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El Salvador Secures $1.6 Billion to Kickstart Bitcoin City Plan

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El Salvador has secured a landmark $1.6 billion investment from Turkey’s Yilport Holding to propel its Bitcoin City project.

President Nayib Bukele announced this strategic partnership, which will modernize two critical seaports in the country. Additionally, it will provide the necessary infrastructure for the ambitious project.

$1.6 Billion Investment to Modernize Ports, Kickstart Bitcoin City

In his X (Twitter) post, President Bukele revealed that Yilport Holding’s investment also marks the largest private investment in El Salvador’s history. According to Stacy Herbert, Director of El Salvador’s Bitcoin Office, the agreement is a direct outcome of President Bukele’s 2022 visit to Turkey.

Read more: Top 9 Crypto-Friendly Countries For Digital Assets Investors

Yilport Holding is a subsidiary of the Turkish conglomerate Yildirim Group. The company was established in 2011 to consolidate the Yildirim Group’s port and container terminal operations under one roof, and it expanded its reach into Latin America in 2016.

This agreement also marks the third phase of the government’s economic plan. The modernization efforts will commence with upgrades to the port of Acajutla, focusing on improving infrastructure and reducing response times.

This move will be followed by significant renovations at the Port of Union, which has been underutilized for over two decades. The enhancements are crucial as they form the backbone of the forthcoming Bitcoin City, a project central to Bukele’s economic strategy.

Max Keiser, Senior Bitcoin advisor to President Bukele, celebrated the announcement as a pivotal milestone for Bitcoin City. He also emphasized that this investment solidifies the city’s foundations and enhances El Salvador’s role in the global crypto stage.

“Bukele’s Turkey trip paid off bigly! Qatar on deck,” Keiser hinted.

President Nayib Bukele previously announced the idea of Bitcoin City in 2021. Construction of this project will rely on funds from government-issued Bitcoin bonds.

Yet, the project faced multiple delays. Many attribute this postponement to the unfavorable market conditions following the peak of the bull market in November 2021.

However, in February 2024, amidst his presidential campaign, President Bukele revitalized his vision for Bitcoin City. Despite the lingering uncertainties about the project, El Salvador remains a staunch supporter of Bitcoin under Bukele’s administration.

Read more: Who Owns the Most Bitcoin in 2024?

El Salvador's BTC Holdings.
El Salvador’s BTC Holdings. Source: Bitcoin Office’s Mempool

Since the president implemented the Dollar Cost Averaging (DCA) strategy to buy one Bitcoin daily, the country has consistently purchased BTC regardless of market conditions. At the time of writing, El Salvador’s mempool shows that the government holds 5,840 BTC. With the current market price of Bitcoin, this amounts to approximately $343.31 million.

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Public Companies are Buying Bitcoin Again After a Brief Pause

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Bitcoin is rebounding after tariff chaos, and public companies like Metaplanet are conducting major acquisitions. The firm bought $28.2 million worth of the asset, nearly a $2 million increase from last week.

However, despite this new confidence, Metaplanet’s stock has continued to perform shakily. The crypto market is showing cautious optimism, but that won’t immediately translate into major gains.

Although a few corporate Bitcoin whales briefly paused their big purchases recently, the markets are heating back up again. Metaplanet began buying the dip last week, and Bitcoin has been making steady progress since then.
Today, its CEO, Simon Gerovich, announced a new purchase as BTC rebounds:

“Metaplanet has acquired 330 BTC for ~$28.2 million at ~$85,605 per bitcoin and has achieved BTC Yield of 119.3% YTD 2025. As of 4/21/2025, we hold 4855 $BTC acquired for ~$414.5 million at ~$85,386 per bitcoin,” he claimed.

Trump’s tariff threats caused massive uncertainty and crypto liquidations in the last few weeks. However, since he announced a pause, crypto and industry-related stocks have been rallying.

Whales like Metaplanet and MicroStrategy immediately began buying Bitcoin, and the whole market is rising. The Crypto Fear and Greed Index was recently in Extreme Fear but has since recovered greatly:

Crypto Fear and Greed Index
Crypto Fear and Greed Index. Source: Alternative

Still, markets are showing cautious optimism, not a full rally. A quick look at some major crypto-related stocks will paint a clearer picture.

