El Salvador and Tron DAO Reserve Each Buy 500 Bitcoin Amid Crypto Market Dump

• President Nayib Bukele said El Salvador bought an further 500 BTC connected Monday

• The Central American Jurisdiction antecedently approved Bitcoin arsenic ineligible tender successful 2021

• Justin Sun’s Tron DAO Reserve besides purchased 500 BTC during Monday’s marketplace tumble

• The monolithic bargain could beryllium earmarked for Tron’s USDD algorithmic stablecoin reserve

El Salvador announced a monolithic 500 Bitocin acquisition connected Monday (May 9, 2022) arsenic the cryptocurrency marketplace took a nosedive. 

President Nayib Bukele disclosed the immense BTC acquisition via a tweet revealing that the state spent an estimated $15,372,000 successful a bid to bolster authorities coffers and supposedly reenforce content successful the world’s starring cryptocurrency.

The Central American jurisdiction has go somewhat synonymous with the apical integer token since President Bukele announced the Bitcoin measure backmost successful 2021. The legislature yet approved BTC arsenic ineligible tender aboriginal successful November that year.

Despite stiff absorption from the International Monetary Fund (IMF) and the US government, President Nayib Bukele has continued to support the country’s determination to follow crypto connected a nationalist scale. 

Notably, El Salvador’s large bargain complimented the fashionable ‘buy the dip’ communicative that promotes purchasing crypto tokens erstwhile the markets are down. On Monday, Bitcoin prices were reportedly much than 50% beneath all-time precocious levels, and altcoins besides showed important downtrends. In addition, Monday marked 1 of the largest liquidations events successful crypto past arsenic information from CoinGlass showed that implicit $1 cardinal liquidations calls were recorded implicit a 24-hour period.

Justin Sun’s Tron DAO Reserve Mirrors El Salvador’s 500 Bitcoin Buy

Following President Bukele’s announcement, Tron Blockchain laminitis Justin Sun revealed that the Tron DAO Reserve besides bought 500 BTC tokens, albeit astatine a somewhat precocious terms connected Tuesday. 

As the reserve exists to enactment Tron’s recently launched algorithmic stablecoin USDD, the immense bargain could beryllium designated to enactment the coins peg to the US dollar.

The determination comes soon aft Terra’s stablecoin UST depegged and triggered panic crossed the crypto assemblage aft the coin fell beneath $0.75 connected exchanges.

However, CEO Do Kwon tweeted plans to leverage the protocol’s ample BTC reserves successful a bid to reconstruct the coins peg. As of the clip of penning this report, UST is backmost supra $0.90 per information from CoinMarketCap.