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Author Topic: [2018-05-30] Italy’s Economic Pain Is the Bitcoin Price’s Gain  (Read 58 times)
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May 30, 2018, 06:03:35 AM
 #1

Perhaps it took an economic crisis of another kind to lift the cryptocurrency markets. Italy’s economy is reeling amid a political crisis that has placed a spotlight on the cracks in the EU’s economic foundation.

Bitcoin Price Trends up as Italy’s Economy Falters

Italian bonds are going bust, and the negativity has spilled over into stocks as well. But as the global financial markets are reeling, bitcoin is finally beginning to see the light of day again, and it could just have something to do with the fact that a potential threat to the euro highlights the benefits of a decentralized currency like bitcoin.

The bitcoin price is currently trading above the $7,400 threshold after falling to a May low earlier in the day.

Reason to Rally

The cryptocurrency markets have been searching for a reason to rally, and many of us have been looking to the centralized governments of the world to provide that catalyst.

Meanwhile, the mechanics of the cryptocurrency markets are working just fine, and have pulled off a rally — albeit on modest trading volume — on a development that highlights the very strengths of a decentralized world. Bitcoin and its altcoin peers have proven once again the power of a digital currency that is not controlled by the central bank but instead the masses.

The crisis in Italy has placed a great deal of pressure on the euro, sending Europe’s common currency to its lowest levels against the USD in months. Italian bonds have similarly sold off amid the possibility of Europe’s third-largest economy staging a Brexit of its own. A decentralized currency like bitcoin becomes even more attractive when the common currency of Europe becomes unstable.

Fundstrat’s Thomas Lee cheered the crypto market’s response, telling Business Insider:

“To an extent, I think its good to see Bitcoin rallying with Gold, as the adverse developments in Italy and globally are pushing investors to risk-off. It’s good to see Bitcoin as an uncorrelated trade on a risk off day.”

Take the Latin American economy of Venezuela as an example. While the economic conditions in Venezuela are specific to the region, comprised of hyperinflation, food crisis and a broke government, the end result is a currency whose value has been destroyed. As a result, Venezuela’s currency was being exchanged for bitcoin at a record pace in mid-April, when more than $1 million in “bolivar-to-bitcoin” conversions occurred in a single day.

Italy’s fate in the EU has yet to unfold, and a snap election appears to be taking shape for the coming months there. In the meantime, it’s not just bitcoin that’s benefitting. Other leading digital currencies including ethereum, ripple, bitcoin cash and litecoin were all trading between 2%-4% higher while cardano soared nearly 10%.

https://www.ccn.com/italys-economic-pain-is-the-bitcoin-prices-gain/


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May 30, 2018, 09:36:43 AM
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 #2

Not this again. Bitcoin having gone up yesterday is not related to anything other than whales finding it necessary to trade a notch higher. If they want, which isn't all that unlikely, we'll trade back at $7000's today or tomorrow. The thing is that whales right now completely control the market; the regular traders just ride it with them since there is barely any buying/selling incentive from their side.

I however can see the problems in the EU zone later on affect the market positively, and believe me, it won't be just a silly $400 increase. If Deutsche Bank implodes as well, then prepare for a massive crisis that will significantly degrade the world economy. It will yet again serve as example of why this system just doesn't work, and never will work. It's a never ending cycle, a very destructive one. No one has to endure this continuous suffering, just hedge the shit out of this system with Bitcoin.

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May 30, 2018, 10:26:57 AM
 #3

It is possible that the crisis in Italy will contribute to the growth of the cryptocurrency market. So it was already in 2017, when there was a crisis in Cyprus.

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May 30, 2018, 10:38:29 AM
 #4

I am noticing something here, It is not often but I frequently see articles about corrupt politicians in Italy, and one of the famous one is Silvio Berlusconi the former prime minister of Italy who is also the former owner of Milan. It has been said that if there were no corrupt politicians running the government their country would be in the richer side of the world. I don't know in depth the problem they are having but I don't know how Bitcoin can solve their economical problem, it is good that they are seeing BTC as not a threat to their country but I don't see any projects, regulations, or laws which will impact quickly to their economy.

