Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Tras una caída pronunciada, Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and major altcoins rise four hours after the announcement of rising inflation a general increase in prices and fall in the purchasing value of money. levels in the US. All this comes amid a particularly challenging global economic outlook.
- BTC recovered after the fall associated with rising inflationary levels in the US.
- It lost almost $1,000 in 30 minutes, but after four hours it returned to previous levels.
- Major altcoins replicated to some extent the behavior of BTC.
- Inflation in the U.S. adds to the economic problems in Europe.
- Will cryptocurrencies be a refuge from global inflation?
In the morning hours, the U.S. Bureau of Labor Statistics published the official report on the inflationary levels registered for the last month, and this had a negative impact on the quotation of Bitcoin and the main altcoins in the market. However, after more than four hours, we see that the most reputable digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies have almost fully recovered from the fluctuation resulting from the announcements made.
Bitcoin recovers and price returns to previous levels
Perhaps the most characteristic case is that of Bitcoin (BTC), the main digital currency currency is a medium of exchange that defines value. that at the time of publication is quoted at about USD $19.859 per unit, a figure that is not far from what was seen in the last 24 hours, but it does represent a significant recovery after the fall seen hours ago.
This can be seen in the data published our section CryptoMarkets DailyBitcoin and in CoinMarketCap where it can be seen that following the publication of the report in question the price of Bitcoin went down and lost almost $1,000 in less than 30 minutes, going from about $19,932 to about $18,999 in that short a trading technique in which a trader borrows an asset in order to sell it, with the expectation that the price will continue to decline. In the event that the price does decline, the short seller will then buy the asset at this lower price in order to return it to the lender of the asset, making the difference in profit. period.
But just as it dropped sharply, in the following hours its price began to recover progressively, and finally at the time of editing it recovered almost in its entirety after approaching again the barrier of USD $20,000 per unit.
As many of you can imagine, this sharp fall and the subsequent recovery was accompanied by a significant rebound in the daily trading volume, which at this time stands at over USD $31,741 million with an increase of more than 30.6% in the last 24 hours, being Binance y FTX the exchanges that recorded the highest number of executed buy/sell orders.
Major altcoins behave in a similar way
In the same way that happened with Bitcoin, most of the main altcoins recorded a similar behavior in the last hours, although in daily balance they recorded losses compared to the values seen yesterday.
Such is the case of coins like Cardano (ADA), Dogecoin (DOGE), Polkadot (DOT), Polygon (MATIC), Uniswap (UNI) and many others, all of which have seen declines of between 1% and 3% in the last 24 hours.
Economic situation complicated not only in the U.S.
While the current state of the U.S. economy and the increase seen in inflationary levels over the last month is striking, this is only one aspect of the difficult economic outlook that many other nations around the world are going through.
Yesterday we reported on the drop in the Euro’s value, which for the first time in the last 20 years has fallen to the point of parity with the U.S. Dollar. At the time of writing, the situation persists, so the European currency has yet to regain its previous levels.
Let’s keep in mind that the fall in the Euro’s price would be mainly associated with the fears of a possible economic recession at a regional level. Here too, inflationary levels have risen sharply and the measures implemented by the European Central Bank do not seem to ease the pressure experienced by residents.
In addition to the latter, there are the consequences of Russia’s armed incursion into Ukrainian territory, which is already compromising the energy supply to the main nations of the continent.
On the Latin American side, the outlook is not at all kind, since being economies strongly linked to the U.S. dollar, local currencies are also being affected by the problems faced by the U.S. economy. Reports suggest that for example, in countries like Chile and Colombia, their respective currencies have lost against the U.S. currency significantly in recent days.
Cryptocurrencies: Solution or part of the problem?
Given the global outlook many are wondering if cryptocurrencies can play an important role in supporting the population.
Historically, these assets have been seen as a financial refuge in troubled economies, such as Argentina, Nigeria and Venezuela, where residents turn to them to protect their purchasing power from inflationary processes affecting their fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. currencies.
However, seeing safe haven cryptocurrencies may be new to residents of the US and Europe, who tend to perceive these assets as more of an investment.
In any case, the current state of the crypto market an area or arena, online or offline, in which commercial dealings are conducted. may not serve as much motivation for people outside the ecosystem either, since the fall in the price of the main exponents of the sector does not seem to have ended, so there is much uncertainty about its evolution in the short and medium term, although the outlook for the coming years is that Bitcoin could multiply its share price.
The most important news of the day
Finally, below we share with readers some of the most read news in the last 24 hours:
- U.S. inflation in June was the highest since 1981, Bitcoin drops in price on news
- Bitcoin won’t go below $14,000 and reach new ATH ‘All-time High’. In the context of cryptocurrencies, it marks the maximum price ever reached by the crypto. in two years, says CoinShares’ Meltem Demirors
- Charlie Munger thinks everyone should avoid cryptocurrencies, “like an open sewer”
- International bodies issue guidance on stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. regulations
- Twitter sues Elon Musk to enforce $44 billion buyout deal
To buy cryptocurrencies through DiarioBitcoin
We understand that this is a complex and especially sensitive time in the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. market, but if you are one of the people who see opportunities with the current prices, we remind you that our section CryptoMarkets buttons are now available for you to buy your favorite digital currencies.
If you wish to purchase Bitcoin ( BTC ), prefer to buy Ethereum a decentralized open-source blockchain with smart contracts functionality. ( ETH ) or want to get someTether ( USDT ), all you have to do is access our website CryptoMarkets and click on the currency of interest. In addition to viewing its price, performance and other market data, you will also find a buy button that will take you to a exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. reputable in which to do business.
We recommend everyone to be very attentive as this possibility will be added soon for a greater number of digital currencies.