RATE Group | Bitcoin Seasaws Early in Week, Finishes Higher
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Bitcoin Seasaws Early in Week, Finishes Higher

29 May Bitcoin Seasaws Early in Week, Finishes Higher

Posted at 21:59h in Bitcoin News by

Summary

  • Bitcoin (BTC) lifted on news that Argentina defaulted on the national debt.
  • China announces a goal date for the digital Yuan.

Bitcoin (BTC) got off to a strong start this week amid news that Argentina had defaulted on $65 billion worth of foreign debt. Argentina’s already dire financial crisis has been compounded further by the COVID-19 global pandemic. The weekly volume of BTC purchased in Argentinian Pesos has skyrocketed more than 1,000% since January 2018, evidence that investors are searching for ways to decouple from the Argentinian Peso.

Meanwhile, the Chinese government said that it aims to have the digital Yuan ready in time for the Winter Olympics in 2022. Cryptocurrency investors continue to watch global developments surrounding centralized digital currencies. News over the last few years about this subject has encouraged cryptocurrency investors, perhaps due to the fact that it further legitimizes digital currencies in general.

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