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IconFirm
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May 30, 2018, 11:36:58 AM
 #5

Not this again. Bitcoin having gone up yesterday is not related to anything other than whales finding it necessary to trade a notch higher. If they want, which isn't all that unlikely, we'll trade back at $7000's today or tomorrow. The thing is that whales right now completely control the market; the regular traders just ride it with them since there is barely any buying/selling incentive from their side.

I however can see the problems in the EU zone later on affect the market positively, and believe me, it won't be just a silly $400 increase. If Deutsche Bank implodes as well, then prepare for a massive crisis that will significantly degrade the world economy. It will yet again serve as example of why this system just doesn't work, and never will work. It's a never ending cycle, a very destructive one. No one has to endure this continuous suffering, just hedge the shit out of this system with Bitcoin.

Exactly this.  I can see it now - Italian banks implode, plead poverty, the government (what's left of it) steps in & orders the tax payer to bail them out cos they're too big to fail, austerity begins. Rings a bell eh? DeJaVu comes to mind.

Bitcoin unaffected.

Now if Deutsche Bank goes tits-up, that's a different kettle of fish. It's the German banks that are propping up the Euro & who are also responsible for bankrupting Greece, among other countries. I still can't believe Greece didn't do what the Brits done & give Brussels the finger, but maybe when it happens again (which it will) they & other countries in the economically oppressed EU being held hostage by Brussels/Germany will have learned by their mistakes & give Brussels the finger also.

Bitcoin prospers.

Unofficial & Uncensored SYSCOIN thread: https://bitcointalk.org/index.php?topic=4748031.0
Do not trust Yobit/HitBTC/C-cex/Poloniex/WEX/KuCoin/LiveCoin scam exchanges or shady ICO's run by known scam companies like HashCoins/Ambisafe/Bountyhive etc - they WILL scam you!
Use due diligence & do research. Buy the coins, sell the coins - don't invest in stupid shit. If your questions aren't answered - don't touch it.
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May 30, 2018, 11:39:31 AM
 #6

I am noticing something here, It is not often but I frequently see articles about corrupt politicians in Italy, and one of the famous one is Silvio Berlusconi the former prime minister of Italy who is also the former owner of Milan. It has been said that if there were no corrupt politicians running the government their country would be in the richer side of the world. I don't know in depth the problem they are having but I don't know how Bitcoin can solve their economical problem, it is good that they are seeing BTC as not a threat to their country but I don't see any projects, regulations, or laws which will impact quickly to their economy.
Corruption is a global problem that cant really be resolved or vanished yet government officials would really have always the tendency to commit such unfair fund handling. Instead on focusing on economic progress but because of greed they do decide up to benefit themselves without minding on its actual purpose.Ive seen those articles too about corrupt politicians but im not totally surprised even on abroad or overseas there are countries which do suffer corruption. Funamentals on bitcoin price gain,im not really sure if this is included.

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May 30, 2018, 06:12:37 PM
 #7

I do not understand why in Italy they raise the problem of secession from the European Union. With the European Union is bad, but without it will be even worse. Even in England they do not really want to get out of it, having achieved such a right. As for the crypto currency, then really, this situation will have a very positive impact on bitcoin and other crypto currency. They will show the advantages of their decentralization.

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May 30, 2018, 06:50:49 PM
 #8

Even in England they do not really want to get out of it....

You mean Britain I presume?  Yes, they do. They voted on it. The only people who don't want out are banks & politicians because they'll lose out & they've been crying about it ever since "the people" decided.

Democracy at it finest.

Unofficial & Uncensored SYSCOIN thread: https://bitcointalk.org/index.php?topic=4748031.0
Do not trust Yobit/HitBTC/C-cex/Poloniex/WEX/KuCoin/LiveCoin scam exchanges or shady ICO's run by known scam companies like HashCoins/Ambisafe/Bountyhive etc - they WILL scam you!
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May 30, 2018, 07:15:17 PM
 #9

The only people who don't want out are banks & politicians because they'll lose out & they've been crying about it ever since "the people" decided.

