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Bitcoin News Update: El Salvador Continues Bitcoin Purchases Despite $1.7B Crypto Liquidations Amid Divided Market

Bitcoin News Update: El Salvador Continues Bitcoin Purchases Despite $1.7B Crypto Liquidations Amid Divided Market

Bitget-RWA2025/11/21 09:10
By:Bitget-RWA

- Cryptocurrency markets face $1.7B in liquidations as BTC/ETH struggle near critical support levels amid macroeconomic fears and leveraged trading collapses. - El Salvador defies volatility by purchasing 1,098.19 BTC ($101M), boosting its strategic reserves to 7,474.37 BTC ($688M) despite IMF warnings. - U.S. spot Bitcoin ETFs see record $3.79B outflows in November, with BlackRock's IBIT losing $2B amid broader risk-off sentiment and delayed Fed data. - Market analysts split between viewing current BTC le

The crypto market has been shaken by a week of intense volatility, resulting in more than $1.7 billion in liquidations as

(BTC) and (ETH) both struggle to maintain footing near vital support zones. This wave of selling, triggered by global economic worries and the unwinding of leveraged positions, has prompted aggressive buying from both government entities and large institutions, in a highly unpredictable market.

El Salvador has ramped up its Bitcoin purchasing efforts during the downturn, acquiring an additional $101 million in

for its national reserves this week. President Nayib Bukele announced that 1,098.19 BTC were bought over the past seven days, raising the country’s total to 7,474.37 BTC, now worth $688 million. Since 2022, the nation has consistently bought 1 BTC daily, .
Bitcoin News Update: El Salvador Continues Bitcoin Purchases Despite $1.7B Crypto Liquidations Amid Divided Market image 0
According to Bitcoin Magazine, BTC is currently trading close to $91,768, showing a slight recovery after dropping 4.9% in the previous 24 hours. at a loss—the largest wave of selling since April. Analysts point out that this pattern is similar to previous market peaks.

The recent chaos has also affected Ethereum, which dipped below $3,000 for the first time in four months.

, sold almost 11,000 to finance a stock buyback, adding to the downward momentum. At the same time, Technologies , though the company reported $3 billion in unrealized losses on its Ethereum assets. due to fragmentation across different chains, leading the Ethereum Foundation’s Account Abstraction team to propose an Interop Layer (EIL) to connect Layer 2 networks.

Institutional investors are also adjusting their strategies.

in withdrawals in November, with BlackRock’s IBIT alone losing $2 billion this month. The sell-off happened alongside a broader move away from risk, amid uncertainty over delayed Fed data and possible postponement of interest rate cuts. Still, some projects are taking advantage of the downturn. Matador Technologies, another company focused on Bitcoin, since December 2024, now holding 175 BTC as it broadens its presence on international exchanges.

The short-term future of the market is still unclear. Some experts consider the current situation a “typical correction” within a larger upward trend

, while others caution that ongoing economic uncertainty could prolong the weakness. Bitcoin’s ability to stay above $80,000 will be crucial, and El Salvador’s continued purchases could provide support if the price stabilizes . For now, the tug-of-war between accumulation and panic selling is shaping a market at a pivotal moment.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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