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LocalBitcoins volumes hit all-time-high in Argentina after Trump tariff announcement

Trade volumes on LocalBitcoins (LBC) have hit a new all-time-high in Argentina, having spiked days after President Trump’s announcement that the U.S. intends to place tariffs on Argentinian metal imports. The new high comes as the climax to a year of rising BTC volumes on local exchanges in Argentina, widely assumed to have been triggered by the hyperinflation and spiraling national debt that characterize the nation’s ongoing economic crisis. Source: CoinDance President Trump added to the nation’s already-substantial list of economic woes last Monday, reinstating steel and aluminum tariffs against Argentina and Brazil on the alleged grounds they have been devaluing their currencies. On Dec. 2, President Trump tweeted: “Brazil and Argentina have been presiding over a massive devaluation of their currencies. which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries” Argentinians bought more than 22.2 million Argentine Pesos (ARS) worth of Bitcoin on LBC in the wake of the Trump announcement. This is a new high even when factoring in inflation rates (the ARS has lost 38% of its value against the U.S. dollar this year). Weekly LBC Volumes in Argentina Bitcoin, Argentina’s hottest safe-haven asset? Time and time again, Argentinians have appeared to flock to Bitcoin in response to economic shocks. In August, BTC rocketed to a $900 premium above Coinbase on one of Argentina’s top exchanges after an unexpected election result cast doubts over whether the nation would receive a $57.4 billion bailout package, and sent Argentinian markets plunging in one of their biggest intra-day losses in history. Once again, in September, volumes erupted across Argentina’s exchanges when President Mauricio Macri announced a plan to reinstate capital controls — this time BTC was sent to a staggering $2,250 premium above the market. As reported previously by CryptoSlate, LocalBitcoins is seeing exceptionally high usage in nations with low economic freedom — indicating Bitcoin is increasingly being bought as an unconfiscatable, deflationary hedge against fiat. This thesis was probed last week by Deutsche Bank, who suggested crypto could replace fiat by 2030 in the event of global hyperinflation. The post LocalBitcoins volumes hit all-time-high in Argentina after Trump tariff announcement appeared first on CryptoSlate.
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Bitcoin Trading Volume in Argentina Hits New ATH As The President-Elect Announced New Cabinet

Bitcoin trading volume in Argentina has broken the all-time high record again at the start of December. It comes just after the new president-elect has chosen a new cabinet seeking the Peronist agenda and possibly going against IMF’s involvement in the country. Bitcoin Trading Volume At ATH According to the popular monitoring resource Coin.Dance, the volume of Bitcoin traded on LocalBitcoins, has surged to a new all-time high during the first week of December 2019. In the past seven days, upwards of 22 million Argentinian Pesos (ARS) worth of BTC changed hands in the country. BTCARSATH. Source: Coin.Dance Interestingly enough, the notably high Bitcoin trading volume is not a one-time event. As can be seen in the chart above, the previous record of 20 million was spotted at the beginning of last month. Furthermore, the overall volume is increasing consistently. The number of BTC, however, is decreasing, because of the high inflation rate in the country. However, Bitcoin’s acceptance is not restricted only to Argentina. As Cryptopotato reported this year, other Latin American countries, currently struggling with economic problems, are noting increased Bitcoin trading volumes. New Presidency In Argentina It’s safe to say that Argentina has seen better days when it comes down to the political and economic situation in the country. Some of the issues include the increasing inflation rate, the recent food crisis, and protests against the involvement of the International Monetary Fund (IMF). Argentinian citizens appear to have spoken their will by electing Alberto Fernandez as the new president, who will be sworn-in tomorrow. It’s also worth noting that Fernandez has chosen the former president, Christina Fernandez de Kirchner, to be the new vice-president of the country. Additionally, he has named Martin Guzman as an economy minister, and both moves are seen as the new cabinet will pursue the Peronist agenda. Martin Guzman is a well-known critic of the International Monetary Fund and its involvement in the country. He has reportedly recommended a “possible path to restore debt sustainability” by delaying debt payments on capital and interest for two years. The post Bitcoin Trading Volume in Argentina Hits New ATH As The President-Elect Announced New Cabinet appeared first on CryptoPotato.
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Venezuela and Argentina Both Witness Spike in Bitcoin Buys As Per New LocalBitcoins Data

