Are cryptocurrencies dead
Bitcoin is dead? This graphic shows something different ...
After the rapid rally in the second half of 2017, there was no flower pot to be won with Bitcoin last year. Starting from its all-time high just above $ 20,000, it has lost up to 84 percent in value. After this price slide, many came to the conclusion that Bitcoin was dead.
But precisely in crisis-ridden Venezuela, the crypto currency is currently experiencing a new hype. As Coin Dance reports with reference to data from the peer-to-peer exchange LocalBitcoins, the trading volume there climbed to a new high in the past week. In the week of February 9th, 2,478 Bitcoins were traded - almost 24 percent more than the previous week. Measured in the national currency bolivar, the increase on a weekly basis was even 41 percent to around 24.4 billion bolivars.
For fear of hyperinflation, corruption and crime, the cryptocurrency is in demand as a “safe haven”. What seems paradoxical at first glance makes perfect sense against the background of an inflation rate of 1.37 million percent last year - on the other hand, the price fluctuations for Bitcoin are peanuts.
Bitcoin as a safe haven in times of crisis
Bitcoin expert Brian Kelly sees this behavior as one of the short-term price drivers for the crypto market. "We are already seeing some big macro players using Bitcoin as an alternative to their gold holdings or as a hedge against the volatility of fiat currencies," he said in a recent interview with Cointelegraph. The main advantage of the cryptocurrency is its low correlation to all other asset classes.
In Venezuela, however, the government has now also got wind of the new Bitcoin hype and quickly introduced a fee of up to 15 percent of the transaction volume. The measure is already having an effect, because this week the Bitcoin trading volume has so far been below the record level of the previous week.
Trading opportunity after a technical buy signal
In the rest of the world, too, interest in Bitcoin is increasing again these days. After weeks of lethargy, the course has noticeably improved again in the past few days. On a 24-hour perspective, the cryptocurrency is trading almost four percent higher and is close to the $ 4,000 mark. By recapturing the 90-day line, he has already generated a technical buy signal. In the model depot of the bitcoin report THE SHAREHOLDER is betting on a continuation of the recovery with a trading position.
Notice of conflict of interest:
The CEO and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from the price development resulting from the publication: Bitcoin.
Author Nikolas Kessler directly holds positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.
Book tip: The crypto decade
Authors: Küfner, Robert A.
Number of pages: 208
Release date: 20.09.2018
Format: Soft cover
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