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Bitcoin Price Premium Surpasses $1,000 In Argentina

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bitcoin price premium

The latest cryptocurrency news take us to Argentina, where we can see the country’s decision to impose currency controls. It seems like the currency controls have had a bullish effect on Bitcoin in the South American country, as the Bitcoin price premium surpassed $1,000 recently.

The demand for the cryptocurrency is rising, letting the Bitcoin price premium to further develop. Currently, the Bitcoin price premium ranges between tens and hundreds of dollars. Even though the Bitcoin price is now at around $10,352, the Argentinian crypto exchanges list it at greater values.

On the peer to peer local exchange LocalBitcoins, the price of Bitcoin is even greater, which translates to a potential Bitcoin price premium of over $1,000. According to experts featuring their opinions on many best cryptocurrency news sites, there is a black market effect on the Bitcoin price in Argentina which is in turn driving the Bitcoin premium.

The currency controls which were imposed on Sunday will require the exporters as well as individuals to get the permission of the central bank of Argentina, Banco Central de la Republica Argentina, before buying any foreign currency. Just like that, US dollar purchases by individuals will be capped at $10,000 and the restrictions are expected to remain in place until year end.

As the news show, these restrictions have made the forex black market in the country popular among the ones who need to sidestep the caps. Converting the local currency to the greenback shows that the official rate is 59 Argentinian pesos to every US dollar. On the black market, the rate is 64 pesos to a dollar, Reuters reported.

The new currency controls were imposed in order to stop the Argentine government’s inability to stop the depreciation of the peso and halt the heavy investment outflows. The primary election last month showed that the current business-friendly President Mauricio Macri is trialing a populist named Alberto Fernandez, who was a front-runner in the October 27 general election. Since then, the Argentinian peso lost 25% of its value.

Now  that the Bitcoin price premium in Argentina is rising, the Bitcoin and altcoin news are popular and leading many users to invest in various cryptocurrencies.

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Bitcoin Mining Power With A New High As 500k New ASICs Go Online

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Bitcoin Mining Power
The Bitcoin mining power, which is the computing power dedicated to mining BTC, has hit another new high. All of this suggests that more than 600,000 powerful new machines may have come online in the last three months. The latest cryptocurrency news pull out data from the crypto mining pool BTC.com, showing that the Bitcoin two-week average hash rate has crossed another major threshold. It reached 85 exahashes per second (EH/s) around 19:000 UTC last Friday. Meanwhile, the mining difficulty also adjusted to a new record of nearly 12 trillion. Notably, the figures have jumped 60% since June 14, the data indicates. What's interesting is that aside from the Bitcoin mining power, the difficulty of mining (a measure of how hard it is to create a block of transactions) adjusts after 2,016 blocks or roughly once in two weeks. Many best cryptocurrency news sites reported about new models of application-specific integrated circuit (ASIC) miners which hit the market over the summer, with an average hashing power of around 55 tera hashes per second (TH/s). Assuming all of the 35 EH/s of new hashing power added since mid-June came from the top-of-the-line models, a new calculation suggests that more than half a million such machines have connected to the Bitcoin network. These powerful ASIC miner chips are made by a lot of major manufacturers such as Bitcmain, Canaan, InnoSilicon and MicroBT. They are priced from $1,500 to $2,500 each. Therefore, if more than half a million of them are delivered (as estimated above) the leading miner makers could have made $1 billion in revenue over the past three months. The spiking hash rate and difficulty of Bitcoin are in line with the soaring price earlier this year, which led to an increasing demand for mining equipment that has significantly outstripped the supply. This is also in part thanks to the rainy summer season in southwestern China which resulted in cheap and abundant hydroelectric power. According to miners in China, the Bitcoin mining power and more specifically the hash rate in the summer would break the level of 70 EH/s, which already happened in August. As a result, major miner manufacturers sold out their equipment due for shipment until the end of the year.
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Bitcoin Breakout May Happen This Week, Analysts And Traders Predict