Data provider, Coin Dance, recently found interesting Bitcoin buys on Saturday, November 10th reports Coin Telegraph. In particular, Argentina and Venezuela have both witnessed increased Bitcoin buys. As per the news outlet, the reason for spikes in Argentina could have resulted from its Central Bank’s recent ban on bitcoin and other cryptocurrencies using credit cards. […]
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Argentina’s BTC Trading Explodes After Central Bank Prohibits Bitcoin Buys

The Bitcoin price has been on a rollercoaster in recent weeks. The bears and bulls keep exchanging the stewardship of the market. As the markets remain choppy, BTC trading set new records in two of the major South American markets in the past week as revealed by new data. On November 10, Coin Dance monitoring resource confirmed that the seven days ending on November 9 experienced more trading against bitcoin than ever before in both Argentina and Venezuela. Central Bank Increases BTC Popularity Unintentionally Localbitcoins, the statistics cover peer-to-peer platform which in spite of increasing user identification demands has continued to witness patronage in the two troubled South American economies. Cumulatively, Argentina managed 19.4 million pesos (ARS) while Venezuela traded 142.9 billion sovereign bolivars (VES) in those seven days. Both of these trading data levels are firm records over the previous levels. Nonetheless, in terms of Bitcoin, this particular trading period never experienced a significant uptick in volume. That suggests that both of these countries’ currencies are continuously weakening. Argentina’s tally totaled just 30 BTC ($263,000) while Venezuela traded 627 BTC ($5.5 million). According to previous reports, inflation has continued to be a major challenge for governments in both of these countries. Notably, even Argentina’s change of government never helped in any way, instead, it made things even worse. In the first week of November, the central bank officially banned consumers from buying Bitcoin and other digital assets using credit cards. Petro In the meantime, Venezuelans continue to hit out at their government’s state-backed crypto Petro. That cryptocurrency was introduced on a semi-mandatory basis in 2018. The co-founder of Bitcoin finance startup Ledn, Mauricio Di Bartolomeo, said on November 7: “Printing physical worthless money is expensive and has challenging logistics. This is why Venezuela is going ‘Petro’ — to screw the people out their savings in real-time, with no printing costs at all. The Venezuelan Petro is everything Bitcoin stands against.” Venezuela is being forced to sell cheap blends of oil at a considerable discount as reported by the Financial Times on November 10. The country has resulted in such discounts due to the increasing effect of the United States’ sanctions on the government. At the moment, the oil revenues are down to only $250 million per month. That translates into a major plunge compared with around $5 billion before the financial crisis hit. Like what you're reading? Subscribe to our top stories The post Argentina’s BTC Trading Explodes After Central Bank Prohibits Bitcoin Buys appeared first on Cryptovibes.com - Daily Cryptocurrency and FX News.
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All in this week’s News Digest: McAfee still has a lot of faith in crypto, Robert Shiller explains the roots of this faith, more new exchanges are coming, an investigation into Bitcoin price manipulation, and Verge is hacked again.

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Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ

Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ China could start its pilot for the central bank digital currency (CBDC) before the end of this year, according to local news outlet Caijing. The article states that the anticipated pilot project “will go out of the central bank system and enter […] Cet article Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ est apparu en premier sur Bitcoin Central.
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EOS Price Hit after Getting a C- in Decentralization by Weiss

