GlobalThe cryptocurrency market: everything you need to know today

The cryptocurrency market: everything you need to know today

More and more people have decided to invest in the world of digital currenciesdespite the volatility that characterizes them, with the aim of having an investment in the medium and long term.

Also promoted by certain characters or governments that seek to adopt these digital currencies as legal tender, cryptocurrencies have gone on a roller coaster that has led to significant ups and downs that have turned more than one of them upside down.

How the main cryptocurrencies and their prices have moved this July 16, 2023.

He bitcoins It is trading today at $30,249.13, which implies a change of -0.15% in the last hours.

The second most popular virtual currency on the market, ethereumhas shown a movement of -0.4% in the last 24 hours, so its value stands at $1,923.68.

About US Tetheris quoted at 1 dollar, so in the last day it had a movement of 0.02%.

For his part, BNB has a value of 242.66 dollars, with a change of -3.36%, while the litecoin It does the same with $92.91 after a variation of -1.95%.

Finally, the dogecoinone of the virtual currencies promoted by Elon Musk himself, has a value of $0.07 after presenting a change of -3.3% in the last 24 hours.

Representations of various cryptocurrencies. (REUTERS/Dado Ruvic/Illustration)

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 without savings.

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 just 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 barrier 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 digital currencies 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 Argentina: Despite the fact that digital currencies have not been legalized in Argentina, its popularity has been increasing after the decades of financial instability that citizens have faced, making it 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 Finder, there is a record that in the country there are around 12 million Mexicans who own cryptocurrencies, being 59% men and 41% women.

In Mexico, 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; Up to now, one of his most popular stores already does it.

Illustrative file photo of a bitcoin representation.  (REUTERS/Dado Ruvic)
Illustrative file photo of a bitcoin representation. (REUTERS/Dado Ruvic)

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 Finder report.

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.

When creating a cryptocurrency it is important to first determine what you want to have: a coin or token. The former uses its own blockchain, while the latter is based on a pre-existing network.

According to the Binance site, to create a cryptocurrency you need a large team of developers and experts; while for the token technical knowledge is required but it is possible to create it in minutes through the use of other blockchain like Ethereum or BNB, which are the most popular.

The creation costs, the time required and the use of labor will depend on whether you choose to make a virtual currency or a token. In the latter case, you can also use a set code to create tokens or pay to use a coin creation service.

It is important to know that before creating a cryptocurrency, its usefulness and legal status must be considered.

In the case of choosing to create a cryptocurrency, then a blockchain must be chosen, then a plan must be made according to the operation and functionality of the blockchain to design the nodes and interface.


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