Today (June 1), the Bitcoin price rose 0.13% to move at $31,839.3.
Bitcoin’s upward movement this morning came after the Dow Jones Industrial Average closed down 222 points on Tuesday (May 31) as investors expected inflation to remain high.
- The Dow Jones Industrial Average fell 222.84 points, or 0.67%, to close at 32,990.12.
- The S&P 500 fell 26.09 points, or 0.63%, to close at 4,132.15.
- The Nasdaq fell 49.74 points, or 0.41%, to close at 12,081.39 points.
Movement in the Crypto Space
More Argentinians turn to Bitcoin amid inflation fears
Since 2016, Argentina has been struggling with an inflation crisis due to a number of factors, including: Lack of confidence in the central bank, government spending and the devaluation of the peso.
All these factors led to the disappearance of Argentine savings, so many Argentines began to turn to Bitcoin and cryptocurrencies to fight inflation despite the fact that the crypto market has been experiencing a downturn for several months.
Reuters reports that crypto penetration rates in Argentina have increased by 12%.
Besides Bitcoin, more and more Argentines are turning to Stablecoin as a store of value instead of the US dollar. Especially since their country has strict capital restriction rules for foreign exchange services.
The Spot Market is Open
Wednesday, June 1, 2022