Technology

Cryptocurrencies in the abyss: prices of the main digital currencies this May 12, 2022

The cryptocurrencies have boomed in recent months driven byin addition to the COVID-19 pandemic, by certain billionaire figures -such as Elon Musk- and governments that have chosen to give them a boost as legal tender.

Given this scenario, more and more people have decided to buy cryptocurrencies in the hope of having a medium and long-term investment, despite the volatility that characterizes them.

Here we bring you the price of the main cryptocurrencies for this May 12, 2022:

Bitcoin

Price: $28,411.188

Change: -1.72%

ethereum

Price: $1,954,087

Change: -5.83%

Tether US

Price: $0.994

Change: -0.63%

BNB

Price: $275,257

Change: -13.8%

litecoin

Price: $63,802

Change: -20.47%

Dogecoin

Price: $0.079

Change: -27.27%

A cryptocurrency or cryptocurrency it is a digital medium of exchange (does not physically exist) which is based on cryptography to ensure the integrity of transactions and maintains control over the creation of new units.

The first cryptocurrency to be born was bitcoin.in 2009 and since then others equally known as litecoin, ethereum, bitcoin cash, ripple, dogecoin, among others.

Cryptocurrencies have various characteristics that make them unique, such as the not be regulated or controlled by any institutionthey do not require intermediaries in transactions and accounting blocks are used to prevent new cryptocurrencies from being created illegally.

However, by not having regulators such as a central bank or similar entities, they are pointed out not being reliable, being volatile, promoting fraud, not having a legal framework that supports its users, allowing the operation of illegal activitiesamong others.

To acquire them, you can buy or exchange the currency itself in specialized portals. Its value varies depending on the supply, demand and commitment of usersso it can change faster than traditional money, but the more people are interested and want to buy a given currency, the higher its price.

However, whoever invests in this type of digital assets must be very clear that this form brings with it a high risk to capitalWell, just as there may be an increase, there may also be an unexpected crash and end the savings of its users.

Born after the financial crisis of 2008, bitcoin promoted a libertarian ideal and aimed to put traditional monetary and financial institutions in check. It was launched by someone named Satoshi Nakamoto, but today his identity remains hidden.

According to a book published by Satoshi Nakamoto, the purpose of cryptocurrency was “make online payments directly from one third party to another without going through a financial institution”.

This is how on January 3, 2009 it produces the first block of 50 bitcoins. There are currently about 20 million bitcoins in circulation and the monetary mass does not stop increasing with the continuous emission of new units.

In 2013, this cryptocurrency, which was worth almost nothing in its early days, surpassed $1,000 and began to attract the attention of financial institutions. Months later, he faced his major crisis with the hacking of the MtGox platform directed by Mark Karpelès, where up to 80% of the units in circulation were exchanged. Prices fell and the cryptocurrency took three years to recover

At its all-time high, the price of bitcoin has exceeded $68,000 and continues to be the most popular cryptocurrency in this digital market.

Despite the progress and scope that Bitcoin and other digital assets have had, organizations such as the World Bank, the International Monetary Fund (IMF) and the Inter-American Development Bank (IDB) are still skeptical about the possible benefits of this type of cryptocurrency.

The popularity of cryptocurrencies has not occurred organically, it has been driven by various personalities, highlighting that of the millionaire Elon Musk.

Since mid-2020, the founding owner of Tesla has made positive comments about cryptocurrencies through his Twitter account, mainly from bitcoin and dogecoin.

Elon Musk started out making positive and hilarious tweets about bitcoin and the following year he reported that Tesla would accept this cryptocurrency to buy his electric cars, which lasted only a short time due to the businessman’s environmental concerns about mining bitcoin.

That same year, in 2021, Elon Musk’s company invested $1.5 billion in bitcoin. By early 2022 she told the US Securities and Exchange Commission that had almost 2 billion dollars in bitcoin.

Elon Musk’s good comments about dogecoin started long before bitcoin, in 2019, when he tweeted that it could become your favorite cryptocurrency and calling it “great”.

The SpaceX founder’s tweets about dogecoin returned with more intensity in 2021, around the same time he was posting about bitcoin, for example, tweeting that he would eat a McDonalds “Happy Meal” on TV if the fast-service chain accepted dogecoin. , that she would buy some of these cryptocurrencies for her son and take her to the moon, literally.

In early 2022, Elon Musk did the same as with bitcoin and announced that Tesla would accept dogecoinbut with some restrictions.

Every time Elon Musk made comments about cryptocurrencies they increased their valuealthough they did not always manage to maintain themselves, especially dogecoin.

The importance of Elon Musk around these cryptocurrencies is such that in the face of any of his movements, not necessarily related to digital currencies, they managed to boost their value.

At the end of April 2022 and after several weeks of negotiation, Twitter accepted the millionaire’s offer to acquire the social network for 44 billion dollarswhich caused bitcoin, dogecoin and other cryptocurrencies such as memecoin and luna, will increase their price.

A cryptocurrency even emerged, still in beta, called “Elon buys twitter” (Elon buys Twitter)this after the millionaire’s intention to acquire the social network was published, which also increased its cost.

Cryptocurrencies in Latin America

📷 Illustrative file photo of the representation of a bitcoin. (REUTERS/Given Ruvic)

Cryptocurrencies in Argentina: Despite the fact that digital currencies have not been legalized in Argentina, their popularity has been increasing after decades of financial instability that citizens have had to face, becoming one of the Latin American nations with the greatest presence of cryptocurrencies. Along this line, President Alberto Fernández has suggested its use to combat inflation.

In addition to bitcoin, another of the most popular cryptocurrencies is LUNA, a token that is traded on the Terra system and can be purchased from the Tienda Crypto platform. This cryptocurrency has managed to have a historical maximum of up to 119.18 dollars.

Cryptocurrencies in Mexico: The Bank of Mexico (Banxico) has determined that none of the institutions that participate in the national financial system may use or must allow operations of any kind through this means of payment. However, the country is ranked 14th out of 27 nations that own digital currencies, surpassing Venezuela and Colombia, with around 13 million users in 2021, according to a Finder study.

In Mexican territory, businessman Ricardo Salinas Pliego, one of the richest in the country, has shown interest in cryptocurrencies and has assured that several of his businesses will accept bitcoin in the future, including his bank, including one of his most popular stores. does.

Cryptocurrencies in Peru: The Central Reserve Bank of Peru (BCR) has made it clear that its mission is not to be the first or the second central bank to regulate the use of cryptocurrencies, due to the instability that characterizes them. However, days ago the president of the (BCR) assured that the BCR was working on its own digital currency project.

Cryptocurrencies in Colombia: In the South American nation there are more than 500 sites where it is allowed to pay with cryptocurrencies. In December 2021, it became the third country in the world with the highest growth of bitcoin owners, only surpassed by Russia and Norway, according to Finder.

Cryptocurrencies in Central America: in the government of The Saviorhas given him his vote of confidence and on June 9, 2021 became the first country to legalize bitcoin as legal tender. In addition, President Nayib Bukele announced his intention to create the first Bitcoin City in Conchagua and it would be financed through tokenized bitcoin-backed bonds.

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