It’s an all-too-familiar story so far this Monday, with Bitcoin emerging shaken but intact from a week of mini bear runs, as price surged to as high as USD 9,967 just hours ago in Europe trading time (CoinDesk), in a steadily upward trend.
This is the pattern we thought could happen in yesterday’s deja vu analysis, though as usual, it’s impossible to identify the trigger behind this latest positivism.
In Argentina, there couldn’t possibly be higher motivations to buy Bitcoin, with strict capital controls now being enforce by the current regime. According to Bloomberg today, the South American economy is desperately attempting to stem the hemorrhaging Argentine peso (ARS), which has been posting daily losses against major currencies, like the US dollar.
Now, there is a USD 10,000 limit on dollar access to all Argentine citizens, leading some to believe people will turn instead to Bitcoin.
Buy Bitcoin https://t.co/TkceSXvIYK
— Preston Byrne (@prestonjbyrne) September 1, 2019
The volumes recorded by Localbitcoins last week certainly show a growing buy demand for the world’s most popular cryptocurrency. Are we headed for another Venezuela meltdown and a predilection for Bitcoin?
Tim Draper certainly thinks so, and has bet on Bitcoin outperforming the ARS months ago.
Not to be left behind, bears are pushing the news of “serious vulnerabilities” on the Lightning Network, the much-touted second-layer solution to Bitcoin scalability issues. Software developer Rusty Russell shared a post to Lightning Network’s mailing list warning:
“Security issues have been found in various Lightning projects which could cause loss of funds. Full details will be released in four weeks, please upgrade well before then.”
Critics of Lightning Network will be jumping on this to put selling pressure on Bitcoin, in favor of certain other altcoins. Will it work this time?
Image Courtesy: Pixabay