Bitcoin's “Meh!” to Greek Proposal Rejection
According to a Bloomberg report, the troika of International Monetary Fund, European Commission and the European Central Bank has rejected Alexis Tsipras' set of bailout proposals intended to keep the Mediterranean nation in the Eurozone. Greece's creditors passed on the revised set of proposals to the Greek government even as the Prime Minister expressed his shock at his own proposals being turned down. According to Agence France-Presse, Greece has rejected the counter-proposal. Greece is due to pay IMF $1.7 billion before its bailout package expires on June 30. Bitcoin Remains....
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Bitcoin has enjoyed a pivotal moment, thanks to the ongoing Greek debt crisis, which resulted in capital controls and an influx of funds towards the cryptocurrency. Indeed bitcoin prices have eventually landed back above the $300 mark, following a long period of consolidation around $220 earlier in the year. The prospect of shifting back to a potentially worthless drachma has led several Greeks to move their money to bitcoin, as some websites have offered bitcoin loans and investments while others offered to purchase Greek products using the cryptocurrency. This could allow Greek citizens....
The bitcoin industry had its ups and downs so far this year, a decent performance relative to the massive downturn it saw last year. What kind of developments did we see so far and how did these affect bitcoin prices? Greek Debt Crisis. Perhaps one of the biggest drivers in bitcoin price action so far is the Greek debt issue, which led to the imposition of capital controls in the country and left citizens with no other option but to move funds using bitcoin. Apart from that, the prospect of returning to a potentially worthless drachma in case the country is kicked out of the euro zone led....
Presently in a National Park, Mount Olympus, was at one time home to some of the most powerful Greek gods. According to ancient Greek legend, the mountain Olympus was built after the younger gods defeated the titans in the battle for control of the world. The peaked mountain, according to experts, was created to hide […]
Bitcoin has slid another 1.31% to $239.85 and is threatening to break the crucial support zone of $238-240. The decline comes in the aftermath of the fallout between the Greek government and its creditors; the creditors have rejected Greek Prime Minister's bailout proposals and in return, the Greek government turned down the creditors' counter-proposal. In all of this, Bitcoin has remained fairly strong and is still closing above $240. Bitcoin is a risky trade right now: the technical indicators are saying 'sell' while the support zone is still being respected. Check out the technical....
When Greece missed its deadline to the IMF last week and talks of an imminent euro zone exit dominated the newswires, several Greeks already started moving their funds to bitcoin. Capital controls imposed in the country made it difficult for the Greeks to secure loans or make investments, leading to the rise of sites lending bitcoin and buying Greek products. After the Greek referendum resulted in a resounding majority voting against austerity and the current bailout proposal, market watchers are starting to talk about the potential implications of a return to the drachma. This could mean....