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Bitcoin and digital currency have strongly debuted and gathered millions of users; in some cases, cryptocurrencies have been used to support the declining nation’s economy.
Since the past few months, the Argentine peso has slipped significantly, which gave birth to the growth of Bitcoin purchases in the nation.
In a report, Bloomberg noted that Lemon Cash, an Argentinan cryptocurrency exchange, has sold Bitcoins to over 35,000 customers in the past week. It is crucial to note that El Salvador has legalized Bitcoin by introducing a Bitcoin Law.
Dozens of analysts also claim that the devaluation of the Argentine national currency majorly influences the spike in Bitcoin purchases. On March 23, 2023, 1 Argentine Peso was equal to $0.0049; however, as of writing, one peso was equal to $0.0012.
The Argentine Peso has lost its 4x value over its price 52 weeks ago. Argentina got its official national currency in 1992, called the peso convertible. Lemon Cash and other leading cryptocurrency exchanges of the nation, Belo and Ripio, observed a similar growth pattern.
In a statement, Manuel Beaudroi, the CEO of the digital wallet Belo, urges that a massive decline in stablecoin trading and purchases is seen following the growing demand for Bitcoin in the nation.
“The user decides to buy Bitcoin when they see the news that the currency is going up, while stablecoin is more pragmatic and many times used for transactional purposes, as a vehicle to make payments abroad.”
Beaudroi further claims that the trading volume of Ethereum and Bitcoin surged over 10 percent on Belo compared to a year ago. Several available reports also assure that the interest in buying stablecoin might grow in Argentina in the coming years.
Crypto Market Price Update
The crypto market capitalization has surged 1.01% in the past 24 hours; when writing, it was $2.47 Trillion. According to the data available from CoinMarketCap, the market cap fluctuated; earlier this month, it reached above $2.65 trillion.
Bitcoin’s price hasn’t shown any significant developments intraday; as of writing, it was trading at $64,497. Its trading volume has also formed a declining pattern and lost 14.42%.
Despite positivity in market capitalization, Ethereum, the second most prominent cryptocurrency, slips 1.36% and falls to $3,352.
Bitcoin Cash (BCH) surged 13.26% in the past 24 hours, which makes the intraday gainers list topper. Toncoin price flourished at 11.68%, Gala at 11.05%, Worldcoin at 10.20%, Floki at 8.36%, Dogecoin at 8.29%, and eCash at 6.89%.
Although the loser list is topped by Fantom (FTM) at 8.31%, Kaspa at 6.63%, Sui at 5.82%, Optimism at 4.48%, JasmyCoin at 3.43%, and Celestia at 3.30%. The memecoin community has flourished significantly, and Floki has emerged as the most traded memecoin in the past few months.
Book of Meme (BOME) is among the trending coins in the market, followed by Panda Swap, Bitcoin, Meme Ai, and Ondo.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
