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Bitcoin Back Over $60K as El Salvador Buys 420 BTC

After a swoon in recent days, the largest cryptocurrency bounced back after the Central American country bought the dip.

Updated May 11, 2023, 5:07 p.m. Published Oct 28, 2021, 8:34 p.m.
El Salvador bought the dip. (Unsplash, modified by CoinDesk)

is making a recovery, its price up 4% in the last 24 hours and trading at around $61,000. This follows El Salvador’s government buying more bitcoin for its official account.

On Wednesday, El Salvadorian President Nayib Bukele tweeted that his government had “bought the dip,” adding an additional 420 BTC, which is equivalent to around $25 million. El Salvador’s treasury now holds an estimated 1,120 bitcoin, according to a Reuters report.

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“Today the markets were buoyed by news of additional state-level purchases from El Salvador, indicating the country’s intentions to continue to acquire,” said Jason Deane, analyst at Quantum Economics.

Underlying sentiment remains extremely bullish for the top cryptocurrencies, especially bitcoin, according to Deane.

Bitcoin price chart (TradingView)

The world’s largest cryptocurrency by market capitalization reached an all-time high on Oct. 20 of around $66,900, a day after the first bitcoin futures exchange-traded fund (ETF) in the U.S. launched on the New York Stock Exchange. A week later, bitcoin’s price fell below the $60,000 mark before retaking the level early Thursday.

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“After a legendary sell-off that was predominantly in altcoins, we are seeing some relief and a bounce off initial $58,000 support,” said Matthew Dibb, chief operating officer at Stack Funds.

Dibb predicted that “the next day will likely continue to be volatile, with a large options expiry happening tomorrow.”

Dibb expects bitcoin and ether to surpass recent all-time highs within the next few weeks.

ETH, the native cryptocurrency of the Ethereum blockchain, reached an all-time high on Oct. 21 at $4,359. At press time, ETH was trading up 4.1% over the past 24 hours to $4,186.

Other altcoins rallying in the last 24 hours include meme coins , which is up 25%, and , which has surged 30%.

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What to know:

Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.

  • Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
  • Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions. 
  • Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.

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