From Paxful they say that there are multiple factors that influence the valorisation of the world’s main cryptomoney
The price of Bitcoin reached USD 18.476 in the early hours of Wednesday 18 November, equalling the record set on 18 December 2017, and increasing its value by 30% in a fortnight. In this scenario, Paxful shared with Cointelegraph en Español an analysis of what is happening with Bitcoin this year.
„There are multiple factors that influence the value of the world’s main crypt currency, among them the leverage of the main exchanges; the elections in the United States for which a round of economic stimulus is expected to take place that would generate an increase in investments such as bitcoin; and the FOMO (Fear of missing out),“ explained Magdiela Rivas, Paxful’s manager for Latin America.
According to Paxful, security and user education are key to boosting confidence in cryptosystems
From Paxful they also highlighted that, in the crypto world, not only is bitcoin breaking records, but so are other crypto currencies such as Tether, a stablecoin whose market value is always equivalent to one dollar.
„On platforms such as Paxful, through the purchase of Tether, users have the possibility of freezing the value of their bitcoins in dollars. Since September, we have recorded an increase of 6,808% in the volume of Tether’s operations in Argentina on our platform, which shows that more and more people are turning to this new form of investment to safeguard the value of their assets,“ commented Rivas.
According to Paxful, Argentines are increasingly choosing crypto-currencies as a store of value
It is important to bear in mind that in Argentina the economic crisis has led many to see cryptosystems as a valuable refuge.
„Despite the fall of the informal dollar, the rise in bitcoin has cushioned losses for those who bought dollars even at $195, as that currency fell by 19% while bitcoin rose by 41%,“ Paxful remarked.
Paxful takes the informal dollar quote for the price of Bitcoin in Argentina
On Paxful’s platform in Argentina, the numbers are clear indicators of what is happening: „Trading has increased by 34% per month, while the number of new accounts opened averaged 47%, generating a 1087% increase in new users on the platform from January to September 2020“.