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Bolivar To BTC Volumes Reach Record Highs As The Crisis Continues

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FO6E3842CAC44 - Bolivar To BTC Volumes Reach Record Highs As The Crisis Continues

Bolivar to BTC volumes in Venezuela reach record highs as the economic crisis in the country intensify and people turn to Bitcoin to find refuge. Following the latest cryptocurrency news coming from the South American country, a record amount of Bolivars were spent buying bitcoin.

In the last week of April, about 36.5 billion worth of Bitcoin was bought only that week which shows that the Bolivar to BTC volumes continuously increasing. The previous record reached 31.3 billion bolivars last month. The record numbers come as the political and economic tensions grown in the Latin American country. Over the past week, the opposition leader Juan Guaido started a military coup to help the civilian protestors in overthrowing the current president Nicolas Maduro.

This is the third time Guaido is trying to take Maduro out of the game but so far he has not achieved his expected plan. The opposition leader is supported by more than 50 countries including the US and the UK. However, Maduro has the support of China, Cuba, Russia, Turkey, and other countries. However, people are still changing their bolivar to BTC trying desperately to get some extra cash.

The violence in the country is only likely to continue and the changes of Bolivar to BTC volumes increasing are really high. As it was reported in the coming altcoin news, the number one cryptocurrency can serve as a buffer against the inflation in the country since it spiked over 12,000 last year. About 87 percent of the population in Venezuela is living in poverty and studies show that people are becoming more and more hungry.

On the other hand, we have the Petro cryptocurrency which according to Amberes, Venezuela’s National Superintendency of Crypto Asset and Related activities, the activity of the altcoin shows that the sales are growing constantly. According to the exchange, the trading volumes of Bolivar to BTC or bolivar to petro are on the rise. Most of the trading is happening online where buyers and sellers interact over social media. Other exchanges that offer Petro trading include Sunacrip, CryptoEx, Bancar, Afx, Criptolago, and CriptoMundo.

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Analysis

New BTC Research: Bitcoin Has Proven To Be The Best Performing Asset

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new btc research
The new BTC research shows that since the launch of the cryptocurrency, BTC was pronounced dead at least 300 times and in the height of the bear market in 2018, a total of 90 times. As we are about to read in the bitcoin news now, the benchmark cryptocurrency has proven to be the best performing asset and a store of value despite everything.As we are going towards the end of 2019, bitcoin is doing well and it managed to carve a niche in the financial system as we know it. Crypto traders, blockchain experts, and researchers all agree that the cryptocurrency offers a strong value proposition. This unique quality enables the digital coin to surpass a number of shortcomings. Since the inception in 2009, the king of cryptocurrencies has grown by more than 164,000% and this is why the distributed ledger technology expert The Crypto Oracle, was 100 percent sure that Bitcoin has proven itself as a solid store of value. According to the new BTC research, we can read that:
‘’I would argue that Bitcoin has proven a good store of value if viewed over a long time frame. Since its existence, it’s been the best performing asset in the world. It’s on the way to being the only non-correlated store of value (SOV) asset in the market, something that is especially valuable in such financial uncertainty around the world.’’
When speaking on financial uncertainty, Enzo Vilani who is a chief strategy officer of Transform Group agrees that Bitcoin has become so strong in times of indiscriminate quantitative easing and he said:
‘’The World Bank and its members are discussing global quantitative easing, and we are at a point where printing money is now a common practice globally and coordinated by governments. One more huge crisis and we will see a shift toward bitcoin by major money.’’
Regarding the question of whether Bitcoin is a proven store of value, many crypto traders see the big potential bitcoin has. Hans HODL who is senior quantitative research at Ikigai stated that Bitcoin has the potential to become one of the greatest stores of value ever. The CTO and co-founder of the full-service blockchain accelerator MouseBelt, Galen Ganzieger, shares the same opinion as he said:
‘’Bitcoin has proven itself as a store of value. While it is less predictable in buying power compared to the US dollar in a short time frame, it is a strong alternative to other currencies and gold.’’
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Bitcoin News

