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The world of cryptocurrency has been rocked by the news that a new country has decided to ban the use of digital currencies. This unprecedented move has sent shockwaves through the entire industry and led many experts to predict that the next 120 hours could change everything.
The country in question is Bolivia, a South American nation that has been grappling with high inflation rates and economic instability for years. In a bid to tackle these issues, the Bolivian government has decided to outlaw all transactions involving cryptocurrencies.
The move has been roundly condemned by crypto enthusiasts around the world, who argue that digital currencies offer a viable alternative to traditional financial systems that have failed many people. They also point out that blockchain technology, which underpins cryptocurrencies, has the potential to revolutionize industries beyond finance.
However, those in support of Bolivia’s decision say that digital currencies are too volatile and unregulated to be trusted as a legitimate form of currency. They argue that until proper safeguards are put in place, countries have a right to ban their use.
The ramifications of Bolivia’s ban are yet to be fully understood. It is unclear whether other countries will follow suit, and if so, what impact this will have on the global crypto market. Some experts predict that if more nations start outlawing cryptocurrencies it could lead to a collapse in the value of digital currencies, while others believe it could spur more innovation in the industry.
What is clear is that the next 120 hours will be crucial in determining the future of the crypto industry. Those who have invested heavily in digital currencies may be nervously watching the markets to see how they react to the news of Bolivia’s ban. This could be a make or break moment for the industry, which has long been viewed as a disrupter to traditional financial systems.
For now, all eyes will be on Bolivia to see how its decision plays out. If the country’s economy stabilizes and inflation rates drop, other nations may follow suit in banning cryptocurrencies. However, if the move proves to be unpopular or ineffective, it could embolden those who support digital currencies to push for greater adoption around the world.
There are many unknowns at this stage, but one thing is for sure – the next 120 hours could change everything for the crypto industry. Whether it is for better or worse remains to be seen.
One country is Banning cryptocurrencies and to be honest with you I totally understand why they’re doing it we also have some big problems here in the U.S banking system some new data coming out and some big events that are happening this week which we should cover a little
Bit before they happen if you don’t mind hit the Subscribe button underneath the video Turn on that Bell notification if you want to see future videos just like this there’s also a couple links underneath the video as well in case you want to trade Pepe on Leverage there’s
Actually a link down there to bitget where you can do that there’s also a link down there if you want 10 off tickets to Miami Bitcoin Miami you can use the link underneath the video and type in code mff as in my financial friend to get that 10 off now crypto is
Looking fine today Bitcoins down just a little bit we have some news though that not everyone wants to have crypto not everyone wants to allow crypto to be used but we’ll talk about that in a second there are a couple big events happening this week core CPI is coming
In on Wednesday at 8 30. we have the CPI coming in at the same time obviously and then we have PPI coming in Thursday so that’s going to be really interesting a couple big events there now just to remind you last month we had a CPI that
Was lower than expected the forecast was 5.2 and it came in at 5 percent previously the CPI had been at six percent so it went six to five and now the forecast is looking like it’s supposed to be the exact same as last month five percent now maybe that
Changes in the next few days but right now it doesn’t seem like we have that tough a comp we just need to hit what we hit last month otherwise we could drop in that four percent range I was talking with my brother-in-law yesterday and at this point we saw good jobs data come
Out yesterday we have GDP that’s still in the positive we could be gearing up for the soft Landing that everyone’s hoping for now a lot of people are for are forecasting a recession but if we continue to get CPI and PPI that comes down that is really the biggest thing for us
So if we get down into the threes you know maybe months down the line what else is there to really be worried about inflation’s coming down the FED doesn’t have to keep on raising rates if that’s the case unemployment is very low still so people still have jobs they can still spend of
Course there are some indicators that show that we are heading towards a recession but at this point I don’t know when we’re at the Top If we could really ask for any better scenario the Fed rate is right at that five and a quarter percent that a lot of people
Were expecting terminal rate the same as 2007 2008 and now inflation has been coming down really quickly this is the lowest point that we’ve seen since uh since October 2021 so year and a half hopefully we continue to see that come down if we come in below expectations the Market’s going to explode
We have some news that Argentina Central Bank are is halting cryptocurrency from payment apps the ban is intended to reduce Argentina’s payment system exposure to digital Assets Now they didn’t really explain why this is happening they they say here payment service providers that offer payment accounts may not carry out or facilitate
