Bitcoin isn’t the only cryptocurrency taking a hit. The entire market is plunging with popular cryptocurrencies such as Ethereum dipping more than 10 percent over the past 24 hours. Even the stablecoin Terra (UST) fell below the $1 USD it’s pegged to.
Elon Musk’s favorite cryptocurrency, Dogecoin, also fell to under $0.11. That’s a 52-week low for the memecoin.
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At least one buyer “bought the dip,” though. El Salvador’s president Nayib Bukele announced on Twitter that the country purchased 500 Bitcoin while the market was tanking. Bukele has been a big supporter of Bitcoin. The country made history in October of last year when it became the first country to accept Bitcoin as legal tender.