million. The cost of the whole cache of the asset during the purchase was around $100 million.

There has also been news that the recent crash has plunged the country’s economy into deep waters, but the country’s Finance Minister has dispelled such rumors. In an interview with a new station, the minister mentioned that the loss represents just a tiny part of their national budget. He also stamped that since the country has not sold the digital assets, they have incurred no losses at this present time. Traders would be hoping that things turn around for the best as the entire market cap drifted towards $800 billion, a value that has not been witnessed in over a year.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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