• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Opinion

Is a Possible ‘Italexit’ and Euro Decline Responsible for Bitcoin Recovery?

newsbtc by newsbtc
3 years ago
in Opinion
Reading Time: 2min read
Italy euro
Advertisement

Is there any connection between the political strife in Italy and the slight recovery in the price of Bitcoin? One journalist thinks that ‘Italexit’ may have been the catalyst that brought Bitcoin back over $7,500.

‘Italeave’ May Have Contributed to Bitcoin Gains

March 4 elections in Italy which resulted in a hung parliament have created an economic crisis marked by money fleeing the country to US and German bonds. The country’s stock prices have dropped as rumors of an ‘Italexit’ or ‘Italeave’ have spread, referring to the Brexit movement that saw Great Britain pull out of the European Market.

Italian banks are highly indebted and a downgrade in Italy’s debt rating could cause a panic that might cause citizens to pull their money out of banks the way Greeks did in 2015. All of this has led to drops in both global stock prices and the Euro, but one journalist is also suggesting it has had the opposite effect on the cryptocurrency market.

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

Each of the top three cryptocurrencies experienced slight gains in the last 24 hours as Bitcoin (BTC/USD) jumped above $7,500, Ethereum (ETH/USD) reached a peak above $573, and Ripple (XRP/USD) topped $0.60.

Yohay Elam writing for FXSTREET has examined the correlation between the crisis in Italy and the slight recovery of Bitcoin in its aftermath.  He offers a simplified chronology of events; first came the political turmoil which resulted in the sell-off of Italian bonds, then the Euro and global stocks. Soon after money is flowing into crypto, not immediately he wrote but the timeline is telling.

Bitcoin Used as a Hedge Against the Euro

This argument may be augmented when considering the nature of cryptocurrency as a decentralized form of currency. The political crisis began with the Italian President rejecting a government elected by the people in a country at the heart of modern democratized Europe. This can be construed by the people as the establishment rejecting the will of its people and forcing a puppet regime onto them.

Bitcoin and cryptocurrency as decentralized currencies take power away from the establishment’s financial systems, so the shift could represent a rash of protest investment. As Elam writes in his article “When the establishment is in crisis, alternatives are sought after.” It also may be that Bitcoin is being used as a hedge against the deflating Euro he added.

The journalist also looked at the possibility that there is no connection. That gains in the cryptocurrency market are an anticipation of the expected influx of institutional money following Goldman Sachs foray into Bitcoin futures and that a June recovery has been predicted by Bitcoin bulls all through the early months of 2018.

 

Image from Shutterstock
Tags: bitcoin bullscryptocurrency recoveryitalexitItalian crisisitaly
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

Meet the Influencers Bringing Blockchain To Mainstream Consumers

Meet the Influencers Bringing Blockchain To Mainstream Consumers

3 weeks ago
2021 Is Bitcoin’s Year: How to Get in on the Digital Gold Rush

2021 Is Bitcoin’s Year: How to Get in on the Digital Gold Rush

1 month ago
Bitcoin is Going Mainstream, Why The Doubters Will Be Kicking Themselves

Bitcoin is Going Mainstream, Why The Doubters Will Be Kicking Themselves

3 months ago
Why Mainstream Media is Going Hot For Bitcoin

Why Mainstream Media is Going Hot For Bitcoin

3 months ago
Why Growing Legitimacy Will Help to Sustain The Next Bitcoin Bull Run

Why Growing Legitimacy Will Help to Sustain The Next Bitcoin Bull Run

4 months ago
Big Banks Turning Bullish on Bitcoin Should Have You Worried

Big Banks Turning Bullish on Bitcoin Should Have You Worried

4 months ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

What Will Happen to Oil Production and Distribution in 2021, and How Can You Make a Profit on It

February 28, 2021

Bitcoin Gaming Platform FreeBitco.in Acquires 3.75 Billion FUN Tokens

February 26, 2021

60-Minute IFO, 187 Times Over-Raised, 40 Times the Price, 98 Million US Dollar Marketcap: Berry Data Has Become a Bright Star on BSC

February 26, 2021

Newsletter Signup


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

Auto Trading Software ▸

Cryptocurrency news

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

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 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.