Blockchain project EOS started this week on a negative note after an independent agency downgraded its rating from B to C-. Weiss Crypto Ratings published a report on December 6 wherein it demoted EOS to lower ranks over its centralization. The agency noted that just 0.01 percent of the EOS token holders control over 68 percent of the voting power on its blockchain. That allows a handful of entities to practice censorship over hundreds of thousands of EOS investors. In comparison, provable decentralized projects like Bitcoin works across 9,300 nodes to confirm and validate transactions atop its blockchain. 1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here's why (full article to be published soon): — Weiss Crypto Ratings (@WeissCrypto) December 6, 2019 EOS spent a quiet weekend but its value eventually took a toll during the Monday session. The EOS-to-dollar exchange rate was down by $0.083, or 3.02 percent, as of 1658 UTC. Against bitcoin, the cryptocurrency did relatively better, falling about 1.64 percent to trade at 359 sats. The market capitalization likewise took a plunge roughly worth $500 million to settle a low at $2.534 billion. At its December peak, it was $2.613 billion. Ascending Channel The latest move downside brought EOS close to retesting the support of an Ascending Channel. While the lower trendline certainly capped the price from falling further downward, the negative sentiment arising from the Weiss report could weaken it in the near-term. The bearish case prompts EOS to retest to close below the Channel Support and target 304-342 sats area as an accumulation range. In the event of a breakdown, traders could extend their short position towards 284 sats while keeping a stop loss above the level at which they had entered the trade. EOS is trending inside an ascending channel | Source: TradingView.com, Coinbase On the other hand, the price has not failed to reach the upper levels so far. A pullback action from Channel support could push EOS back towards the Channel resistance. Traders with low-risk appetite could use the bounce-back as an opportunity to open a fresh long position 405 sats. Meanwhile, they could minimize risks by maintaining a stop-loss order just below the Channel support. A Consideration From a fundamental point of view, investors who were bullish on EOS might find it hard to digest its centralization issues. The sentiment could prompt some to switch their positions for tokens with more attractive opportunities. Such a scenario could suit the breakdown scenario as discussed above. Meanwhile, traders can look to accumulate EOS ahead of the launch of Voice. EOS creator Block.One on Thursday announced that it would launch the EOS-based social media platform on February 14. While the announcement did not help neutralize trading sentiments immediately, traders can still speculate on the Voice launch to make interim profits. One could watch out for a reversal from Channel resistance – a sign that traders are processing the Voice news – and place his/her upside positions. EOS Price Hit after Getting a C- in Decentralization by Weiss was last modified: December 9th, 2019 by Yashu GolaThe post EOS Price Hit after Getting a C- in Decentralization by Weiss appeared first on NewsBTC.
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EOS Price Hit after Getting a C- in Decentralization by Weiss

Blockchain project EOS started this week on a negative note after an independent agency downgraded its rating from B to C-. Weiss Crypto Ratings published a report on December 6 wherein it demoted EOS to lower ranks over its centralization. The agency noted that just 0.01 percent of the EOS token holders control over 68 percent of the voting power on its blockchain. That allows a handful of entities to practice censorship over hundreds of thousands of EOS investors. In comparison, provable decentralized projects like Bitcoin works across 9,300 nodes to confirm and validate transactions atop its blockchain. 1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here's why (full article to be published soon): — Weiss Crypto Ratings (@WeissCrypto) December 6, 2019 EOS spent a quiet weekend but its value eventually took a toll during the Monday session. The EOS-to-dollar exchange rate was down by $0.083, or 3.02 percent, as of 1658 UTC. Against bitcoin, the cryptocurrency did relatively better, falling about 1.64 percent to trade at 359 sats. The market capitalization likewise took a plunge roughly worth $500 million to settle a low at $2.534 billion. At its December peak, it was $2.613 billion. Ascending Channel The latest move downside brought EOS close to retesting the support of an Ascending Channel. While the lower trendline certainly capped the price from falling further downward, the negative sentiment arising from the Weiss report could weaken it in the near-term. The bearish case prompts EOS to retest to close below the Channel Support and target 304-342 sats area as an accumulation range. In the event of a breakdown, traders could extend their short position towards 284 sats while keeping a stop loss above the level at which they had entered the trade. EOS is trending inside an ascending channel | Source: TradingView.com, Coinbase On the other hand, the price has not failed to reach the upper levels so far. A pullback action from Channel support could push EOS back towards the Channel resistance. Traders with low-risk appetite could use the bounce-back as an opportunity to open a fresh long position 405 sats. Meanwhile, they could minimize risks by maintaining a stop-loss order just below the Channel support. A Consideration From a fundamental point of view, investors who were bullish on EOS might find it hard to digest its centralization issues. The sentiment could prompt some to switch their positions for tokens with more attractive opportunities. Such a scenario could suit the breakdown scenario as discussed above. Meanwhile, traders can look to accumulate EOS ahead of the launch of Voice. EOS creator Block.One on Thursday announced that it would launch the EOS-based social media platform on February 14. While the announcement did not help neutralize trading sentiments immediately, traders can still speculate on the Voice launch to make interim profits. One could watch out for a reversal from Channel resistance – a sign that traders are processing the Voice news – and place his/her upside positions. EOS Price Hit after Getting a C- in Decentralization by Weiss was last modified: December 9th, 2019 by Yashu GolaThe post EOS Price Hit after Getting a C- in Decentralization by Weiss appeared first on NewsBTC.
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