More and more people have decided to venture into the world of cryptocurrenciesdespite the volatility that characterizes them, with the aim of having a medium and long-term investment.
Also promoted by certain characters or governments that seek to adopt these digital currencies as means of legal tender, cryptocurrencies have gone on a roller coaster that has taken them to significant ups and downs that have turned more than one of them upside down.
Here we tell you how the main cryptocurrencies and their prices have moved East September 3, 2022
The bitcoin It is trading this day at $19,854.12, which implies a change of -1.36% in the last hours.
The second most popular cryptocurrency digital currency on the market, ethereum, has shown a movement of -1.91% in the last 24 hours, so its value stands at $1,555.83.
On Tether USis trading at 1 dollars, so in the last day it had a movement of 0.01%.
For its part, BNB has a value of 276.9 dollars, with a change of -0.54%, while the litecoin does the same with 60.65 dollars after a variation of 5.42%.
Finally, the doecoinone of the cryptocurrencies that Elon Musk himself has promoted, has a value of 0.06 dollars after presenting a change of 0.18% in the last 24 hours.
Crypto winter: the latest cryptocurrency crisis
In the first weeks of May 2022, cryptocurrencies revealed that, no matter how hard they try, they cannot escape the speculative appetiteafter the so-called “crypto winter” or “cryptocrash” plunged several digital currencies such as the bitcoin, ethereum and LUNA from Terra, situation that left many investors in ruin.
It is called “crypto winter” when prices unexpectedly fall and no improvement is seen or forecast in the next semester.
This latest episode was driven by several elements: inflation in the world and the proposal to ban the use and extraction of these in Russia, currently in conflict with Ukraine.
This unsettling term further alludes not only to the sharp decline in digital currencies, but also to declining trading volume and months of market stagnation, a phenomenon that is not new either, since it was only in 2018 that a similar event was experienced.
However, the taste in the mouth left by the most recent crisis differs from what was experienced four years ago, since this cryptocrash has affected all cryptocurrencies in a domino effect and not just a few, so the fear that the negative effects may persist longer are latent.
The latest crisis led bitcoin to unexpectedly drop 77% of its value, until reaching the barrier of 28,000 dollars; while others like Ethereum lost 30.88% of its value in that month. The ripple effect also affected Terra’s stablecoin, LUNA, which fell more than 100% going from $118 to $0.09, a blow from which it still cannot be recovered.
Despite the current scenario, there are still those who hope that virtual currencies will recover, while others, with the same faith, have invested in them taking advantage of the recent disaster that has also left others without savings.
Its progress in Latin America
Cryptocurrencies in Argentina: Despite the fact that digital currencies have not been legalized in Argentina, their popularity has been increasing after decades of financial instability that citizens have faced, becoming one of the Latin American nations with the greatest presence of cryptocurrencies. Along this line, President Alberto Fernández has suggested its use to combat inflation.
In addition to bitcoin, another of the most popular cryptocurrencies is LUNA, a token with which it is traded on the Terra system and which can be purchased from the Tienda Crypto platform. This cryptocurrency has managed to have a historical maximum of up to 119.18 dollars.
Cryptocurrencies in Mexico: The Bank of Mexico (Banxico) has determined that none of the institutions that participate in the national financial system may use or must allow operations of any kind through this means of payment. However, the country is in 14th place out of 27 nations that have virtual currencies, surpassing Venezuela and Colombia, with around 13 million users in 2021, according to a study by Finder.
In Mexican territory, businessman Ricardo Salinas Pliego, one of the richest in the country, has shown interest in cryptocurrencies and has assured that several of his businesses will accept bitcoin in the future, including his bank; currently one of his most popular stores already does.
Cryptocurrencies in Peru: The Central Reserve Bank of Peru (BCR) has made it clear that its mission is not to be the first or the second central bank to regulate the use of cryptocurrencies, due to the instability that characterizes them. However, days ago the president of the (BCR) assured that the BCR was working on its own digital currency project.
Cryptocurrencies in Colombia: In the South American nation there are more than 500 sites where it is allowed to pay with cryptocurrencies. In 2021, Colombia became the third country in the world with the highest growth of bitcoin owners, surpassed only by Russia and Norway, according to Finder.
Cryptocurrencies in Central America: in the government of The Saviorhas given him his vote of confidence and on June 9, 2021 became the first country to legalize bitcoin as legal tender. In addition, President Nayib Bukele announced his intention to create the first Bitcoin City in Conchagua and it would be financed through bitcoin-backed tokenized bonds.
Project for its regularization
In view of a scenario in which the world economy faces various challenges such as inflation, the Russo-Ukrainian war, the impact on supply chains due to the COVID-19 pandemic and other elements, governments have begun to reconsider previously unthinkable alternatives, such as regularizing cryptocurrencies.
Recently the president of ParaguayMario Abdo Benítez, vetoed a bill that was intended to recognize the mining of the cryptocurrencies as an industrial activity and, given this, establish a percentage to set a consumption quota, among other requirements.
The initiative – which will continue to be discussed in both chambers to decide whether or not to respect the presidential veto – has generated debates, raising more than one eyebrow at the considerations and the possible scope it could have, since it should be remembered that El Salvador is the only country in the world that has recognized bitcoin as a legal tender currency.
The Paraguayan project, which had already been previously endorsed by Congress, proposes that the rate for mining digital currencies does not exceed 15% in relation to the current industrial rate, it also grants permits for service providers and miners.
Another of the most important aspects is that it is proposed create a dependency that it specializes merely in cryptocurrencies and establishes sanctions, as well as other types of measures.
However, the presidential decree underlines that crypto asset mining is characterized by a high electrical energy consumption and low use of labor, so cannot be categorized as industrial consumptionbut as electro-intensive consumption that can also compromise the development of the national industry, since at a certain point the country would be forced to import electricity.
Regarding the facts, the Paraguayan Central Bank has warned that none of the cryptocurrencies that exist today are backed by any monetary authorityso it is not regulated, does not guarantee protection or security to those who use them and are highly risky investments.
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