Last week the price of Bitcoin dropped to $9735 and stabilized around $11500. Since then Bitcoin reached $12560 within 20 hours. In Zimbabwe Bitcoin was trading at $76000 on LocalBitcoins with 600% premium compared to international prices. (The reason behind it was the country’s government has decided to stop transactions in the US dollar and reintroduced the Zimbabwean dollar, which had disappeared in 2008 due to unbelievable hyperinflation. However people find it hard to trust those papers have value. In 2017, Zimbabwe officially banned cryptocurrency exchanges but peer-to-peer exchanges, such as the well-known LocalBitcoins platform still flourish.)
Ether was trading sideways with a weekly low of $272 and high of $310. At the moment the second largest cryptocurrency is sitting around $305. A new study from Binance Research shows that Bitcoin has become less correlated with other cryptos in Q2 2019. The study found out that while the overall market capitalisation rose by 139%, altcoin aggregated market capitalisation increased by 71% over the same period.
A former hedge fund manager Raoul Pal, started a discussion on Twitter about the economic situation in Europe. He claims that European economy is in a mild recession and pointed out with examples that many bank stocks are going down. In the end he even recommended investing in Bitcoin. Andreas M. Antonopoulos, Bitcoin and Blockchain expert gave a talk on Facebook’s digital currency project Libra. According to Andreas there will be three types of money, money of people which is Bitcoin, money of corporations such as Libra from Facebook and lastly money of governments which are fiat currencies such as euro, dollar, forint etc. He believes that neither of these currencies will disappear but they will coexist.