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.
Bitcoin Breaks 5-Day Long Trend Reaching $9,800 Support Level
Many Buyers Lined Up For The Four-Figure BTC: But Where Is Bitcoin Heading?
“We have been forming an ascending bullish triangle, and also and inverse HS Pattern, which very soon will make $BTC go up. The purpose with this move is to kill some shorts, before we go down again. Remember that we are in a huge descending triangle," said the user D4rkEnergY on Twitter.https://twitter.com/D4rkEnergYYY/status/1164769200902033408 For now, the highs are creeping up and there are many buyers lined up - so a move to the next resistance level around $10,400 is crucial at this point. On the downside, there is clear support at around $9,800 and more in the mid-$9k region which has been hard to crack in the recent weeks. Analysts in the coming altcoin news warn users that nobody should panic now - even though the fear and greed index fell to 5 yesterday (which was lower than the 2018 bottom in mid-December when BTC was at $3,200). The famous crypto pundit and web security mogul John McAfee also had his say while many buyers lined up to buy BTC. McAfee remains resolute and agrees that the current level of fear is unnecessary. He wrote:
“Bitcoin jitters? Just stop it! Short term fluctuations are meaningless. Bitcoin is still up almost 300% from 6 month’s ago. Everytime there’s a dip I have to calm people in replies, DMs, etc. GET A GRIP! You know in your heart Bitcoin cannot lose. Relax!”https://twitter.com/officialmcafee/status/1164491430091513856
Another Exchange Says Goodbye To The Cryptocurrency Operations
"The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made," Tech Bureau said, without providing more information about the date when it will be closing.The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on "blockchain development." Meanwhile, another exchange in South Korea - and a member of the "big four" there - named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had "decided" that it “could no longer maintain service."
Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error
“It's causing some 500 error messages on APIs and affecting some withdrawal processing.”Binance thinks funds are safe - but it just recovered from a publicity scarce which involved a self-proclaimed hacker alleging that he had access to the users Know Your Customer (KYC) data. The alleged data leak made Binance very insecure and many best cryptocurrency news sites also talked about the previous hack which was funds worth $41 million leaving the platform due to a security issue. All of this sparked a weeklong maintenance shutdown and payouts to the affected users. However, Binance thinks that it is in a good place now - right after it announced that it is working on a new cryptocurrency project named Venus. As the altcoin news showed, Venus is going to rival Facebook and its controversial Libra coin. Meanwhile, the market has stabilized from the yesterday drop and is at a combined total value of $265 billion at press time. Bitcoin is trading at $10,160 and most of the altcoins are recording gains of 1% to 2%. Bitcoin's dominance is still strong, standing at 68.4%.
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