In the coming altcoin news, we see no changes or major gains for the cryptocurrencies floating in the market cap. However, we can see Bitcoin with a 4% premium in Argentina after a sharp currency devaluation which led the Peso plummet by more than 30%. The national currency has plummeted which made investors running for a safe haven.
It all started yesterday as we can see – when data from the local cryptocurrency exchange Buenbit put Bitcoin trading around $11,750 – to later visit the $11,300 region which is the one Bitcoin has in the latest cryptocurrency news.
The shock defeat of incumbent president Mauricio Macri in the primary elections sparked the rout in the Argentine peso (ARS) on Monday, which saw Bitcoin with a 4% premium against the national fiat currency. Meanwhile, the BTC/USD pair passed $12,300 on Buenbit, an Argentinian exchange.
In USD terms, this means that the peso (as the fiat and national currency) and its collapse is more than just apparent. For instance, the peso jumped from 45 pesos to a high of 59 pesos before settling at 53 pesos – for 1 US dollar – accordingly.
The latest news show the Argentinian presidential front-runner Alberto Fernandez criticizing Macri for raising short-term debt to unsustainable levels, according to reports on Bloomberg. As Fernandez said in a recent interview with a local TV channel in Buenos Aires:
“Nobody believes Macri can pay back the debt. Bond prices indicate investors see the country in default.”
Fernando, however, added that he does not want to default on the country’s debt. Meanwhile, Bitcoin with a 4% premium means that investors are shifting to cryptocurrencies, after considering the fallout and potential exacerbation following the October presidential elections.
Bitcoin proponents, as the updates show, are eyeing the cryptocurrency’s utility in what is becoming another market where it is advantages are obvious. In the latest altcoin news, we can see that there are no specific altcoins which attract the Argentinian investors.
“Could this be the first of many to be exposed in a currency crisis?” the Morgan Creek Digital co-founder Anthony Pompliano tweeted this Monday, suggesting that the peso could form the first in a chain of developing fiat currencies to disintegrate.
As we reported earlier, Latin American has become a crubicle for Bitcoin adoption, with Venezuela and its hyperinflation crisis leading the way.
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