MicroStrategy rose over 4% in the last five days and nearly 6% in the last month, but it’s a pillar of confidence in BTC. Metaplanet, a much smaller Bitcoin holder, only fell 1.89% in the last five days but over 20% in the last 30.

In other words, it can be difficult to cleanly connect Bitcoin’s recent successes with major holders like Metaplanet. Compare two prominent US-based crypto miners, Marathon and Riot.

The former recovered from its slump in early April, while the latter only continued to drop. Coinbase, too, has only made brief rallies on a trend of continual decline.

While Bitcoin’s adoption has surged dramatically over the past year, there’s still a lot of uncertainty about tariffs and recession. Metaplanet may be in shaky territory right now, but its confidence in Bitcoin can provide a long-term sense of stability.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Dollar Dips While Bitcoin Hits New Heights

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The US Dollar Index (DXY) has dropped to a three-year low amid reports that President Donald Trump is considering removing Federal Reserve Chairman Jerome Powell. 

Meanwhile, the development positively affected Bitcoin’s (BTC) price, pushing it to its highest level since President Trump’s Liberation Day.

Trump’s Push Against Powell Adds Pressure on the Dollar

According to the latest data, DXY has plunged below 99. At press time, it stood at 98.2, representing the lowest value since March 2022

DXY Performance
DXY Performance. Source: TradingView

Economist Peter Schiff highlighted the severity of the situation in the latest post on X (formerly Twitter).

“Gold is up over $50, hitting a record high of $3,380. The euro is above $1.15. The dollar has also fallen below 141 Japanese yen and .81 Swiss francs (a new 14-year low, just 3% above a record low). The dollar Index is below 98.5, a new three-year low. This is getting serious,” Schiff posted.

The dollar’s steep fall comes amid the latest comments made by National Economic Council Director Kevin Hassett on Friday, April 18. Hassett revealed that Trump and his team are actively exploring the possibility of ousting Powell.

His statement was in response to a reporter’s question about whether removing Powell was an option.

“The president and his team will continue to study that matter,” Hassett replied.

In addition, he called out the Federal Reserve for politically motivated actions under Powell’s leadership. Specifically, Hassett criticized the Fed for raising interest rates shortly after Trump’s election and cutting them ahead of the election, moves he claims favored the Democratic Party. 

Notably, the growing contempt towards Powell is a response to the Fed’s stance on interest rates. BeInCrypto reported earlier that the Fed will likely not cut rates in May amid rising inflation and President Trump’s tariff pause.

Recently, Trump also blamed the Fed Chair for being slow to act on interest rate cuts. In a post on social media, Trump compared Powell’s actions unfavorably to the European Central Bank (ECB), which is set to implement its seventh interest rate cut. 

Trump argued that Powell, whom he described as “always too late and wrong,” should have taken similar measures long ago to address economic conditions.

“Powell’s termination cannot come fast enough!” the President wrote.

The Fed Chair’s potential removal raises serious questions about the Federal Reserve’s independence and its implications for global markets. Powell, whose term as chair extends to May 2026, has previously stated that legal protections prevent his removal and that he intends to serve out his term.

Will Dollar Weakness Drive Bitcoin to New Heights?

Nonetheless, it’s worth noting that if Powell is removed and President Trump successfully persuades the Federal Reserve to cut interest rates, it could likely lead to a crypto market rally. Generally, when the Fed lowers interest rates, the US dollar tends to weaken.

Therefore, investors prefer cryptocurrencies, especially Bitcoin, which is often seen as a hedge against inflation and the weakening of fiat currencies. The inverse relation between the DXY and BTC further solidifies the case for a rally if the dollar depreciates.

In fact, the latest decline in the dollar index has coincided with a notable increase in Bitcoin’s price. The largest cryptocurrency surged to over $87,000 for the first time since April 2.

“USD weakness is driving the rally in crypto,” Sean McNulty, Derivatives Trading Lead at FalconX, told Bloomberg.

