Bitso cryptocurrency buying and selling platform announced the opening of its Bitcoin / US dollar (BTC / USD) market. The initiative aims to provide access to the most widely used currency in the world: the US dollar. This was reported to Cointelegraph on April 24 by the company in Spanish.
In a statement, they stated that this is part of the platform’s global positioning strategy. “It turns Bitso into a bridge that connects local currencies like Argentine pesos and Mexican pesos to digital currencies with global currencies.”
On the other hand, they stressed that the announcement is a first step towards bringing Argentinian traders closer to the new BTC / USD market since then is part of the Bitso Alpha Value offering, Bitso’s exclusive retail product. In the meantime, the next phase is being prepared, which will allow deposit and withdrawal methods by bank transfer and through stable coins anchored in the value of the US currency.
Nora Palladino, the community development company for the southern cone, said:
“With our BTC / USD market, we offer our users the opportunity to trade this world’s most used pair on a regulated platform with international security standards and support in Spanish.”
The community in Argentina
From Bitso, they confirmed that Argentina already has one of the strongest and most dynamic crypto communities in Latin America, and thought it was a particularly interesting market to showcase the BTC / USD trading product.
Bitcoin’s vision to cut in half from Bitso
Halving is a relevant event for investors in some cryptocurrencies, and this is particularly true in the case of Bitcoin, the best known. Nora Palladino said last month that the market is eagerly awaiting this event.
“It is an automatic correction mechanism that limits the supply of bitcoins and thus affects the price. The last halving was in July 2016 (…) The price for the cryptocurrency rose in the months before the halving of 2016 and stayed there for a while. The same thing happened in the months before and after the previous halving, but the circumstances under which each of these episodes happens are different and demand can fluctuate unpredictably, “said Palladino.
“The next one is expected to take place in May of this year (…) when the number of blocks reaches 630,000, with the reward for each falling from 12.5 to 6.25 bitcoins. However, it is difficult to get the exact one Determining the date it will occur because the time it takes to generate new blocks will vary even though the network average is every 10 minutes, which means that from now on, 27,000 bitcoins will be generated every month instead of the current 52,000, “he said.
Regarding the possible impact on Bitcoin price, Palladino said: “It is difficult to predict how the following halving will affect Bitcoin’s value. However, it is interesting to analyze what has happened in the past halving Bitcoin prices exceeded from $ 11 in October (a month before halving) to $ 12 on the day of the event and continued to rise to $ 1,075 in November 2013. The same thing happened in 2016. The value rose from $ 575 on June 9 (one month before the event) up to $ 650 during the halving, and despite this volatility, prices continued to rise the following year until they reached $ 2,526 on July 9, 2017. “And then he added,” Halving doesn’t just affect the Price of the cryptocurrency, but also generate attention in relation to this asset actions and volume. “
“It is important to clarify that users who use Bitcoin on a daily basis will not have any problems when making transactions or sending money. The focus will be on the miners: their income will be halved, which will affect supply and demand they may not be willing to sell their bitcoins at a lower price for the same or more effort to get them, “he stressed.
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