Bitcoin Ends Record Losing Streak, First Monthly Gains in Six Months

Colin Muller

Bitcoin (BTC) has officially ended the month of February with a “green candle” - meaning that its price is higher at the end of the month than at the beginning - for the first time in six months. February thus ended the longest ever streak of monthly price declines in the  crypto’s history.

losing1.png(source: TradingView.com)

CryptoGlobe recently reported on this record-setting losing streak, which ticked over into Bitcoin’s “longest bear market in history.” The bubble-pop coming at the end of 2017 has seen the overall crypto market capitalization drop from more than $800 billion to as low as $101 billion, according to Coinmarketcap.com.

losing2.png(source: TradingView.com)

On the Bitcoin chart, there has never been a consecutive run of six monthly losses. A run of five came during 2011, and even during the vicious bear market of 2014-15, only four consecutive months of losses went on the chart (see above).

The relentless losses have crippled the industry and community during 2018, and CryptoGlobe has reported on many layoffs during the year - even among big players like Bitmain, Consensys, and Shapeshift. Some outfits, such as Etcdev, have simply closed shop, unable to survive.

The Oncoming Train at the End of the Tunnel

There are many predictions and analyses anticipating the end of downward price action, and the final relief and end of the industry’s contraction.

Delphi Digital - which recently absorbed competing research outfit 51percent Crypto and added Anthony Pompliano to their ranks - have been publicizing their historical UTXO analysis, which predicts that price falls should be ending any minute now, or at any rate before the first half of 2019 closes.

Plenty of other notable figures are also urging resilience, with an eye to the long game on Bitcoin and cryptoassets. But some think the recent rallies are temporary all the same, and that lows must be retested.

Argentina’s Smallest Currency Denomination Now Worth Only One Satoshi

Michael LaVere
  • Argentina's smallest currency denomination, the centavo, is now worth one satoshi.
  • The country is in the midst of a currency crisis, with the inflation rate reaching 50 percent. 

Argentina’s smallest unit of currency has slumped in value to now be worth the equivalent of one satoshi. 

The Centavo, which has been in circulation since 1854, has joined the Lebanese Lira and Vietnamese Dong in being the same value as the smallest denomination for bitcoin. 

The currency’s fall in value was noted by Argentinian Reddit user u/OneMoreJuan, who used the Centavo’s plight as an example to invest in bitcoin. Another user in the comments claimed that scrap material for the Centavo was now worth more than the coin itself.

Argentina is one of several South American countries to undergo hyperinflation and currency crisis in recent years, with the government defaulting on its loans a record nine times. The country entered its third year of recession prior to the start of the coronavirus pandemic, after undergoing an economic crisis that first began in 2018. 

According to a report by Bloomberg, Argentina’s inflation has outpaced expectations, with the current rate reaching roughly 50 percent. 

Argentinians have responded to the devalued fiat by turning to bitcoin and crypto-assets in droves. Data aggregator Coindance shows a significant spike in weekly LocalBitcoins volume for Argentinian customers since the start of the year, reaching as high as $70 million in May.

Featured Image Credit: Photo via Pixabay.com