Daily crypto: Red numbers and the Venezuelan president raises the price of the currency petro

Daily crypto: Red numbers and the Venezuelan president raises the price of the currency petro.

Image source: Shutterstock / Trijo News

Tim Haldorsson

tim.haldorsson@trijo.co

The total market cap for all cryptocurrencies has lost $5 billion. Also, the Venezuelan president has raised the value of the national cryptocurrency petro with 150 percent.

The crypto markets have lost in value over the last 24 hours. Currently, 88 of the 100 biggest cryptocurrencies are traded at lower prices than yesterday.

The market cap for all cryptocurrencies has dropped $5 billion over the last 24 hours – from $135 billion yesterday to $130 billion today.

Raises the value of Venezuela’s national cryptocurrency

Now, Venezuela’s president, Nicolas Maduro, has announced that he raises the value of the petro, Venezuela’s national cryptocurrency. After the decision, a petro will cost 9,000 bolivars (a currency used in Venezuela). This is an increase of 150 percent from 3,600 bolivars that a petro would cost according to the president in August this year.

“When the president decrees that a petro is worth 9,000 bolivars, what he is saying is that the petro is not a cryptocurrency but a debt title that is predetermined. It is impossible to think that it is a cryptocurrency when its value is not given by the interaction between supply and demand”, the economist, Leonardo Buniak, said according to Bitcoin News.

Bitcoin cash loses the most

Looking at the biggest cryptocurrencies, all of them show drops in prices. Bitcoin cash (-5,30%) and stellar (-4,35%) loses the most, but also ethereum (-3,62%), bitcoin (-3,36%) and xrp (-2,40%) have lost in value over the last day.

Bitcoin (-3,36%) is currently trading at about $4,014, a decline of $150 from yesterday.

The cryptocurrencies on top 100 that performed the best during the last 24 hours were mithril (+33,61%) and mobilego (+14,27%), and those who performed the worst were bitcoin private (-14,31%) and factom (-13,03%).

Asset: Price: % (24h)*
Bitcoin $4 014,80 -3,36%
Xrp $0,36078 -2,40%
Ethereum $112,96 -3,62%
Stellar $0,15705 -4,35%
Bitcoin cash $165,18 -5,30%

*All numbers in this article are from Coinmarketcap.com.

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