Operations with digital assets including crypto assets they’re not regulated by the component National Authority and authorized by the Central Bank of Argentine Republic now some people are trying to get Argentina to still use crypto Argentina’s fintech chamber urged the government to reconsider the decision claiming that it limits access to a
Technology that offers multiple benefits and opportunities for our society I understand why they’re doing this because Bitcoin is an all-time high against Argentinian currency the Argentine peso might be saying how could that be how could it be an all-time high when bitcoin’s still down 50 plus from a tie
In the US dollar what you have to remember even though we’re seeing inflation here in the U.S other countries are seeing much worse inflation for example Argentina is seeing a inflation rate of 7.1 percent and not a year this is not like what we’re seeing here in the US
It’s 7.1 percent in March so annually a hundred percent basically they say we expect annual CPI of 115 percent but with upside risks so if you’re in Argentina you’re you’re trying like hell to try to get your money out of their out of their currency and into anything Bitcoin even going
Down 50 against the US dollar is better than holding the Argentinian uh peso so they’re trying to get out the central Authority central banks are saying no you can’t use that we don’t we think that’s too risky so I get why they’re trying to do this but the fact is people
Will be able to get around this if they have the internet you can still buy digital assets you can get around it but it’s kind of a crappy situation because it does limit how many people can get access to it and that’s why fintech companies are like hey come on come on
Let us do this because you’re really hurting your own uh citizens here and we can’t get too high on our horse here because we’re having problems here in the U.S with our own banking system this is coming from the fed and it states at third quarter end 722 Banks reported
Unrealized losses exceeding 50 percent of their capital A lot of this is due to them buying a long dated treasury bonds and as effect continues to raise rates they can issue more treasury bonds at a higher yield therefore causing the face value of the other bonds that people
Have been buying they have a lower yield to be worth less not worthless but worth less so these Banks then had these assets that are now worth less and now they’re showing a lot of unrealized losses 722 Banks that’s insane 31 of these Banks report negative tangible Equity values Banks reporting negative
Tangible values are currently not able to borrow new money from federal home loan Banks and may lose the ability to sell loans to government-sponsored Enterprises so these banks are even in a worse situation I don’t think this is the end of the bank Reckoning If the Fed had to
Raise any more which I don’t think they will the market also doesn’t think that they will raise any more if they had to raise any more more and more Banks would explode even with that being said though there’s still a lot of fear about the banks that
Are uh having these losses right now I mean 31 banks that have negative tangible Equity values if there’s a run on these Banks which we’re already seeing deposits continue to fly out of these smaller Regional Banks if they continue to fly out these banks will go bankrupt they’ll go down and someone
Will buy them out most likely hopefully but we’re not we’re still not great here in the US have your money at a bigger bank is my suggestion or uh just have less than 250 000 because you’re probably not going to be insured above that maybe someone will come out in the
Next few weeks about protecting those clients but we’ll have to see the same time Bitcoin withdrawals from exchanges continue flowing out almost another 240 million whales driving the outflows more and more money coming off of exchanges not trusting the centralized exchanges which is smart you know use the
Exchanges to exchange not to hold your crypto if you want a crypto solution a hardware wallet there is a link to treasure underneath the video that is a great Hardware wallet provider and we’re continuing to see network adoption we’re continuing to see Supply go down uh from ethereum because of meme coin season
We’re starting to see more and more people paying for uh Bitcoin fees as well because of ordinals so a lot of excitement coming back into the crypto space even if Bitcoin isn’t necessarily moving up there’s still a lot of movement a lot of adoption this is I
Think the most excited the market seemed to seems to have been in a year or two since the last bull run we’re starting to see some more people coming into crypto which I think overall is good of course if you’re someone that’s been around in crypto and someone’s asking
You what you should do uh or how they should invest you know try to lead them in the right direction try not to let them put everything into a meme coin or something like that and we’ll get through this bear Market where I think we’re close to the end now we could
Still see another ShakeOut so I’m not saying put all your money in but I think this is a pretty exciting time and like I said there’s some exciting things happening with CPI PPI coming this week thank you so much for watching I appreciate it let me know your thoughts
On all this underneath the video and I’ll see you in the next one bye
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