Bitcoin Price Performance
Bitcoin Price Performance. Source: TradingView

At the time of writing, BTC was trading at $87,586. BeInCrypto data showed that this represented an appreciation of 3.5% over the past day. As markets celebrate these gains, the focus remains on Trump’s next moves and their broader economic consequences.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Solana, Bitcoin in Texas, and Initia

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Several top crypto news stories are in the lineup this week in crypto, spanning various ecosystems with the potential to drive volatility.

This week, traders looking to capitalize on event-specific volatility should monitor the following developments.

This week, the Solana Community Conference, or Breakpoint, is among the top crypto news stories. It kicks off on April 25 and is Solana’s flagship gathering of developers, investors, and innovators.

Historically, Solana Breakpoint is a stage for major announcements, such as new project launches, partnerships, or technological advancements. In recent years, key announcements in similar gatherings have included the Solana Seeker phone or the Firedancer validator client.

According to Solscan data, Solana’s ecosystem boasts nearly 4 million active wallets. Meanwhile, DefiLlama data shows up to $7.37 billion in total value locked (TVL). With these numbers, the Solana community conference could drive positive sentiment for SOL, which was trading at $141.05 at press time.

Solana (SOL) Price Performance
Solana (SOL) Price Performance. Source: BeInCrypto

Traders should brace for potential price volatility, as positive news could spark short-term spikes.  In the same way, any underwhelming news or network concerns, like past outages, might temper enthusiasm.

Texas Bitcoin Reserve Hearing

Another top crypto news story this week concerns a strategic crypto reserve. On April 23, Texas will hold a strategic Bitcoin reserve hearing, marking a significant event given the state’s pro-crypto stance.

The bill, introduced four months ago, passed the committee with a 9-0 vote and received senate approval with 80% support. Similarly, Dan Patrick, Lieutenant Governor for the State of Texas, listed Bitcoin Reserve as a top priority for 2025.

“My statement announcing the first round of top 40 priority Bills for the 2025 legislative session,” he shared on X (Twitter) in January.

Against these backdrops, the Wednesday hearing could clarify Texas’s approach to institutional Bitcoin adoption. This could set a precedent for other states or federal policy.

A favorable outcome might bolster Bitcoin’s legitimacy, driving demand from institutional investors and positively influencing the BTC price.

Bitcoin (BTC) Price Performance
Bitcoin (BTC) Price Performance. Source: BeInCrypto

Initia’s Mainnet and INIT Token Launch

Also in the headlines, this week in crypto, Initia’s mainnet launch and its token, INIT, debut on Thursday, April 24. This comes after the network revealed a 50 million token airdrop three weeks ago.

The Thursday event will mark a key milestone for the layer-1 blockchain, which is focused on interoperability and user experience. The launch could attract attention from decentralized finance (DeFi) and cross-chain enthusiasts, as Initia aims to simplify dApp interactions.

For traders, INIT’s initial price action will be critical, as new token launches often experience high volatility due to speculative trading.

“Initia INIT Binance Spot Listing Date Announced! Listing on: 24th April 2025. Mainnet will also officially launch on the same day. Airdrop claim date and exact time are yet to be announced,” the network stated recently.

Investors should evaluate Initia’s partnerships and developer adoption, as its success hinges on ecosystem growth.

Injective’s Lyora Mainnet Upgrade

Injective’s Lyora mainnet upgrade, scheduled for Tuesday, April 22, aims to enhance network performance and transaction speed. It would strengthen its position as a DeFi-focused layer-1 chain.

“The Injective Lyora Mainnet is nearly here! Vote today to dramatically enhance Injective infrastructure, performance, and transaction speeds. The official launch is on April 22,” Injective said.

This upgrade could improve user experience and attract developers to Injective’s ecosystem, particularly for derivatives and trading platforms.

Traders should watch INJ’s price for short-term momentum, as successful upgrades often drive positive sentiment.

Injective (INJ) Price Performance
Injective (INJ) Price Performance. Source: BeInCrypto

At the same time, investors should consider Injective’s growing TVL (total value locked) and partnerships, like its collaboration with Sonic for AI agent platforms, as indicators of long-term potential.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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