By Samuel Indyk

Investing.com – The price of moved back above $60,000 on Thursday morning after earlier falling to its lowest level since 15^ThOctober

The world’s largest cryptocurrency had been trading lower as the correction from its all-time high last week continued to accelerate on the drop below $60,000, however, with news that El Salvador was “buying the dip”, Bitcoin reclaimed the $60,000 handle.

El Salvador’s President Nayib Bukele announced on Twitter (NYSE:) that the Central American nation had bought an additional 420 Bitcoin amid the latest pullback. The purchase will amount to approximately $25 million at an average cost of $60,000

El Salvador was the first nation to recognize Bitcoin as legal tender after its Bitcoin Law became effective in September 2018. Although Bitcoin was initially adopted as legal tender, it went through a rough transition. Residents protested the decision.

Users discovered an opening that would allow them to earn profits from trades, and the government had to take out a price feature in its digital Bitcoin wallet Chivo.

To be rejected by leveraged ETFs

It seems the US Securities and Exchange Commission is not going so fast in appraising leveraged Bitcoin ETFs despite their popularity.

Bitcoin’s record high last week coincided with the launch of the first ETF, the ProShares Bitcoin Strategy ETF (NYSE:). Although other fund managers have been quick to launch competing products, it seems unlikely that a leveraged Bitcoin funds will be launched anytime soon.

According to Wall Street Journal the SEC requested that Valkyrie Investments stop thinking about launching a leveraged Bitcoin ETF. The fund manager suggested Tuesday that a fund be launched using 1.25x leverage. This would allow for greater returns.

The SEC indicated that they want to restrict new Bitcoin products only to those offering unleveraged exposure for Bitcoin futures.