• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
Venezuela

Year-to-Date, Bitcoin Outperformed 3 National Currencies Despite Major Correction

Joseph Young by Joseph Young
5 years ago
in Bitcoin
Reading Time: 2 mins read

Bitcoin, the most dominant cryptocurrency in the global market, has still managed to outperform three national currencies year-to-date despite its steep decline since December of last year.

Charlie Bilello, the director of research at Pension Partners, a New York-based investment advisory which manages mutual funds and separate accounts, published a chart comparing the returns of cryptocurrencies and reserve currencies that revealed Bitcoin has outperformed the Venezuelan bolivar, Sudanese pound, and Argentine peso.

Third Worst Correction of Bitcoin

Bitcoin and the rest of the cryptocurrency market have experienced their third worst correction in 2018, subsequent to major drops in 2012 and 2014. Still, Bitcoin along with VeChain and EOS have outperformed many reserve currencies over the past nine months, especially those that were largely affected by US sanctions.

The Turkish lira fell by more than 50 percent since last year, recording a 44 percent loss against the US dollar after the US government tightened its sanctions against Turkey by excluding the region from the global financial system.

The Argentine peso and the Venezuelan bolivar massive declined in value due to hyperinflation, and for the residents of Venezuela, the drop of the bolivar was intensified to unprecedented levels after the country’s president Nicolas Maduro officially announced his controversial decision to effectively replace the national currency with a state-backed cryptocurrency called Petro.

Throughout the past nine years, as Coinbase CTO Balaji Srinivasan stated at TechCrunch Sessions: Zug, the cryptocurrency market has experienced a clear pattern of bubble-crash-build-rally.

Developers like Ethereum creator Joseph Lubin and Gnosis founder Martin Koppelman have said that price of cryptocurrencies is the least interesting element of the market as it will follow positive developments that are made in the cryptocurrency sector in the long run.

But, while a long-term recovery is generally expected by the vast majority of investors and analysts in the market, the same cannot be said for certain national currencies that have performed poorly for many years.

Crucially, eToro CEO Yoni Assia said in an interview with NewsBTC that the demand for Bitcoin has not fallen since early 2018, possibly due to the entrance of institutional investors into the cryptocurrency market. He said:

“In our view, the recent market correction is good for the long-term development of the market. Cryptoassets are still a relatively nascent market; emerging technologies like this often see swings in their value in the early days. Market adjustments like those we have experienced recently help to stabilize prices, and make the industry more robust. Despite these adjustments, however, we have not seen a significant dip in demand for digital assets.”

Stabilization of Bitcoin

Bitcoin saw its most stable month in August in a 14-month period, demonstrating newly found stability which analysts argued was created by the involvement of large-scale investors and institutions in the market.

The lack of correlation between Bitcoin and the broader financial market is expected to increase the demand from institutions for cryptocurrencies as an emerging asset class, which may allow cryptocurrencies to continue to outperform national currencies in the years to come.

Tags: bitcoinbitcoin pricecoinbasecryptocryptocurrencieseosetoroTurkeyVeChainVenezuelan bolivar
Tweet123Share196ShareSend
Joseph Young

Joseph Young

Joseph is a web developer and designer, writer and a passionate musician who loves to travel often. He's worked as a researcher for a number of venture capital firms and as a freelancer designer for resorts and corporations in Korea and the Philippines.

Related Posts

Bitcoin (BTC)

Traders Act Fast As Binance Australia Unveils Bitcoin Discount For Limited Period

2 days ago
Bitcoin (BTC)

No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

3 days ago
Bitcoin

Bitcoin Shows Recovery: Did This Historical Line Act As Support Again?

3 days ago
Bitcoin Core

Bitcoin Core 25.0 Hits The Market: A Sneak Peek Into The Future

4 days ago
Bitcoin (BTC)

JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why

6 days ago
Bitcoin

Bitcoin Exchange Inflows Mostly Coming From Loss Holders, Weak Hands Exiting?

6 days ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    1 day ago
  • Willing to buy new crypto: Here are the best 10...

    1 day ago
  • Best Crypto Meme Coin Presales in 2023

    1 day ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Investors Side With Skyrocketing TMS Network (TMSN) As...

    1 hour ago
  • Lido DAO (LDO) Finally Launches V2 While Uwerx(WERX) Has...

    1 hour ago
  • MOOKY Price Prediction – the next Dogecoin (DOGE)?

    3 hours ago
  • The Graph (GRT) and InQubeta (QUBE) Are Two Crypto AI...

    3 hours ago
  • Steadfastness Under Scrutiny: Mooky (MOOKY) and ApeMax...

    3 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.