“Bitcoin Day” was seen trending on Twitter on Monday after El Salvador’s President Nayib Bukele revealed that the country purchased its first 200 bitcoins (CRYPTO: BTC).
What Happened: Bukele tweeted twice on Monday, first to say that El Salvador had purchased its first batch of BTC and then later to update that the country now held 400 BTC worth nearly $21 million.
El Salvador just bought 200 new coins.
— Nayib Bukele (@nayibbukele) September 6, 2021
Both tweets carried the hashtag “BitcoinDay.” The President’s use of the hashtag came a day ahead of El Salvador adopting the apex cryptocurrency as legal tender.
Several notables from the cryptocurrency Twitter reacted to the El Salvadorian leader’s post shortly.
— David Gokhshtein (@davidgokhshtein) September 6, 2021
Congratulations, Mr. President!
— 加納裕三 (Yuzo Kano) (@YuzoKano) September 7, 2021
Popular Dogecoin (CRYPTO: DOGE) YouTuber Matt Wallace had his own take on Dogecoin Day.
— Matt Wallace (@MattWallace888) September 6, 2021
Why It Matters: On Monday, Bitcoin ran past the $52,000 mark as El Salvador prepped to make it legal tender. This caused the cryptocurrency’s relative strength index to reach about 72%.
Benzinga’s Melanie Schaffer noted that when a “stock or cryptocurrency’s RSI measures in at over 70%, it is in oversold territory, which is a sell signal for technical traders.”
However, the low trading volume on the pull-back is a sign of consolidation rather than selling pressure, which means most BTC holders are sticking with their coins currently.
In June, El Salvador became the first country in the world to adopt Bitcoin after the country’s Congress voted with a supermajority of 62 out of 84 in favor of a bill that established the apex coin as legal tender.
However, a poll by El Salvador’s Central American University indicated this month that a majority of the people disagree or strongly disagree with the use of Bitcoin as legal tender.
The International Monetary Fund criticized El Salvador’s adoption of BTC calling it an “inadvisable shortcut” to creating a digital currency of its own.
Price Action: At press time, BTC traded 1.7% higher at $52,596.77 over 24 hours.