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 $10,000 and the restrictions are expected to remain in place until year end.
Argentina imposes capital controls https://t.co/LP93kxAN8U
— Rob Viglione (@robviglione) September 2, 2019
As the news show, these restrictions have made the forex black market in the country popular among the ones who need to sidestep the caps. Converting the local currency to the greenback shows that the official rate is 59 Argentinian pesos to every US dollar. On the black market, the rate is 64 pesos to a dollar, Reuters reported.
The new currency controls were imposed in order to stop the Argentine government’s inability to stop the depreciation of the peso and halt the heavy investment outflows. The primary election last month showed that the current business-friendly President Mauricio Macri is trialing a populist named Alberto Fernandez, who was a front-runner in the October 27 general election. Since then, the Argentinian peso lost 25% of its value.
Now that the Bitcoin price premium in Argentina is rising, the Bitcoin and altcoin news are popular and leading many users to invest in various cryptocurrencies.
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“$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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