• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
ZCash Italy
Nexo Logo

Italy and Greece to Drive Bitcoin Price Further Upwards?

Gautham by Gautham
6 years ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

The banking system in Italy continues to wade through troubled waters. With no improvements in sight, the government of Italy is considering a bailout package for two major banks, Veneto Banca and Banca Popolare di Vicenza. The package worth 5 billion euros is still awaiting necessary regulatory approvals.

The weakening banking sector will be receiving the aid in the form of “precautionary recapitalization” as part of the Eurozone regulations. Apart from the presently earmarked 5 billion, the country’s institutions will be needing an additional 15 billion euros to attain some stability. According to reports, Monte Dei Paschi di Siena which has the distinction of being the world’s oldest lender alone needs about 8.8 billion euros to stay afloat.

As banks run out of liquidity, they are in dire need of taxpayers’ money to keep their doors open. At the same time, such a situation will adversely affect the economy due to loss of investor confidence, both domestic and international in the country’s financial system. In the worst-case scenario, the falling liquidity may also force the banking authorities to impose withdrawal and transaction limits, leading to situations similar to the one faced by the Greeks in the past year.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Making matters worse for the Eurozone, Greece is expected to default on its existing debts yet again. Amid arguments on whether to extend further financial support to the country or not, the International Monetary Fund has agreed that Greece is in need of further debt relief. However, the Eurozone lenders led by Germany and the IMF differ in opinion about the implementation of further reforms in the Greek economy. For a country, already under pressure due to austerity measures, any further cuts in spending in the name of reforms may hurt its citizens.

The Eurozone offers limited freedoms to its member countries when it comes to managing the financial systems, either regarding bailouts or fiscal consolidation.

In the end, it is the people who will be impacted by the hard financial decisions taken by concerned authorities. With no sign of improvements in sight at the moment, the Eurozone’s economic situation is expected to be driven further downwards by the conditions in Italy and Greece.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

These developments are expected to drive the demand for alternative financial instruments that are not directly related to the conventional economic system. Gold and Bitcoin are two such assets that are going to receive special attention, driving demand further. It is expected to have a considerable impact on Bitcoin price in the coming days.

Ref: Financial Times | TOI | Reuters | Image: Shutterstock
Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.
Tags: bitcoinBitcoin NewseurozonegreeceitalyNews
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Gautham

Gautham

Related Posts

Snook Showcases The importance of Community Engagement Through BBT-Themed Rooms For Partner Projects

Snook Showcases The importance of Community Engagement Through BBT-Themed Rooms For Partner Projects

10 mins ago
Cryptocurrency Market Drains $50B As Bitcoin Touches Weekly Lows

Cryptocurrency Market Drains $50B As Bitcoin Touches Weekly Lows

40 mins ago
Ahead Of Vasil Hard Fork, Cardano Metaverse Project Cardalonia Shows Huge Potential As The $LONIA Token Demand Surges

Ahead Of Vasil Hard Fork, Cardano Metaverse Project Cardalonia Shows Huge Potential As The $LONIA Token Demand Surges

12 hours ago
A Canadian pension fund is feeling the effects of Celsius' downfall.

Canadian Pension Fund Writes Off $150M Celsius Loss, Believes They Entered Crypto “Too Soon”

16 hours ago
Ether options surpass Bitcoin options

Flippening Forewarning? Ether Options Overtake Bitcoin As The Top Crypto To Trade

18 hours ago
bitcoin

Bitcoin May Hit $10K As Price Slides Pre-FOMC Meeting

18 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

LBank Exchange Will List THANKQ (TQP) on August 18, 2022

August 18, 2022

Crypto Finance Coin (CTFC) Is Now Available for Trading on LBank Exchange

August 18, 2022

LBank Exchange Will List SYLToken (SYL) on August 17, 2022

August 18, 2022

LBank Exchange Will List Omax Coin (OMAX) on August 18, 2022

August 18, 2022

PETT Is Now Available for Trading on LBank Exchange

August 18, 2022

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.

COMPANY

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

Technical Analysis

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

LINKS

Crypto Prices from Nomics

Cryptocurrency news

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

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 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.