The Cryptocurrencies have experienced a boom in recent months driven byin addition to the coronavirus pandemic, by billionaire figures – such as Elon Musk – and governments who have chosen to give them a chance as legal tender.
Given this scenario, more and more people are choosing to enter the cryptocurrency world in hopes of getting a medium and long-term investment, despite the fact that The volatility that characterizes them.
Here we present to you Major cryptocurrency price On May 8, 2022:
What is cryptocurrency?
Cryptocurrency or Cryptocurrency It is a digital medium of exchange that does not physically exist and Which relies on cryptography to ensure the integrity of transactions and maintains control over the creation of new units.
Bitcoin was born in 2009 and since then many cryptocurrencies have been created. Litecoin, Ethereum, Bitcoin Cash, Ripple, Dogecoin, and LUNA are some of the most popular.
Cryptocurrencies have different characteristics that make them unique, such as It is not regulated or controlled by any organizationThey do not require intermediaries in transactions and accounting blocks are used to prevent the illegal creation of new cryptocurrencies.
However, by the absence of regulators such as the central bank or similar entities, it is indicated Unreliable, volatile, encourages fraud, does not have a legal framework that supports its users, allowing illegal activities to runamong other things.
You can have it Buy or exchange own currency on specialized portals. Its value varies according to supply and demand and the commitment of usersso it can change faster than traditional money, but the more people are interested and want to buy a particular currency, the higher its price will be.
However, everyone who invests in this type of digital asset should be very clear that this model brings with them High risk to capitalWell, just as there may be an increase, there may also be an unexpected collapse and the termination of users’ savings.
Bitcoin was born after the 2008 financial crisis, it promoted a libertarian ideal and aims to put Conventional monetary and financial institutions. It was created by someone named Satoshi Nakamoto, but his identity remains hidden today.
According to a book published by Satoshi Nakamoto, the purpose of cryptocurrency was Make online payments directly from a third party to another without going through a financial institution.
This is how on January 3, 2009 I produced the first block of 50 bitcoins. Currently, there is 21 million bitcoins in circulation And the monetary mass does not stop increasing with the continuous emission of new units.
In 2013, bitcoin, which in its inception was worth almost nothing, crossed $1,000 and began to attract the attention of financial institutions. Months later, he faced his face Big Crisis With MtGox Hacking Directed by Mark Karpels, in which up to 80% of the units in circulation were exchanged.
Prices fell and it took three years for the cryptocurrency to recover. At the end of 2017, a new high put its value at $19,511. Today, its price has exceeded 62 thousand or decreased to 35 thousand, also affected by the comments from like investors Elon Musk.
Despite the progress and scope of Bitcoin and other digital assets, organizations such as the World Bank, the International Monetary Fund (IMF), and the Inter-American Development Bank (IDB) remain skeptical about POSSIBLE BENEFITS of this type of cryptocurrency.
Others, such as the government saviorgrant him confidence on June 9, 2021 Became the first country to legalize Bitcoin as legal currency. In addition, President Neb Bukele announced his intention to create the first Bitcoin City in Conchagua that will be funded through a Bitcoin-backed bond.
Cryptocurrencies in Argentina: Despite the fact that digital currencies have not been legalized in Argentina, their popularity is increasing after decades of financial instability that citizens have had to contend with, becoming one of the Latin American countries with the largest cryptocurrency presence. Along these lines, President Alberto Fernandez suggested using it to combat inflation.
In addition to Bitcoin, another popular cryptocurrency is LUNA, a token that is traded on the Terra platform and can be purchased on the Tienda Crypto platform. This cryptocurrency managed to get a historical maximum of $119.18.
Cryptocurrencies in Mexico: The Bank of Mexico (Banxico) has decided that none of the institutions participating in the national financial system may use or allow operations of any kind through these payment methods. However, the country ranks 14th out of 27 countries with digital currencies, overtaking Venezuela and Colombia, with nearly 13 million users in 2021, according to a Finder study.
Cryptocurrency in Peru: The Central Reserve Bank of Peru (BCR) clarified that its mission is not to be the first or second central bank to regulate the use of cryptocurrencies, due to the instability that characterizes them. However, days ago, the head of (BCR) confirmed that BCR was working on its own digital currency project.
Cryptocurrency in ColombiaThe South American country has more than 500 sites where cryptocurrency payments are allowed. In December 2021, it became the third country in the world with the highest growth rate for bitcoin owners, surpassed only by Russia and Norway, according to Finder.
Cryptocurrencies and Russia
Like Russia’s invasion of Ukraine Tensions have also increased in the financial markets, where neither has happened Cryptocurrencies managed to escape shocks Which led them to mixed behaviors in recent days.
behind the wave of economic sanctions against government Russian President Vladimir PutinThere are many bets that Russia will use for these cryptocurrencies Dealing with punishment.
On the Russian-Ukrainian conflict, the purchase of cryptocurrencies in rubles has risen to an all-time high. merely Bitcoin recorded a 15% increase to a value of $44Kthis is in a context in which the suitability of a currency not regulated by any body is assessed.
Recently, Russia and its major financial institutions have suffered from attacks Exclusion from interbank SWIFT systemthis is added to Recent ruble crash keeps Russian citizens on edge and an asset freeze imposed by the European Union and the United States.
Given this scenario, Russians have switched to cryptocurrency, following the example of other countries such as North Korea and IranBut they are turning not only to Bitcoin, but also to Tether. However, others such as Coinbase, Binance, and FTX have chosen to turn their backs on the country and cooperate with the United States instead.
The use of cryptocurrencies was not limited to Russia either, since then The Ukrainian government has also received up to $17.1 million in these cryptocurrenciesAccording to an analysis by Elliptic.
However, just as the cryptocurrency has gone up, the big speculation currently in the markets has also caused major crashes like -8.5% Bitcoin, -12% Ethereumas well as further cuts by XRP, Cardano and Solana, further underlining their precarious position.
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