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bitcoin breakout
A potential Bitcoin breakout has been discussed and predicted many times this year. In the latest cryptocurrency news, we can see that such surge could happen soon. The BTC trading range is getting tighter which can only mean one thing - a Bitcoin breakout is imminent at this point. Yesterday, BTC was inactive most of the day. The coming altcoin news showed some increases but nothing that will attract the eyes of investors. With a peak at $10,370, Bitcoin is now stable and has passed the period of sideways trading. It seems that the candle sticks are getting smaller on the daily charts - something that indicates indecision between the bulls and the bears. At the time of writing, BTC was still within this channel and was trading at just above $10,300 with daily RSI right on 50. The oscillators and moving averages are all pretty neutral at this point. However, a Bitcoin breakout is expected - and analysts can sense that something big is coming. One of them is the analyst 'CryptoFibonacci' known for his predictions in the Bitcoin and altcoin news. As he recently said, a series of exponential moving averages have all aligned on the daily time frame.
“$BTC Red Alert!! Big move should happen in the next few days or early next week!! Ema’s are all bunched up together. And right at resistance,” he wrote on Twitter.
https://twitter.com/CryptoFib/status/1173407775965233152 The trader also elaborated on a potential Bitcoin breakout. He leaned to the low side, suggesting a wick down below $9,000 which would not last for very long.
“It has always been my theory that $BTC is just building a new base to move off of.  Could it wick down to 8500?  Sure it could, but too many people are looking at that area and calling it,” he said.
Other traders also suggested that a big move could be coming Bitcoin's way very soon. Right now, the bulls are struggling to overcome resistance at $10,450 and BTC has been below that for the past week. On the low side, a fall to $10,000 is where the first support zone for BTC lies. Just like DC Forecasts, many other best cryptocurrency news sites reported about something big potentially coming this week.
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Bitcoin ATM Network Coinme Raises New Funding From Xpring

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Bitcoin ATM Network Coinme, which provides kiosks and ATMs for digital currencies, managed to raise up to $1.5 million in Series-A-1 financing from Ripple’s subsidiary xSpring and Blockchain Finance Fund as per the reports from the company which we are about to read more about in the coming altcoin news. The proceeds from the funding will be used to the further licensing procedures which aim to expand its US and international coverage. The Co-founder and CEO Neil Bergquist explained that Coinme is licensed to operate Bitcoin ATMs in the 29 states that will apply for further state licenses in the near future. As for the international markets, Coinme set their eyes on Europe and Central America because of the high popularity of cryptocurrencies in the countries. xSpring is Ripple’s developer initiative that mainly focuses on its investments in blockchain technology companies and this is the first investment of the company in the bitcoin ATM industry. Bergquist stated that Coinme raised $4.5 million in total in the previous financing round including the $3.5 million in convertible debt mainly from Coinstar over the past few years and another $1.5 million from the venture fund back in 2017. The Bitcoin ATM Network Coinmae has more than 2,500 locations and provides services as the largest bitcoin kiosk network in the world. Coinme began as a bitcoin exchange in 2014 and integrated its services with the coin-to-cash machines in January. The kiosks allow the customers to exchange bills and coins for a certain code that is sent to their mobile device which can be used to redeem up to $2,500 of crypto. The partnership was announced at the beginning of this year with the kiosks mainly getting placed in public venues. The crypto kiosks and Bitcoin ATMs have grown in popularity as the coin use proliferates. The data from Coin ATM Radar shows that there was a more than five-fold increase in the number of active crypto ATM installations since 2017. Outside of the kiosks, Coinme provides concierge trading and some high-volume transactions for institutional investors. Bergquist also pointed out that one of the services that the company provides is the white-gloved transaction option for high-net-worth individuals with a minimum investment of $5,000 as per the reports in the latest cryptocurrency news.
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High Inflation Figures Explain Why ‘’Bitcoin Is King’’ Above Others

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The high inflation figures that we get from the latest analysis show that XRP and ZEC clearly show why ‘’Bitcoin is King’’ above other altcoins. Let’s read some more details in the coming altcoin news below. According to the tweets on Friday, the crypto and economic analyst Alex Kruger pointed out that the relationship between the high inflation figures and poor price performance of some of the altcoins. Kruger explained that he based his statement on the figures that were published on ViewBAse which is a platform that provides information on ‘’coin dumps.’’ Whether by fluctuating schedules and fixed schedules, the altcoins such as XRP and ZEC are showing significantly higher inflation figures. ZEC, for example, has an inflation rate of more than 35 percent. More than 7,000 ZEC tokens are ‘minted’ per day and this figure amounts to about 0.098% dilution of the circulating supply which is much higher than other cryptos with daily coin additions. Zcash even disclosed an inflation bug earlier this year that was capable of creating an infinite number of tokens. Regarding fixed inflation, Ripple releases 1 billion XRP every quarter. XRP has an annualized inflation of more than 30 percent. As previously reported, some of the XRP proponents have expressed huge displeasure with the constant dumping of the token. Also, earlier this week the company transferred more than 100 million XRP to the former CTO Jed McCaleb and immediately spiked fears of a massive sell-off. For bitcoin, this situation is slightly different. The top-ranked cryptocurrency has an inflation rate of 3.97%. After the 2020 halving event, the figure will be split in two and will take the inflation rate of bitcoin even lower than the current interest rate by the Federal Reserve. Compared to the Bitcoin’s inflation figures, the altcoins such as ZEC and XRP seem like coins whose value is constantly declining. Bitcoin is up by more than 170% since the year started while XRP and ZEC moved over 25 percent in the opposite direction as we saw in the latest cryptocurrency news. In the meantime, the commentators are calling for a new all-time high for Bitcoin before the year ends.
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