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Petro price booms as Venezuelan President announces new peg at 9,000 bolivares

Priyamvada Singh

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Petro price booms as Venezuelan President announces new peg at 9,000 bolivares
Source: Pixabay

Last week, Nicolas Maduro, the President of Venezuela reportedly announced that the price of the country’s very own cryptocurrency, Petro has more than doubled, currently valuing at about 9,000 from an earlier peg of $3,600 sovereign bolivar.

The Venezuelan leader established the relation of Petro with the national currency of his land earlier this year, in August, wherein he had declared the price of Petro at 3,600 sovereign Bolivars.

As reported by Bitcoin.com, the wallet for the cryptocurrency is not available as of now. However, the central government has been selling, as well as issuing certificates for the buyers to purchase Petro. Furthermore, the price hike of Petro was stated to have taken effect earlier this week, on Friday, post the Thursday announcement made by the Maduro.

Another development on the front of the economic crisis in Venezuela took place when the President decided to raise the minimum wage in the country by 25 times since 2013. The monthly minimum wage is also pegged to the price of Petro. He also stated:

“The arrival of Christmas is very exciting, so this corrective measure comes as a gift for large working families.”

About two months ago, Petro faced another issue when the accessibility of the token was at stake in the wake of new passport rule. Here, Delcy Rodriguez, the Vice President of Venezuela established that the new passports would cost two Petro, which was calculated to be about quadruple of the monthly minimum wage of the citizens.



Tim Copeland, a cryptocurrency and blockchain enthusiast and a writer in the space on Twitter expressed:

“The Petro has already devalued by 100%. Maybe stick to a cryptocurrency with a set inflation rate. Or even just a cryptocurrency rather than some imagined well wishing metric.”

Mati Greenspan, a market expert researcher and blockchain space follower also commented on the issue. He wrote:

“You can’t have your cake and eat it too.
If the Petro is tied to the price of oil, then the President can’t announce the exchange rate on television.
That’s simply not how free markets work guys.
The Petro is not a cryptocurrency!!!”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Guest Author

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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