They’ve had their ups and downs in recent months, with some billionaires -like Elon Musk- and governments choosing to give them a boost as legal tender, but they’ve also suffered a few setbacks like the “cryptocrash”, occurred in early May 2022 which brought many cryptocurrencies to a standstill.
Despite this panorama, more and more people choose to acquire crypto-currencies with the hope of having a medium and long-term investment, despite the volatility that characterizes them.
This is the price of the main cryptocurrencies for this March 13, 2023.
He bitcoins It is trading today at $24,245.38, which implies a change of 17.51% in the last few hours.
The second most popular virtual currency on the market, ethereal showed a movement of 12.79% in the last 24 hours, so its value stands at $1,672.25.
In regards to Attach us is quoted at 1 dollar, so in the last day it had a movement of -0.37%.
For its part, BNB has a value of $308.01, with a change of 10.81%, while the Litecoin It does the same with $81.19 after a variation of 16.47%.
Finally, the dogcoin one of the virtual currencies that Elon Musk himself promoted, has a value of $0.07 after showing a change of 9.06% in the last 24 hours.
During the first weeks of May 2022, digital currencies revealed that no matter how hard they try, they cannot escape the speculative appetite.after the so-called “crypto winter” or “cryptocrash” caused several digital currencies such as the bitcoin, ethereum and earth moon situation that has left many investors with no savings.
It is called “cryptoinvierno” when prices drop unexpectedly and no improvement is seen or expected over the next six months.
This last episode was carried by several elements: inflation in the world and the proposal to ban the use and extraction of these in Russia, currently in conflict with Ukraine.
This disturbing term also alludes not only to the sharp drop in virtual currencies, but also to the decrease in trading volume and months of market stagnation, a phenomenon that is not new either, since a similar event was experienced only in 2018.
However, the taste in the mouth that the last crisis has left is different from what we experienced four years ago, since this cryptocrash affected all cryptocurrencies in a domino effect and not just a few, so the fear that the negative effects may linger longer is latent.
The latest crisis has led bitcoin to astonishingly 77% drop in value, until reaching the threshold of 28,000 dollars; while others like Ethereum lost 30.88% of its value during this month. The domino effect has also affected Terra’s stablecoin LUNA, which dropped more than 100% falling from $118 to $0.09, a blow it still cannot recover from.
Despite the current scenario, there are still those who hope that virtual currencies will recover, while others with the same faith have invested in them, profiting from the recent catastrophe which has also left others without savings.
Cryptocurrencies in Argentina: Despite the fact that digital currencies are not legalized in Argentina, its popularity has steadily increased after the decades of financial instability that citizens have faced, making it one of the countries in Latin America with the largest presence of cryptocurrencies. In this sense, President Alberto Fernández suggested its use to fight inflation.
Besides bitcoin, another of the most popular cryptocurrencies is LUNA, a token with which it is exchanged in the Terra system and which can be purchased on the Tienda Crypto platform. This cryptocurrency managed to reach an all-time high of up to $119.18.
Cryptocurrencies in Mexico: Banco de México (Banxico) has determined that none of the institutions that participate in the national financial system can use or allow operations of any kind through this means of payment.
However, a study carried out in 2022 by the firm Finder, there is a record that in the country there are approximately 12 million Mexicans who own cryptocurrencies, that is 59% of men and 41% of women.
In Mexican territory, businessman Ricardo Salinas Pliego, one of the richest in the country, has shown interest in cryptocurrencies and assured that several of his companies will accept bitcoin in the future, including his bank; currently, one of its most popular stores is already doing this.
Cryptocurrencies in Peru: The Central Reserve Bank of Peru (BCR) clarified that its mission is not to be the first nor the second central bank to regulate the use of cryptocurrencies, due to the instability that characterizes them. However, a few days ago, the president of the (BCR) assured that the BCR was working on its own digital currency project.
Cryptocurrencies in Colombia: in the South American nation there are more than 500 places where it is allowed to pay with cryptocurrencies. Colombia ranks 14th out of 26 cryptocurrency adoption countries, according to the Finder report.
Cryptocurrencies in Central America: in the government of The Savior granted him his vote of confidence and on June 9, 2021 became the first country to legalize bitcoin as legal tender. Additionally, President Nayib Bukele has announced plans to create the first bitcoin city in Conchagua and it would be funded by bitcoin-backed token bonds.
ante a scenario in which the global economy faces various challenges such as inflation, the Russian-Ukrainian war, the impact on supply chains due to the COVID-19 pandemic and other elements, governments have started to reconsider previously unimaginable alternatives, such as regularizing cryptocurrencies.
Recently, the president of Paraguay Mario Abdo Benítez, vetoed a bill to recognize the mining of the cryptocurrencies as an industrial activity and, taking this into account, establish a percentage to set the consumption quota, among other requirements.
The initiative – which will continue to be debated in both chambers to decide whether or not to respect the presidential veto – has raised more than one eyebrow at the considerations and the possible scope it could have, since it must be remembered that El Salvador is the only country in the world to have recognized bitcoin as legal tender.
The Paraguayan project, which had already been previously approved by Congress, proposes that the mining rate of digital currencies does not exceed 15% from the current industrial rate, likewise, it grants permits for service providers and minors.
Another of the most important aspects is that it is proposed create an addiction which specializes only in digital currencies and establishes sanctions, as well as other types of measures.
However, the presidential decree refers to the fact that cryptoactive mining is characterized by a high power consumption and low labor usage, so cannot be classified as industrial consumption but as an intensive electricity consumption which can also compromise the development of the national industry, since the situation could arise in which the country would be forced to import electric energy in the not so distant future.
Regarding the facts, the Central Bank of Paraguay warned that none of the cryptocurrencies in existence today are backed by any monetary authority. Therefore, it is not supervised, it does not guarantee protection or security to those who use it and they are very risky investments.
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