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Bitcoin Price Premium Surpasses $1,000 In Argentina

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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 News

Bitcoin’s Open-Source Code Will Be Kept Secret In An Arctic Vault Facility

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Bitcoin’s open-source code will be kept in a Svalbard vault and will be joining other projects in the GitHub arctic vault as we found out today for our bitcoin latest news.Bitcoin’s open-source protocol, which basically makes it an open-source project, is now eligible to join the millions of other GitHub repositories in deep storage. These repositories will be filed in microfilm with a thousand-year longevity. The Svalbard code project is very similar to the Arctic seed vault on the archipelago where some samples of the world’s crop seeds are stored in a very dry and cold environment. The author and commenter Ashlee Vance testified that even the first reels stored did contain the Bitcoin’s code protocol.GitHub aims to make a snapshot of all active repositories on February 20, 2020, and store the entire state of the data on multiple reels written over the silver halides. This technology will grant a long storage life and the vault will also represent a preliminary security step to Project silica which is Microsoft’s storage solution to write data to quartz crystal glass. Microsoft bought GitHub in 2018 and dedicated itself to extreme data security by creating multiple archival copies.The project’s participants didn’t quite mention Bitcoin but it is one of the most prominent open-source projects that rely on GitHub. The Bitcoin Code will, of course, join the other open-source repositories that belong to other competing crypto projects. This will also make Bitcoin even more difficult to censor because it will be hard to destroy a copy of its code. The BTC repository sees highly active commits and there is no final version of the code as well.There are more than 100 contributors on the projects and also a lot of active commits on detail issues. However, the Bitcoin core version is right now running on most network nodes. The idea to protect the code in vaults is not new but only the wallets and coins for specific users have been protected that way. The old miners or other vaults have also been used for cold storage for those that have long-term faith in the coins.
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Altcoin News

China Classifies Altcoins As Illegal Despite Embracing Blockchain

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China classifies altcoins as illegal and we can clearly see some deterioration on the market. Falling more than $550 in a few hours, yesterday Bitcoin (BTC) had severe deterioration of its price. At the moment after the news Bitcoin (BTC) marked a 6-month low, and fell for $500 more as we are reading in the latest altcoin news.The president of the People’s Republic of China, Xi Jinping stressed the importance of the country’s involvement with blockchain-based technologies. From then onwards the government of the People’s Republic of China held the narrative “Blockchain, not Bitcoin”, reminding interested parties that cryptos are illegal.The Head office of the People’s Bank of China (PBOC) in Shanghai, has made a new regulatory update, stating that the POBC will clamp down on crypto trading and will strengthen its regulation and control after China classifies all cryptocurrencies as illegal.The existing strict regulations would be implemented like in the past by the authorities of the People’s Republic of China, according to the update, and activities related to crypto will be continuously monitored within PBOC’s jurisdiction. Furthermore, any such activities will be “disposed of immediately, and prevented from happening early” as soon as they are identified.The stance of the authorities in the People’s Republic of China (PRC) is that there are many risks involved in the issuance and trading of cryptos such as asset tempering, business failure, and investment-related speculations. The point is that investors shouldn’t combine blockchain technology and cryptocurrencies, because the policies of the government of the People’s Republic of China (PRC) are treating exceptionally different the two questions.The moment the news arrived in the markets, Bitcoin’s (BTC) price fell to $7,000, losing $500 more of its dollar value. As it was reported earlier, Bitcoin (BTC) was not traded at these levels since May of 2019, making this a new low for the cryptocurrency. For now, the well-known support line of Bitcoin (BTC) is standing about $7,000 and is holding good, but the situation can be changed in a fraction of a second. The price of Bitcoin (BTC) can fall down to $6,200 because that’s where more demand is found.
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Bitcoin News

New BTC Drop To $7,100 Caused By China ‘Disposing Of’ Local Exchanges

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The latest cryptocurrency news bring a new drop in the price of the most dominant cryptocurrency - mainly due to the fact that China recently vowed to dispose of all the local exchanges operating in the country. The new BTC drop to $7,100 was triggered by the statement on November 21 by the People's Bank of China which warned that it is taking action against entities that are involved in trading cryptocurrencies such as Bitcoin (BTC).The move was also in response to a rise in the trading activity after the public endorsement of blockchain technology by the country. While pledging to keep its promise to outlaw trading, the PBoC vowed to "dispose of" any such activity which it discovered under its jurisdiction.
“Once it is discovered, it will be disposed of immediately, and it will be prevented from happening early,” a translation of the statement reads.
The new BTC Drop has tanked the cryptocurrency further and is now rattling the markets, sliding almost 10% and bouncing off the support around $7,000.Meanwhile, the city of Shenzhen revealed an investigation into the similar cryptocurrency trading operations which was again spearheaded by the PBoC. The commentators included Binance CEO Changpeng Zhao, all arguing that the focus of the probe genuinely was bad actors - and that it would ultimately be beneficial.The latest statement which comes with the new BTC drop to $7,100 proves that China is an influential figure that is setting the price of Bitcoin (BTC) up and down. The PBoC underscored the official government position in favor of blockchain but against cryptocurrency more clearly than ever before.“Investors should be careful not to mix blockchain technology with virtual currency,” the statement shows as it also paraphrases similar warnings that appeared in government media publication People's Daily late last month.On another note, it seems that the new BTC drop to $7,100 triggered even more drops in the coming altcoin news. Ethereum (ETH) nosedived by 13% to a price of $149, Bitcoin Cash (BCH) did the same and is now at $2017 while Litecoin (LTC) has registered a 12% drop to $46.53 now. This is perhaps the biggest drop in the past month, setting a new 4-week low for many coins on the market. 
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Analysis

Crypto Critic Peter Schiff: Bitcoin Will Drop To $1,000 To Complete A Pattern

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There are many Bitcoin analysts which are confused by the recent move of the dominant cryptocurrency, going lower than $7,500 and proving that a massive bearish trend is here. Aside from the optimistic analysts who still place their bets on more positive Bitcoin news in the future, there are negative critics too. One of them is the crypto critic Peter Schiff who ridiculed the cryptocurrency and claimed that BTC/USD is set to dive to as low as $1,000.While arguing the current price action and correlating it to a "head and shoulders" formation, the gold bug took to Twitter in a debate and said that a dramatic downturn would characterize the markets in the future.As the crypto critic Peter Schiff wrote:
“#Bitcoin is nearing the neckline of the head-and-shoulders top I pointed out before the Oct 25th 40% pump. The right shoulder is now shrugged and the neckline slanted and parallel to the shoulders. If it breaks the price objective for the dump is $1,000 to complete the pattern.”
In a further post, he also doubled down on his position.  “The picture really doesn't look any better if your long Bitcoin!” Schiff wrote.Another attempt saw the crypto critic Peter Schiff taking a photograph of a Bitcoin price chart on his computer screen and ridiculing the coin and its performance in the latest cryptocurrency news.However, those who know Schiff said that he is waiting for times like these just to strengthen his position. Well known for his dubious price commentaries, the gold bug is convinced that Bitcoin (BTC) is doomed to fail. However, not all of his predictions were true - in fact, all of them have proven false so far which made him lose a lot of supporters.One of the people who responded to the crypto critic Peter Schiff was the trader known as CryptoBull. He produced a BTC/USD chart and said that Schiff needs to guess market trajectory correctly.Other long-term warnings from Schiff include the prediction that Bitcoin will never reach $50,000 while gold will top $5,000. Additionally, in late October, the gold bug accused investors of manipulation as BTC gained 30% over gold.
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