Bitcoin Strikes Its Highest Against Argentine Peso

In the reports on May 27, Bitcoin hits all-time high versus the Argentine peso. The currency is currently facing its continuous decline. Aside from that, the price of the biggest cryptocurrency skyrockets to as high as 394,000 pesos per coin ($8,762.95 at press time).

Bitcoin’s current all-time highs against the peso happen at the same time as a crypto bull market this year. In the same van, the Argentine peso is on the middle of an ongoing depreciation with the U.S. dollar.

In addition to that, the U.S. dollar showed enormous growth over the peso the past year.  Also, the new lows in the value of the currency of Argentina were due to the doubts in the upcoming presidential election.

Then, the International Monetary Fund tried to assist the Argentinian. It allows the country’s central bank to use IMF funds to arbitrate in the peso. But the plan may not be successful if the populist opposition wins the presidential election in October.

According to the Major global asset manager Amundi, the asset prices reacted negatively over the escalating chance of Kirchner returning to power.

Furthermore, Tim Draper, a venture capital billionaire, suggested to the president of Argentina to legalize bitcoin to develop the economic situation in the country.

Crypto Rankings in China

Meanwhile, China updated its cryptocurrency rankings last May 23. And EOS remains in its top spot, while bitcoin climbed three places.

Also, Tron, Ether, Steem, and Ontology is in the top five together with EOS.

The government-sponsored index evaluated each blockchain based on its technology, application, and innovation.

On the other hand, bitcoin rank 12th place despite its dominance in the cryptocurrency industry. The points of bitcoin for creativity led to a spot behind EOS for primary technology.

Since June 2018, EOS stayed in the first place while Tron succeeded in staying second to the top since February 2019.