From Binance, they affirm that the Argentine market offers opportunities to invest in Bitcoin

Maximiliano Hinz, Binance’s Latam Operations Launcher, confirmed that the Bitcoin price surge is being used to analyze in conjunction with fluctuations in the Argentine market. In addition, investment opportunities can be seen in this market.

With regard to the Argentine market, Maximiliano Hinz stated: “This increase in the Bitcoin price is very interesting to analyze in connection with the fluctuations in the local market. In less than 10 days, the price of Bitcoin rose from 1.8 million pesos to over 2.3 million pesos”.

Then he added: “It is undoubtedly a volatile asset and, like any investment, it must be made consciously, but the opportunities that exist in our country (Argentina) are even better than those of the rest of the markets. Those interested in investing in Bitcoin can do so with amounts as low as ARS 100. “

Analysis of the worldwide price increase of Bitcoin

From Binance, they affirm that the Argentine market offers opportunities to invest in Bitcoin
From Binance, they affirm that the Argentine market offers opportunities to invest in Bitcoin

Binance is a global blockchain company with more than 15 million users and a daily transaction volume of more than USD 3,000,000,000, one of the most famous exchanges for digital assets in the world.

In a statement, they stressed that Bitcoin had consistently traded above USD 12,500 for the first time since mid-2019, and its mining difficulties soared to a new all-time high (~ 20.00T) on October 18. Achieve a hash rate (Bitcoin network processing performance) of ~ 137.80 EH / s.

With that in mind, they explained it The difficulty in mining is expected to continue to increase with the difficulty adjustment imminent in November.

By comparison, they claimed from Binance that The transaction fees charged by miners remained lowThis is less than 8% of the total source of income. The recent growth in hash rate could therefore point to possible short-term optimistic assessments of Bitcoin’s capital appreciation.

“The Grayscale Bitcoin Trust has also increased from 262,000 BTC in December 2019 to 488,000 BTC (on October 21), which shows the appetite for Bitcoin in the retail and institutional markets,” they stressed in the statement.

“”In addition, BTC was massively spent on Ethereum by DeFi after the summer and with interesting income from BTC (for example the cultivation group Curve BTC). In total, more than 144,000 BTC are spent on Ethereum, which are clearly dominated by two players: WBTC (106,786 BTC) and renBTC (26,755 BTC).They added.

In the midst of the reshaping of the Bitcoin futures landscape, Bitcoin’s open interest (futures + perpetual) was more than $ 4 billion on August 17, below the high of $ 6 billion. 2020. In terms of open interest market shares, the futures / perpetual landscape is not dominated by a single market participant, but shared by CME, OKEX, BitMEX, Binance, FTX and Huobi”, You stated in the statement.

On the other hand, they pointed out that the options market is largely dominated by Deribit (more than 60% of total OI) and has reached a total open interest in Bitcoin options of USD 2.1 billion, a value close to its all-time high of is September 22, 2020 (~ $ 2.2 billion).

Price development

As analyzed by Binance, several factors could have influenced recent price developments:

  • A number of traditional companies have invested in BTC. Companies like MicroStrategy and Square have included Bitcoin on their balance sheets for their long-term capital allocation strategy.

  • This could possibly be related to that Macro environment as a result of the crisis triggered by COVID-19. Several financial and global institutions (for example the IMF) have adjusted their expectations for the economic recovery from the COVID-19 crisis, which could further fuel the flow of alternative assets.

  • PayPal announced that it would provide encryption services for custody in collaboration with Paxos. with a potential reach of up to 26 million dealers worldwide.

  • In cryptography big slowdown in DeFi craze This could have led individuals and institutional investors to switch their portfolios to relatively less risky crypto-assets like Bitcoin.

  • According to Glassnode The Bitcoin balance on the exchanges is around 2.5 million BTC (up from ~ 2.9 million in January 2020), which could affect the sales momentum of the Bitcoin spot markets.

Finally, perhaps one of the most surprising discoveries was that none of the recent negative news (mostly related to some major crypto exchanges) had a lasting negative impact on Bitcoin price, which shows how Bitcoin markets have become less dependent on a single factor .

About Binance

Binance is a cryptocurrency and blockchain infrastructure provider with a range of financial products, including a volume exchange of digital assets.

The company has millions of users all over the world. According to the company, the company aims to accelerate the adoption of cryptocurrencies and offer a significant portfolio of crypto products and services, including trade and finance, education, information and research, investment and incubation, decentralization and infrastructure solutions.

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