El Salvador buys 500 BTC, shows plan for Bitcoin City, first Australian ETF to launch and $1 billion liquidations

El Salvador buys 500 BTC, shows plan for Bitcoin City

President Nayib Bukele from El Salvador announced that his government has bought USD 15.4m worth of BTC. While the price dropped below $31.000, the Central American country added 500 BTC to their reserves.

The purchase means that El Salvador has bitcoin reserves of over BTC 2,300 (USD 73.8m), although no official government records detailing the purchases have been made .

Besides that, he also showcases plans for Bitcoin City. Bukele also posted a number of images of a gold-colored 3D model of the city, which is being constructed at the foot of a volcano currently being used to mine BTC using geothermal energy.

$1 billion longs liquidated after 10% drop

Hundreds of thousands of crypto traders got their positions liquidated as bitcoin dropped 10% on Monday and Tuesday.

Data from cryptocurrency futures trading and information site Coinglass reveals that $1.01 billion worth of trader positions in crypto assets were wiped out on Tuesday.

Traders who were expecting a bounce took the brunt of the correction as nearly $750 million worth of long positions were liquidated in the past day. The volatility also exacted a toll on those betting that crypto will go down in a straight line as close to $200 million worth of short positions were wiped over the same time period.

Australia’s first crypto ETFs to debut on May 12

Australia’s first cryptocurrency exchange-traded funds (ETFs) will go live on the country’s Cboe exchange tomorrow (Thursday, May 12) after difficulties keeping the financial products off the market for two weeks,

Three funds were scheduled to debut in late April. However, the launch was postponed indefinitely due to last-minute brokerage issues.

ETFs, provide investors with exposure to an underlying asset by tracking the price of that asset on a stock exchange.

It’s unknown when 3iQ’s funds will be listed, but with the listing of Cosmos and 21Shares funds this week, it’s unlikely that 3iQ will win the competition to be the first Australian crypto ETF, with a prize pool of over $1 billion in inflows.

Source: Cryptoknowmics

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