Venezuela Can Shake-Up the Cryptocurrency World

A new partnership was announced in Caracas, the capital of Venezuela, where the economic situation is critical and the official currency bolivar costs almost nothing. Poor economic conditions give a lot of opportunities to cryptocurrencies expansion instead of traditional fiat money.
Alexander Kuptsikevich
Venezuela Crypto

The cryptomarket has started Tuesday in a green zone: Bitcoin has added 4.5% coming closer to $7,050. Altcoins shows the similar dynamics: Top-10 cryptocurrencies added from 4% (ETH) to 20% (IOTA). The total cryptomarket cap has increased by more than 12% to $228 bln within a week. It could be considered as evidence that a timid demand appears on the market after a long period of stagnation.

A sharp rate increase showed the DASH coin adding 26% in the latest 24 hours due to the new partnership with Kripto Mobile. According to it, Latin America’s users will get an access to financial transfers via cell phones.

A new partnership was announced in Caracas, the capital of Venezuela, where the economic situation is critical and the official currency bolivar costs almost nothing. Poor economic conditions give a lot of opportunities to cryptocurrencies expansion instead of traditional fiat money.

Venezuela President Nicolas Maduro orders banks to adopt the Petro cryptocurrencies in respond to the country economic crisis.

It means that the revolution could be driven not by a few hundreds of the cryptocurrencies whales, but hundreds of millions people from the third world countries who may create an enormous inflow of liquidity to any cryptocurrency allowing it to become one of the TOP-3. Such a “peoples’” cryptocurrency has definitely all the chances to get the throne back from the Bitcoin.

From the analysis side, according to the stock market rules, the bulls market happens when an asset adds 20% of its lowest level. In case of the Bitcoin, which decreased to $5880 mark, the bulls market will start from the levels near $7055 that is almost reached.

Earlier, we’ve already written that going beyond the limits of the corridor 6000-6600 is able to cause an increase in the activity of the market participants and it looks like this gain we saw yesterday. The growth above $7000 can become an additional support factor for the bulls.

This article was written by FxPro

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US