The president of Venezuela, Nicolas Maduro, is in the latest news on our DC Forecasts crypto news site for a quite controversial announcement he made recently.
According to a report from the state-run media network TeleSUR on Thursday, the President Maduro said that the nation will use the Petro token for oil sales starting next year. He also noted that the move is aimed at minimizing the dollar’s dominance in the industry and diversifying the global market.
As Maduro said to the press:
“In 2019, we have a schedule for [oil] to be sold in petros and in this way continue to free us from a currency that the elite of Washington uses.”
According to some rumors, the president has a six-year financial plan to use the Petro cryptocurrency and avert the crippling impact of US-led sanctions on Venezuela’s economy. The announcement of this plan comes after a meeting earlier this week with the Russian President Vladimir Putin in Moscow.
Maduro also added that Russia is already trading oil and other products in Chinese yuan and that Venezuela should follow the example.
Meanwhile, Venezuela started selling petro to citizens in October via a government portal in the wake of the hyperinflation in the country, noting that the token must be used by those seeking to obtain passports.
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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