- Bitcoin (BTCUSD on xStation5) touched $7200 on the trading platform in Zimbabwe
- Bitcoin price continues its uptrend after breaking an important resistance
- IMF’s Lagarde tells central bankers “it’s unwise to dismiss virtual currencies”
While everybody are looking forward to seeing the Bitcoin price breaking a magic $5000, the BTC has already achieved that level and has stormed even much higher in… Zimbabwe. The African country is suffering from severe economic hardships similar to the inflation and currency crisis in Venezuela. There are reports that Zimbabweans are dealing with an economic crisis as the country’s currency (Zimbabwean dollar or ZWD) is virtually worthless, hence people are looking for chances to retain its value throughout hoarding cash in gasoline, food, some commodities and now virtual currencies.
Shortages of cash in Zimbabwe make people lining up at banks and local ATMs. Source: bitcoin.com
In effect, the Bitcoin price on the Zimbabwean trading platform Bitcoinfundi surged above $7000 in the past days and the current price hovers around $6150. The Bitcoinfundi is the country’s alone exchange, so the prices have been already well above the global average until then. Some argue that Bitcoin could be a remedy for the beleaguered economy as issues related to losing value of the currency could disappear. Even as Bitcoin could treat the economy after all, it’s expected to take much time.
Bitcoin has already broken $4400 which could be a sign of rising strength of buyers. If so, bulls could aim for an upper limit a channel before trying to move towards its all-time high. Source: xStation5
Moving on, even though a majority of central bankers remain skeptic when it comes to cryptocurrencies, Christine Lagarde, head of the IMF, begs to differ. She told them that it would be unwise to dismiss virtual currencies because they are gaining more adoption and traction. Nevertheless, she underlined that for now digital currencies were unlikely to replace traditional ones because of their heightened volatility and risk.
Other news worth looking at:
- North Korea has been accused of hacking South Korean exchanges, according to police
- Matt Corallo, one of the core Bitcoin developer, has appealed to the SEC regarding a proposal to the listening and trading shares of the Bitcoin Investment Trust (BIT), the SEC has yet to respond