Bitcoin has grown in price amid restrictions on the purchase of foreign currency in Argentina

Bitcoin has grown in price amid restrictions on the purchase of foreign currency in Argentina

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The price of the first cryptocurrency rose on the night of Monday, September 2, close to the $ 9800 mark, thereby showing a daily increase of about 1.50%. This happened amid reports of restrictions on the purchase of foreign currency in Argentina.

Last week, bitcoin fell below $ 9,400, but over the weekend began to show signs of recovery, rising above $ 9,600 on Saturday. After a small correction on Sunday evening, the first cryptocurrency continued to grow, rising at the peak on a number of exchanges slightly above $ 9,800.

The rise in BTC coincided with reports from Argentina, where President Mauricio Macri signed a decree restricting the purchase of foreign currency.

According to the document, large exporters will need permission from the Central Bank of Argentina to purchase foreign currency and transfer it abroad. Individuals will not be able to buy more than 10 thousand dollars a month. Such measures will be valid until December 31, 2019.

Argentina just imposed capital controls.

Individuals won’t be allowed to acquire or wire abroad more than 10,000 dollars per month.

Under Cristina Kirchner, until 2015, this limit was $ 2,000.

Various restrictions shall be applicable to companies.

Macri’s decree states that this step is caused by the need for “closer regulation of foreign exchange trade and strengthening the normal functioning of the economy”. Thus, the Government of Argentina expects to deal with the ongoing economic crisis in the country.

Some Argentines withdrew their savings last week for fear of default. For the second year in a row, Argentina’s economy has been in recession, and the country’s unemployment rate has risen. Over the past 12 months, inflation has been 40 percent.

Recall that in August the Argentine peso and government bonds went into a steep peak amid the crushing defeat of incumbent President Mauricio Macri in the primary. At some point, bitcoin on local trading floors was trading at $ 300 higher than the average market price, and at Localbitcoins – at all $ 1000.

A further decline in the peso threatens hyperinflation, which will surely force many Argentineans to look for other ways to save money. Cryptocurrency in this situation can be a very attractive alternative.

At the time of publication, the weighted average bitcoin exchange rate, according to CoinMarketCap, was $ 9,770, market capitalization – $ 175 billion.

The overall picture on the market is as follows. As you can see, despite the rise in the price of bitcoin, a significant part of altcoins still remains in the red zone.

Bitcoin has grown in price amid restrictions on the purchase of foreign currency in Argentina

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