July 1, 2022

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Bitcoin pushes cryptocurrency to new height after Soros 'endorsement'

Bitcoin pushes cryptocurrency to new height after Soros ‘endorsement’

The Bitcoin Do not give up and after a few months in few hours He is again the protagonist in the market with Cumulative increase of approximately 13% So far this week and up 11% the week before. Most used cryptocurrency touches price $55,000, setting an unprecedented level since May, and paying the rest of the virtual currencies Towards a new ‘March’. The situation does not go unnoticed by investors and George Soros, a legendary investor of Hungarian origin, Make great progress That the market understood as the middle endorsement, and continues to be, to criticize the sector.

This Thursday, the price of Bitcoin moderated, but the decline does not detract from the increases observed in the previous days. Wednesday It rose 7.5% and on Tuesday 4.5%. Altogether, so far in October, it has made nearly 23%. The increases point to $55,000, a figure that hasn’t been reached for five months, and on track for the highest levels hit in April. Compared to the $64,000 it made at the time, it has lost approximately 16% of its value. However, since the beginning of the year it has maintained 85.8% bounce.

Despite the rallies, from the highs, the direction of the euro’s change against the dollar has varied with the currency’s revaluation. North American currency, which is gaining attractivenessAs a result of the possibility that the US Federal Reserve (Fed) will raise interest rates against the European Central Bank (ECB).

The rest of the cryptocurrency is also benefiting from the uptrend in this sector. The Total market capitalization exceeded 2 trillion again dollars after various fluctuations. Only the value of bitcoin exceeds a trillion dollars, above the capitalization of Facebook for example. But apart from Bitcoin, the ethereum, y el binance coin, the second and third “encoding” in terms of capitalization, are also the most advanced. In fact, Ethereum is above $3,500 and is also on track to record a high of $4,300.

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Despite the heights,

The latest increases coincide with the announcement that billionaire investor George Soros is buying Bitcoin. “hedge fund” Soros Fund Management has “some coins..but not much”Don Fitzpatrick, CEO and chief investment officer of Bloomberg’s “Family Office,” confirmed. And on the reason for this purchase, he emphasized that he did not see him as “just an inflation hedge”, but that he “crossed the abyss in the mainstream.”

Before this rally, the price reeled after a decision China to ban all activities related to cryptocurrency, a metric that affects both investment and Payments and advertising activity. However, these declines were abandoned with the support of the calm brought about by the assertion by the US Federal Reserve Chairman, Jerome Powell, that he does not intend to ban cryptocurrencies. During his appearance in the Senate, he argued that it is appropriate to regulate the “cryptocurrency” market so that they have Increase supervisionBut she refused to let him limit it.

Large investors and regulators are increasingly aware Ability Cryptocurrencies, although doubts remain about their risks. In a recent report, Bank of America (BofA) He warned of the regulatory risks of this investment affecting its growth, but acknowledged that the crypto-asset market has reached Too big to be ignored. In this sense, he noted, it could constitute an “entirely new asset class.” In his view, regulatory uncertainty is the “biggest short-term risk”, although it can also lead to Increase investor participation In the long run once the rules of the game are set for digital assets.”

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Bank of England questions El Salvador’s “completion proposal”

Just a month ago, El Salvador became the first country to accept Bitcoin as legal tender. The Bank of Spain analyzed this case, highlighting among the conclusions the decline in financial inclusion in the country and that ‘Pose significant risks’ to its economy. Thus, he notes that the market’s ability to develop and meet user needs, as well as to design innovative products around crypto assets, is “unknown.” He adds that “the adoption of bitcoin as a legal tender is a Controversial hack proposal“.

Despite this, there are many countries that are taking steps to normalize or enhance the role of crypto assets in their economies. for example, Panama, which seeks to promote the use of blockchain in its public and banking sectors, with the aim of providing greater security for this type of asset and thus attracting foreign investment.