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

Bitcoin is up 4% in the last 24 hours after El Salvadorian President Nayib Bukele announced that his government had purchased an additional 420 BTC, which is equivalent to around $25 million. The country now holds an estimated 1,120 bitcoin. CoinDesk reports: "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. 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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