News of the Week: Bitcoin’s Price and LATAM Currency Project Grab Headlines
As Bitcoin reaches $23,000 per unit once again, more and more cryptocurrency savers are coming out of the slump of losses and into the world of gains. Thus, the outlook for cryptocurrency investments is becoming more positive. Bitcoin has also set a milestone this year in terms of its correlation with gold and tech stocks, and is once again highly correlated with these investment assets.
New week, new news. Closing the month of January: the cryptocurrency community is commenting on the good run Bitcoin has experienced in the first days of 2023, with a market recovering the losses it experienced in 2022 and increasingly bullish expectations.
In parallel with the optimistic vision of Bitcoin and cryptocurrency enthusiasts, social networks were filled with comments and opinions about a new monetary project between the countries of Argentina and Brazil. It is Sur, a currency project for Latin America that is being discussed within the power of these two nations and has generated comments among renowned figures such as Carlos Maslatón and Steve Hanke.
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As Bitcoin reaches $23,000 per unit once again, more and more cryptocurrency savers are coming out of the slump of losses and into the world of gains. Thus, the outlook for cryptocurrency investments is becoming more positive.
In line with a more friendly outlook for Bitcoin price, one of the most important metrics to track investor sentiment turned green. This is the Fear and Greed Index, which again points to a market with an optimistic outlook for the coming days.
Bitcoin has also set a milestone this year in terms of its correlation with gold and tech stocks. The cryptocurrency created by Satoshi Nakamoto is once again highly correlated with these investment assets, after losing it at the end of last year.
As for the mining industry, despite the increase in value that Bitcoin has registered in recent weeks, miners are still finding it difficult to generate profits. Now the obstacle is the high cost of electricity, especially in mining hubs such as the United States.
Binance, the exchange with the highest trading volume in the entire ecosystem, is after those who want to manipulate the cryptocurrency market. To this end, they reported recently, having activated a new feature that prevents Pump and Dump strategies.
The Bitcoin network also had technological news this week. It is the initiative of a programmer, who proposes new codes for the blockchain that would make bitcoin safekeeping functions more secure. It is still an initiative under discussion, but it is already in the mail of the developers for study.
At the regulatory level, a White House roadmap outlines the U.S. government’s objectives for cryptocurrencies by 2023. According to the optics of the American state, they wish to study and implement greater regulations for this market in order to prevent their presence from endangering “the country’s economy”
FTX also starred in the news of the week, when it was confirmed that the exchange owes a large amount of money to companies in the ecosystem. Among them, several from Spain, Argentina, and Mexico stand out, such as Typeform or Folkvang.
Finally, El Salvador also enters the week’s roundup due to its new crypto assets law. After the document was approved by the National Assembly, Salvadorans still do not know when the law will come into force and the first bitcoin bonds will start to be issued.
(Featured image by TamimTaban via Pixabay)
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First published in CRIPTONOTICIAS, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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