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Crypto

El Salvador’s Bitcoin Holdings Lose 60% of Their Value in Crypto Selloff

  • Country has 2,381 Bitcoin that are now worth $41.5 million
  • Finance Minister says government hasn’t sold any Bitcoin

El Salvador’s Bitcoin holdings have lost 60% of their value amid this week’s sell off of the digital coin after Binance Holding Ltd.’s withdrew its offer to buy FTX.com.

The country’s 2,381 Bitcoin are now worth $41.5 million at current prices, below the roughly $105 million the government paid to purchase them, based on calculations by Bloomberg using Tweets from President Nayib Bukele. Bitcoin rose on Thursday, paring Wednesday’s declines.