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Maduro Claims: Petro Will Be Used For International Exchange

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If you’ve been following on our crypto news, you will know that Petro is an oil-backed cryptocurrency in Venezuela. President Maduro claims that this currency will be used as an official currency in the country.

Also, Petro will now be used for international transactions starting in a month according to Nicolas Maduro. He appeared on the national television in Venezuela and delivered his speech on the latest economic problems. He also announced:

“Petro comes into play as a currency for exchange, purchase and convertible currencies for the world.”

He was not specific about which areas exactly will be affected by the implementation of Petro nor did he number some of the countries that are ready to accept this currency as a payment. Currently, Petro does not trade on any major crypto exchange and it is not really backed with Venezuelan oil. The state-owned cryptocurrency is backed by the national oil company PDVSA which is in debt and making Petro the new national currency will hide the failure of the national currency, the bolivar.

Even though many oil importers were included in the drama around Petro, they still refuse to buy the oil from Venezuela using this cryptocurrency despite the many expanded uses. Maduro announced that this currency will be used as an accounting unit in the country thus the salaries will be tied to Petro as well.

However, the US administration still has no belief that this is a good idea. They put sanctions on the country and claim that the current situation will only bring hyperinflation and people will get very angry with the government.

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Analysis

Fundstrat Global Advisors: Bitcoin Will Take Weeks To Repair The Technical Damage

According to a crypto news report today, a Fundstrat Global Advisors analyst explained that bitcoin could take ‘’weeks, if not months’’ to recover from the technical damage caused by the recent collapse. Fundstrat’s analysts Rob Sluymer predicted that the recent collapse of Bitcoin has brought the crypto market in a ‘’deeply oversold’’ place and long-term technical indicators are not favorable at the moment. He continued by saying that Bitcoin will likely go through a ‘’multi-month rally’’ by saying:
 “This week’s breakdown produced significant technical damage that will likely take weeks, if not months, to repair to create a durable enough price ‘structure’ to support a multi-month rally.”
Just 24 hours ago, Bitcoin declined below the $5,600 price mark for the first time since October 2017. It looks like losing the support level of $6,000 is a dangerous motion for many industry players especially those who have a business model that is supported on a client pool. The market slump caused many shares of crypto companies to decline by more than 3 percent. However, Rob Sluymer continued to explain that the year-end trend is not broken yet and that stocks of the sectors that are hit the hardest are expected to grow. Earlier this year as well, Tom Lee said he believes that by the end of 2018 Bitcoin will trade between $22,000 and $25,000 and that he expects the volatility to be much higher. In November 2017, Michael Novogratz, the CEO of Galaxy Digital claimed that Bitcoin has to ‘’take out’’ $6,800 if it were to reach $9,000 by the end of the year. He also predicted that this major cryptocurrency could reach up to $20,000 or more in 2019.
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Bitcoin News

ECB Board Member: Bitcoin Is ‘The Evil Spawn Of The Financial Crisis’

An executive board member of the European Central Bank, Benoit Coeure is in the crypto news today for his statement that he considers Bitcoin as the ‘evil spawn of the financial crises. Coeure made this statement at the Bank for International Settlements in Basel. The bank’s general manager has also shown skeptical thoughts about cryptocurrencies especially describing Bitcoin as a combination of a Ponzi scheme, a bubble, and an environmental disaster. The executive board member continued his criticism towards the number one cryptocurrency by referencing the aftermath of the Lehman Brothers bankruptcy ten years ago. He believes that to be the reason for the economic disaster that happened and the entire global recession. He explained:
“Few remember that Satoshi Nakamoto, the inventor of Bitcoin, embedded the genesis block with a Times headline from January 2009 about U.K. banks’ bailout. In more ways than one, Bitcoin is the evil spawn of the financial crisis.”
He acknowledges the enormous interest in this technology but he believes that it is highly unlikely that a central bank digital currency will be issued soon, especially not in the next ten years. The director of the International Monetary Fund Christine Lagarde spoke at the Singapore Fintech Festival where Lagarde urged the entire community to really consider endorsing central-bank issued digital currencies because they could potentially satisfy public policy goals such as financial inclusion. Of course, Coeure’s arguments were totally on the contrary. Also, Stanley Yong’s opinions who is the Chief Technical Officer of IBM, totally different from those of Couere’s, noting that the central-bank issued digital currencies are the only way to mitigate risks that once happened in the Lehman case back in 2008.
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Altcoin News

5% Of Moscow Residents Who Use Non-Cash Methods Are Open To Using Cryptocurrencies

A new poll went viral in the latest cryptocurrency news, this time carried out in Moscow, the capital of Russia. As Forbes Russia first reported on November 13th, more than five percent of all residents of Moscow that use non-cash payment methods are open to exploring the use of cryptocurrencies such as Bitcoin. Carried out by the Russian payment service Yandex.Money as well as the Moscow Information Technology Department (ITD), the poll surveyed more than 1,000 Moscow residents of various age categories over the phone. The researchers found that among the residents who use non-cash methods, 5% are willing to start using cryptocurrency to pay for their purchases - while 1% already use digital currencies. Among the most common forms of non-cash payments in Russia are bank cards (96%) followed by mobile bank apps (40%), Internet banking (32%) and e-money (16%). The head of the analytics department at ITD, Ivan Buturlin, recently stated that “34 percent of Moscow residents use primarily non-cash methods of payment, wherein 63 percent conduct electronic transactions at least once a day.” When asked why they refrain from using cashless payment systems, about 40% of the respondents pointed to security concerns, 22% of them said they don't want to pay extra fees and 11% said they did not understand how to use the non-cash payment services, while 9% said that they don't know what cashless payment methods are. As the CEO of Yandex.Money summed up following the publish of the results of this survey:
“In order for non-cash payments to penetrate into the lives of a larger number of citizens, people should also change their perception to understand that this is a safe method of payment.”
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Altcoin News

Crypto Market Capitalization Has Fallen To A New 2018 Low

The latest news on our DC Forecasts crypto news site clearly show d0wnward movements for both Bitcoin and many altcoins in the market. The prices of major cryptocurrencies have dropped significantly. Currently, Bitcoin is trading at around $5,639 falling by more than 12% on the day and showing big signs of volatility as a leader in terms of market capitalization. Speaking of which, the market cap behind Bitcoin dropped below the $100 billion level for the first time since November 12th last year. In the past 12 hours, the total market capitalization fell from $210 billion to the current $180 billion, depreciating by 15% and leading the market to the lowest value since October 31st of last year. There are many other major cryptocurrencies that are reporting declines in excess of 10% on the day. Some of them are Ethereum, Ripple (XRP) and Bitcoin Cash - the latter of which holds the record for its continuous decline over the past week. What's also important to note is the fact that Ripple (XRP) is now the second largest cryptocurrency by market cap - overcoming Ethereum (ETH) overnight. No one knows if the situation will continue like this. Analysts believe that if a quick bullish run initiates, everyone might be able to 'forget' this sad Thursday for crypto. However, an action like that would force Bitcoin to immediately gain control over $6,000 and altcoins to follow, which is beyond impossible at this moment.
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