Democracy at it finest.

I find it quite funny how people in the west quite often praise the democratic nature of their countries, while such a thing doesn't exist aside from a few local-state governments. Everything on the larger scale depends on power and financial status only, and let these entities indeed be with the most to lose. I quite often get blamed for not voting, but it's impossible to explain some people that everything is rigged to the core and that voting has no influence over the end result of whatever elections. I get it, technically and in an ideal world voting is a right that you should not discard, but we unfortunately aren't living in an ideal world -- the sooner people wake up the more there is to save.
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May 30, 2018, 09:25:34 PM
 #10

The only people who don't want out are banks & politicians because they'll lose out & they've been crying about it ever since "the people" decided.

Democracy at it finest.

I find it quite funny how people in the west quite often praise the democratic nature of their countries, while such a thing doesn't exist aside from a few local-state governments. Everything on the larger scale depends on power and financial status only, and let these entities indeed be with the most to lose. I quite often get blamed for not voting, but it's impossible to explain some people that everything is rigged to the core and that voting has no influence over the end result of whatever elections. I get it, technically and in an ideal world voting is a right that you should not discard, but we unfortunately aren't living in an ideal world -- the sooner people wake up the more there is to save.

I've never voted in my life, simply because there's never been anyone worth voting for in my view. However, I do have the right to vote if I choose, & it's the right to vote (or not to) that is important. Some so called democracies demand that you vote no matter where in the world you are & failure to do so is a criminal offense, which I find a bit strange, as they are being forced to vote for someone they don't want - which is more of a "wasted" vote than not voting at all (abstention).

Unofficial & Uncensored SYSCOIN thread: https://bitcointalk.org/index.php?topic=4748031.0
Do not trust Yobit/HitBTC/C-cex/Poloniex/WEX/KuCoin/LiveCoin scam exchanges or shady ICO's run by known scam companies like HashCoins/Ambisafe/Bountyhive etc - they WILL scam you!
Use due diligence & do research. Buy the coins, sell the coins - don't invest in stupid shit. If your questions aren't answered - don't touch it.
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May 30, 2018, 10:02:34 PM
 #11

Bitcoin price trending up? The bears would call yesterday’s (brief) reversal in trend a dead cat bounce. We would love to see the follies of politicians resulting in the larger public losing interest in the existing financial order and Bitcoin gaining prominence. Unfortunately, this will take years to take place and won’t be triggered by one country’s misery.


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May 30, 2018, 10:53:30 PM
 #12

Not this again. Bitcoin having gone up yesterday is not related to anything other than whales finding it necessary to trade a notch higher.

There are some good examples of big Bitcoin price movements timed with some significant Bitcoin news, but I don't remember a single case of Bitcoin clearly reacting to economic problems in some countries. The fact that Bitcoin is popular in Venezuela and Zimbabwe doesn't mean that citizens of all other countries are rushing to buy Bitcoin every time there are negative events in their economies. Traders also doesn't react to some small local news, they are interested in big players like China and the US.

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May 30, 2018, 10:56:16 PM
 #13

Instead of reporting about what's happening in Italy, which at this point in time isn't affecting Bitcoin in any way, they (the media) should dive into what's happening with BitMEX and how the market is being trolled constantly.

It's pretty obvious how massive leveraged positions are opened just before the price goes up or down. If authorities are upping their game when it comes to manipulation, they should focus on that.

Bitcoin price trending up? The bears would call yesterday’s (brief) reversal in trend a dead cat bounce.
The media just lost its mind. It's nothing more than a lack of worthy subjects to write about. Today they believe the bulls are back, where tomorrow according to them the bears have regained territory.

The market itself is as unmotivated as it has been for weeks now. Italy will only start shaking up the regular economy when there is an actual threat, and right now there is none. It's just speculation as always.

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