Bakkt BTC Trading Volumes Exceed 1,000 Threshold After Price Crash

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bakkt BTC Trading
The Bakkt BTC trading volumes surpassed 350 BTC today, exceeding the 1,000 thresholds by the end of the day as the bitcoin price lost more than $500 in just a few minutes. The institutional investors saw an opportunity and we are about to find out some more in the Bitcoin news updates.While it is very difficult to understand the reasons behind the BTC flash crash, the institutional investors are in a hurry to purchase the cryptocurrencies at a discount price. The largest crypto by market cap crashed over $500 or more than 9% over the day in a surprising flash crash. After the hours from the crash, Twitter user Bakkt Volume Bot explained that the Bakkt BTC trading volumes increased at 8 BTC at the time. It was expected for a total of 58 BTC increase at the end of the day.However, the flash crash raised the investors’ appetite so much that the volume on Bakkt exceeded the daily forecasts by about five times in less than two hours. Shortly after the drop in BTC price, the Bakkt Volume Bot announced that the daily volume reached 296 BTC at the time, predicting a crazy figure of 1139 BTC. For example, yesterday, the trading volume on Bakkt was 85 BTC which is a 77 percent increase from Monday.As it usually, the trading volume on other exchanges increased as well. However, while the Bakkt volumes increase thanks to the buyers, some of the other exchanges might have been in a completely different situation since they have to liquidate very long positions. On BitMEX, the long positions were worth about $200 million which have been later liquidated during the last 6 hours. On other exchanges, the liquidated shorts were worth $43,000 for the same period. The reason behind these massive liquidations of long positions is that the traders were taken by surprise by the major flash crash of the price.Despite the BTC crash, the cryptocurrency has still managed to prove that it is the only digital asset that proves to be a store of value over the last ten years. The price is now relatively stable but in the upcoming days, we will see whether it will move upwards slightly or go down again.
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Bitcoin News

New Indicator Signals Massive BTC Volatility Is Inbound

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new indicator signals
A new indicator signals something that many analysts have been afraid of. As Bitcoin (BTC) has been caught in the throes of consolidation for the past several weeks and months, it failed to garner any momentum in either direction ever since it plummeted below $10,000. Right now, BTC is boring and the analysts think that this period won't come to an end unless volatility improves.Speaking of which...The latest cryptocurrency news feature the price volatility of Bitcoin which is the single most important technical indicator right now. The new indicator signals that a massive movement may be imminent and one analyst even believes that Facebook's Libra coin may play a huge role in Bitcoin's future volatility.At the time of writing,  the BTC news show that Bitcoin is below $8,000 once again and dragging many altcoins along with it. The buyers have failed to extend the upwards momentum seen a couple of days ago. All of this suggests that BTC is in a tight trading range between $7,800 and $8,800 with significant support at the former price and strong resistance at the latter.What is also important to note is that this period of sideways trading has come about after Bitcoin and its massive drop from the previous support level at $10,000. Even though the mid-term trend remains bearish, the new indicator signals that the support established at $7,800 may mark a long-term bottom for BTC as a dominant cryptocurrency.This is confirmed in a recent report on Bloomberg too, where it is noted that Bitcoin's Trading Envelope indicator is currently at its narrowest since mid-September. This new indicator signals that another massive movement may be imminent for the cryptocurrency.
“The gauge smooths moving averages to map out higher and lower limits and a similar narrowing last month preceded a drop of more than 12% for Bitcoin on Sept. 24,” the report published on Bloomberg explained.
Detailed in the same report is Matt Maley, an equity strategist at Miller Tabak + Co. who explained to Bloomberg that the fate of Facebook's Libra is currently contributing to Bitcoin's price action. The analyst said:
“As it becomes more and more obvious that the Libra thing is not going to take off – it’s going to be a long time before it becomes an important part of anything Facebook’s doing – as that becomes more obvious, the volatility will pick up again… This issue with what’s going on with Libra and Facebook is a definite headwind and it’s not going to go away.”
Even though it is still unclear whether Libra is truly having any influence on BTC, the new indicator signals that Bitcoin must regain control of the news cycle very soon.
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Bitcoin News

Bitcoin Is Boring Again After Falling Below $8k

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bitcoin is boring
The price of Bitcoin is boring again after it fell below the $8,000 for the zillionth time. As we can see in the Bitcoin latest news, BTC failed to crack resistance at $8,300 and suddenly reversed below the psychological level at $8k.According to data from Coin360, there is sideways activity for BTC/USD on Tuesday with the 24-hour figures being slowed down between $8,160 and $8,290. After two major attempts to grind higher, the pair saw major rejection at $8,300 and is now in line with projections from analysts who previously said that there is a heavy resistance close to $8,500.Bitcoin is boring again and remains quiet now. The situation is same since the start of the weekend, when the markets managed to show a spike and exit the $7,000 range, staying higher since.The short-term outlook nonetheless contains a few surprises. As we can see, the crypto news feature analysts  who are not expecting shifts as the week progresses.
“To me it looks like an inside day in which we're stuck between two levels (on the upper side; $8,300 and on the downside $8,170) without making a clear decision yet,” one analyst said in private comments on Twitter.
He also continued and stated:
“If either way we crack one of the levels, a volatile move should occur of a few hundred dollars. On the upside, if we clear $8,300 I wouldn't be surprised with a push towards $8,500-8,600, however if we break the lower floor, a retest of $8,000 is quite likely to occur.”
As we reported before, Bitcoin is boring because of the price volatility and a couple of other factors. With this being dropped, investor interest is still evolving and institutional money needs to start pouring in. All of this could help BTC escape the rat race and increase its price, potentially heading to $10,000.Meanwhile, the altcoin news show that the markets moved a bit. While no token saw any significant shifts, the top ten by market cap typically moved up and down by around 2%. Ether (ETH) which is the largest altcoin, is trading down by 1.5% at $174 right now. By contrast, Ripple's XRP token gained around 1.3% this time and reached just below $0.30.
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