Crypto is world news thanks to FTX, Argentina and Israel while Canadian newspaper Globe and Mail signals the Bitcoin bottom

0

Last Updated on 6 November 2023 by CryptoTips.eu

Bitcoin and digital coins are increasingly being mentioned in world news and so more and more people are automatically learning more about crypto.

Not always in a good way, as in the case of Israel and Hamas this week, when it became known that the terrorist group did part of its financing through crypto, but always with a broader support base, as is the case in Argentina this weekend.

Over there, Bitcoin is invariably mentioned in conjunction with the (probable) winner of the first round of the presidential elections.

Lastly, an important Canadian newspaper also indicated that the ‘Bitcoin bottom’ is probably in. Does that mean the next bull run is about to start?

Advertentie.

Israel

Bitcoin hit the $30,000 mark again this week for the first time since July. That in itself is not really world news for crypto fans, because two years ago, in 2021, Bitcoin even traded for a record price of $69,000. Everyone who is crypto-inclined naturally hopes that those values will be reached again in 2024 (when a new Bitcoin halving will take place).

The many mentions of Bitcoin and crypto in the world press as of late has many reasons.

First, there is the discovery that part of the financing of terrorist group Hamas was done via crypto. The Wall Street Journal has now devoted several articles to the subject of ‘crypto mixers’ and the channeling of money, originally from Iran, via a Russian crypto platform to Hamas.

Globe and Mail points to Bitcoin bottom

Secondly, New York has been talking about the FTX-trial of Sam Bankman-Fried on a daily basis for several weeks now. It was striking to see that a commentator for the Canadian newspaper Globe and Mail has had enough and hopes that the proceedings will end soon.

Unfortunately for him, it will probably last until mid-November.

However, an interesting point was made by the author, namely that the current appetite of crypto fans for Bitcoin is probably a sign of bottom formation.

Journalist Ethan Lou, explained:

A core metric of market activity, what portion of the market value of crypto is bitcoin, is showing unusually high bitcoin dominance. This means that crypto people have been buying bitcoin and selling their dogecoins, random other coins and coins that are colloquially called a name I can’t write in this newspaper. That usually indicates a market bottom, whereas mania and a bubble are usually indicated by the reverse, if non-bitcoin crypto forms a high portion of the value in the market.

The well-known Dutch crypto analyst Michael van de Poppe also said this week that the Bitcoin bottom had likely been reached.

Milei

Populist candidate Javier Milei is set for a run-off against the Peronists in the Argentinian presidential elections. The man wants to replace the Argentine Peso with the US dollar in his country and is a big fan of Bitcoin.

With his ultra-liberal recipes, Milei wants to restore that prosperity: “Give me 5 years and we will become as prosperous as France and Italy, 15 years and we will reach the level of the United States.”

This is probably an exaggeration, but still he seems to have persuaded a lot of voters.

The Argentine peso has collapsed while the price of Bitcoin has risen by around 250% since the start of this year. Crypto commentators predict that Milei will eventually abolish fiat coins. Are we getting a Bitcoin standard in a mid-sized economy for the very first time?

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts