The cryptocurrencies they are an innovative digital asset that have experienced monumental growth in recent times due to several contributing elements, including some governments deciding to give them a opportunity as legal tender; however, they have also suffered setbacks that have called into question their viability, such as the most recent episode known as the “crypto winter.”
Despite this scenario, more and more people have begun to acquire cryptocurrencies to be able to invest in something “safe” and “reliable” both in the short and long term, despite the extreme levels of volatility that it constantly suffers.
For this reason, we bring you the price of the most prominent cryptocurrencies at this time.
The bitcoins It is trading today at $18,896.88, which implies a change of 8.31% in the last hours.
The second most popular virtual currency on the market, ethereumhas shown a movement of 6.88% in the last 24 hours, so its value stands at $1,428.53.
Upon US Tetheris trading at 1 dollar, so in the last day it had a movement of -0%.
For his part, BNB has a value of 286.55 dollars, with a change of 3.34%, while the litecoin It does the same with 85.47 dollars after a variation of 5.67%.
Finally, the dogecoinone of the virtual currencies that Elon Musk himself has promoted, has a value of 0.08 dollars after presenting a change of 3.65% in the last 24 hours.
The cryptocrash: the nightmare of digital currencies
In May 2022, cryptocurrencies revealed that, no matter how hard they try, they cannot escape the speculative appetiteafter the so-called “crypto winter” or “cryptocrash” sank several digital currencies such as the bitcoin, ethereum and LUNA from Terra, situation that left many investors in ruins.
it is named “crypto winter” when prices drop unexpectedly and no improvement is seen or forecast in the next six months.
This latest episode was driven by several elements: inflation in the world and the proposal to ban the use and extraction of these in Russia, currently in conflict with Ukraine.
This disturbing term also refers not only to the sharp fall in digital currencies, but also to the decrease in the volume of operations and months of market stagnation, a phenomenon that is not new either, since a similar event was experienced only in 2018.
However, the taste in the mouth that the most recent crisis has left differs from what was experienced four years ago, since this cryptocrash has affected all virtual currencies in a domino effect and not just a few, so the fear that the negative effects could persist for a longer time are latent.
The last crisis led bitcoin to surprisingly drop 77% of its value, until reaching the threshold of 28,000 dollars; while others like Ethereum lost 30.88% of its value in that month. The domino effect also affected Terra’s stablecoin, LUNA, which dropped more than 100% going from $118 to $0.09, a blow from which it still cannot be recovered.
Despite the current scenario, there are still those who hold out hope that cryptocurrencies will recover, while others, with the same faith, have invested in them, taking advantage of the recent disaster that has also left others without savings.
Cryptocurrencies in Latin America
Cryptocurrencies in Argentina: Despite the fact that virtual currencies are not legalized in Argentina, their use has been increasing after the decades of financial instability that citizens have had to face, becoming one of the Latin American nations with the largest presence of cryptocurrencies. Along these lines, President Alberto Fernández has suggested its use to combat inflation.
In addition to bitcoin, another of the most popular cryptocurrencies is LUNA, a token with which it is traded in the Terra system and which can be purchased from the Tienda Crypto platform. Said cryptocurrency has managed to reach an all-time high of up to $119.18.
Cryptocurrencies in Mexico: Banco de México (Banxico) has determined that none of the institutions that participate in the national financial system may use or allow operations of any kind through this means of payment.
However, a study carried out in 2022 by the firm Finderthere is a record that in the country there are around 12 million Mexicans who own cryptocurrencies, being 59% men and 41% women.
In Mexican territory, businessman Ricardo Salinas Pliego, one of the richest in the country, has shown interest in cryptocurrencies and has assured that several of his businesses will accept bitcoin in the future, including his bank; currently one of his most popular stores already does it.
Cryptocurrencies in Peru: The Central Reserve Bank of Peru (BCR) has made it clear that its mission is not to be the first nor the second central bank to regulate the use of cryptocurrencies, due to the instability that characterizes them. However, days ago the president of the (BCR) assured that the BCR was working on its own digital currency project.
Cryptocurrencies in Colombia: in the South American nation there are more than 500 places where it is allowed to pay with cryptocurrencies. Colombia ranks 14th out of 26 cryptocurrency adoption countries, according to the report by Finder.
Cryptocurrencies in Central America: in the government of The Saviorhas given him his vote of confidence and on June 9, 2021 became the first country to legalize bitcoin as legal currency. In addition, President Nayib Bukele announced his intention to create the first Bitcoin City in Conchagua and it would be financed through bitcoin-backed tokenized bonds.
Paraguay, a peculiar case
In view of a scenario in which the world economy faces various challenges such as inflation, the Russo-Ukrainian war, the impact on supply chains due to the coronavirus pandemic and other elements, governments have begun to reconsider previously unimaginable alternatives, such as the fact of regularizing cryptocurrencies.
Recently the president of ParaguayanMario Abdo Benítez, vetoed a bill that was intended to recognize the mining of the cryptocurrencies as an industrial activity and, in view of this, establish a percentage to set a consumption quota, among other requirements.
The initiative – which will continue to be discussed in both chambers to decide whether or not to respect the presidential veto – has raised more than one eyebrow at the considerations and the possible scope that it could have, since it should be remembered that El Salvador is the only country in the world that has recognized bitcoin as a legal tender currency.
The Paraguayan project, which had already been endorsed before by Congress, establishes that the rate for mining digital currencies does not exceed 15% in relation to the current industrial rate, likewise, it grants permits for service providers and miners.
Another of the most specific aspects is that it is proposed create a dependency that specializes merely in digital currencies and establishes sanctions, as well as other types of measures.
However, the presidential decree alludes that the mining of crypto assets is characterized by a high electric power consumption and low use of labor, so cannot be categorized as industrial consumptionbut as intensive electrical consumption that can also compromise the development of the national industry, since the situation could arise in which the country is forced to import electrical energy in the not so distant future.
Regarding the facts, the Paraguayan Central Bank has alerted that none of the cryptocurrencies that exist today are backed by any monetary authorityTherefore, it is not regulated, it does not guarantee protection or security to those who use it and they are highly risky investments.