RATE Group | It’s Surprising Bitcoin Cannot Rally While EM Currencies Plummet
38452
post-template-default,single,single-post,postid-38452,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

It’s Surprising Bitcoin Cannot Rally While EM Currencies Plummet

11 Aug It’s Surprising Bitcoin Cannot Rally While EM Currencies Plummet

Posted at 13:24h in Bitcoin News by

[ad_1]

Bitcoin has been declining steadily for the past two weeks.  Whether that is related to the OKEX bitcoin futures problems  or renewed concerns that Bitcoin ETFs are still unlikely, I don’t know.  But what is surprising, is how poorly Bitcoin has done while Emerging Market currencies have been in freefall.

The Turkish Lira has declined by 30% in two weeks, while Bitcoin declined by a similar amount.  It isn’t just the Turkish Lira that has been hit.  The Mexican Peso gave up two weeks of gains in the past 2 trading sessions.  The Argentine Peso declined almost 7% in three days while Bitcoin dropped 10% in the same time frame.

I would have expected Bitcoin and Cryptocurrencies to do well in times of Emerging Market stress.  If you live in an emerging market country, where the political situation is tenuous and your currency is devaluing rapidly, it would make sense to want…

[ad_2]

Source link

Tags:
, , , , ,