The price of Bitcoin hit USD 18,476 at dawn on Wednesday, November 18, which is the record set on December 18, 2017 and increasing its value by 30% in fifteen days. In this phase, from Paxful they shared with Cointelegraph en Español an analysis of what is happening to Bitcoin this year.
“”There are several factors that affect the valuation of the world’s major cryptocurrency, including the leverage of major exchanges. the election in the United States, which is expected to receive a round of economic stimulus that would spur investments like bitcoin; and the FOMO (fear of missing out or being left out)”Explained Magdiela Rivas, Latin America Manager at Paxful.
From Paxful they also emphasized that in the crypto world It’s not just Bitcoin breaking recordsBut also other cryptocurrencies such as tether, a stable coin whose market value always corresponds to one dollar.
“On platforms like Paxful, by purchasing Tether, users have the option of freezing the value of their bitcoins in dollars. Since September we have seen the tether business volume in Argentina on our platform increase by 6,808%. This shows that more and more people are using this new form of investment to protect the value of their wealth, ”commented Rivas.
It is important to pay attention In Argentina, the economic crisis has led many to view cryptocurrencies as a haven of value.
“”Despite the decline in the informal dollar, the rise in Bitcoin has cushioned the losses for those who bought dollars even at USD 195, as that currency has fallen 19% while Bitcoin has risen 41%”They remarked from Paxful.
On the Paxful platform in Argentina, the numbers are clear indicators of what is happening: “Operations increased by 34% per month while the average number of new accounts opened was 47%, resulting in a 1087% increase in the number of new users on the platform from January to September 2020”.
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