Bitcoin Has a Great Pre-Christmas Weekend With a 5% Price Surge

Siamak Masnavi

Although so far we have not seen the "Santa Claus" rally that some crypto investors were hoping for, Bitcoin still managed to go up over 5% in value during the last weekend before Christmas. 

According to data from CryptoCompare, Bitcoin started the weekend (21–22 December) at $7,193, and it stayed below $7,200 during most of the weekend.

However, around 15:00 UTC on Sunday (December 22), Bitcoin started making a move to above the $7,200 level, and by the end of the day, the Bitcoin price had risen over 5%, reaching $7,582.

BTC-USD 24 Hour Chart on 23 Dec 2019.png

As Jameson Lopp, CTO at crypto startup Casa, pointed out over the weekend, Bitcoin "isn't ready for mainstream adoption":

Still, when it comes to cryptocurrencies, there are many in the crypto space who shares the view expressed by Thomas Lee (a Managing Partner and Head of Research at independent research boutique Fundstrat Global Advisors) last week on CNBC's "Fast Money" show. Lee said that in 2020, the "easiest way to make money in crypto is going to be a position in Bitcoin":

As for how to trade Bitcoin in the short term, crypto analyst/trader Josh Rager had this advice to offer earlier today:

 

Featured Image Credit: Photo via Pixabay.com

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