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Ethereum Classic Climbs 124% in 2 Weeks, Hashrate Spikes, KRW Captures 20% of ETC’s Trade Volume

Ethereum Classic Climbs 124% in 2 Weeks, Hashrate Spikes, KRW Captures 20% of ETC’s Trade VolumeRoughly six years ago in July 2016, an Ethereum hard fork was used to address the infamous DAO hack. This specific fork saw the chain split into two factions, and a new crypto asset called ethereum classic was introduced to the crypto community. For years now both chains have co-existed using the same proof-of-work (PoW) […]

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Finder’s $675 ETH Prediction, India Calls on G20 Re: Crypto Taxes, Peterffy Concerned BTC Could ‘Become Worthless or Outlawed’ — Bitcoin.com News Week in Review

Finder’s 5 ETH Prediction, India Calls on G20 Re: Crypto Taxes, Peterffy Concerned BTC Could ‘Become Worthless or Outlawed’ — Bitcoin.com News Week in ReviewIn this week’s bite-sized digest of the hottest stories from Bitcoin.com News, a new Finder survey knocks down previous forecasts for ethereum’s price a notch, with crypto experts predicting lower long-term prices for the asset. Also, India calls on G20 nations to bring cryptocurrencies within the “Automatic Exchange of Information” framework, billionaire Thomas Peterffy weighs […]

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Traders Withdraw $3.6 Billion in Ethereum From Crypto Exchanges in 17 Days

Traders Withdraw .6 Billion in Ethereum From Crypto Exchanges in 17 DaysThe pencilled-in preliminary date for The Merge, revealed by the Ethereum developer Superphiz, is less than two months away and the announcement seemingly caused a number of developments to happen. First off, the network’s native token ether saw a significant spike in value and secondly, Ethereum’s hashrate has dropped 18.21% since June 30. Data also […]

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Bitcoin, Ethereum Technical Analysis: ETH Rebounds, Climbing to Over $1,600 on Friday

Bitcoin, Ethereum Technical Analysis: ETH Rebounds, Climbing to Over ,600 on FridayEthereum was back in the green on Friday, as bulls returned to action following yesterday’s selloff. Crypto markets set aside concerns over Tesla’s bitcoin sale, extending this week’s rally in the process. Bitcoin was also up in today’s session, as it headed back towards $24,000. Bitcoin Bitcoin (BTC) prices rose on Friday, as markets rebounded […]

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Bitcoin, Ethereum Technical Analysis: BTC, ETH Hover at Key Support Levels to Start Week

Bitcoin, Ethereum Technical Analysis: BTC, ETH Hover at Key Support Levels to Start WeekBitcoin continues to hover below $20,000 to start the week, as U.S. markets were mainly closed due to the Independence Day celebrations. This past weekend’s volatility carried forward into Monday’s session, with ETH remaining close to a breakout below $1,000. Bitcoin Bitcoin started the week in the red, as the world’s largest crypto token continues […]

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

USD stablecoin premiums surge in Argentina following economy minister’s resignation

Argentina has been in a long-standing battle against rising inflation and a continued decline of the peso against the U.S. dollar.

Argentina, a country with one of the highest crypto adoption rates in the world, saw the price of dollar-pegged stablecoins surge across exchanges on Saturday after the abrupt resignation of its Economy Minister, Martin Guzman. 

The minister’s shock exit, confirmed on his Twitter account on July 3 via a seven-page letter, threatens to further destabilize a struggling economy battling high inflation and a depreciating national currency.

According to data from Criptoya, the cost of buying Tether (USDT) using Argentinian pesos (ARS) is currently 271.4 ARS through the Binance exchange, which is around a 12% premium from before the resignation announcement, and a 116.25% premium compared to the current fiat exchange rate of USD/ARS.

The local crypto price tracking website has also revealed a similar jump in other USD-pegged stablecoins, including Dai (DAI), Binance USD (BUSD), Pax Dollar (USDP), and Dollar on Chain (DOC).

Argentineans have been piling into crypto as a means to hedge against the country’s rising inflation and a continued fall of the Argentinean peso against the USD dollar.

In 2016, before inflation really took its toll, one USD was only able to buy around 14.72 Argentinean pesos. However, six years later, one USD is able to buy as many as 125.5 ARS.

The extra premium on US-dollar pegged stablecoins is the result of a law passed on September 1, 2019, called Decree No. 609/2019, which has made it virtually impossible for Argentinians to exchange more than $200 in greenbacks per month at the official exchange rate.

It was imposed as a means to prevent the Argentinean peso from free-falling amid a struggling economy. In May, the Argentinean annual inflation rate accelerated for the fourth straight month, hitting 60.7%, according to Trading Economics.

Related: Argentina carries out crypto wallet seizures linked to tax delinquents

The South American nation has the sixth-highest adoption rate globally, with around 21% of Argentineans estimated to have used or owned crypto by 2021, according to Statista.

In May, Cointelegraph reported that “crypto penetration” in Argentina had reached 12%, double that of Peru, Mexico, and other countries in the region, primarily driven by citizens seeking safe haven against rising inflation.

In addition to Bitcoin, Argentineans have been turning to stablecoins increasingly as a means of storing value in the United States dollar.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Bitcoin, Ethereum Technical Analysis: BTC Surges Above $30,000 to Start the Week

Bitcoin, Ethereum Technical Analysis: BTC Surges Above ,000 to Start the WeekFollowing a weekend which saw bitcoin trading mainly in the red, prices rebounded to start the week. BTC was once again above $30,000 on Monday, while ETH climbed by over 5%. Bitcoin The world’s largest cryptocurrency was trading higher on Monday, as prices once again rose above the $30,000 level. Following a low of $29,574.45 […]

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Bitfarms Worried About The Fall In Bitcoin Prices Amidst Its Investment Plan in Latam

Bitfarms Worried About The Fall In Bitcoin Prices Amidst Its Investment Plan in LatamBitfarms, a global bitcoin mining company, has told that the price of bitcoin, above all other elements, is one of the most important factors for the future of the industry. Damián Polla, Bitfarm’s Latam General Manager, stated that countries like Argentina, where Bitfarms is currency building a bitcoin mega-mining center, were a very good destiny […]

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Biggest Movers: WAVES up Over 120% in the Last Week, XLM Moves Towards 3-Week High

Biggest Movers: WAVES up Over 120% in the Last Week, XLM Moves Towards 3-Week HighWAVES was once again higher on Friday, with prices now gaining by over 120% in the last seven days. While WAVES soared, XLM also had a stellar showing, as it moved closer to a three-week high on Friday. WAVES While crypto markets have been either falling or consolidating over the past week, WAVES has continued […]

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Bitcoin, Ethereum Technical Analysis: Crypto Bears Keep BTC Below $30,000

Bitcoin, Ethereum Technical Analysis: Crypto Bears Keep BTC Below ,000Bitcoin was lower for a second consecutive session, as bears maintained recent pressure on crypto markets. This pressure also saw ETH move lower, as it continued to trade under $2,000 during hump-day. Bitcoin The world’s largest cryptocurrency once again traded below $30,000, as bears continue to maintain a chokehold on prices. As of writing, BTC/USD […]

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode