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Venezuela Considers Counting Its Bitcoin and Ethereum Holdings Towards International Reserves

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    Venezuela could also use its crypto riches to fill up the dwindling foreign reserves      

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Poverty-stricken Venezuela considers adding its cryptocurrency holdings to its dwindling international reserves, Bloomberg reports. The central bank’s coffers have dropped to only $7.9 bln, the lowest level in more than three decades.

Petróleos de Venezuela, S.A. (PDVSA), the state-owned oil giant, appears to own crypto (namely, Bitcoin and Ethereum), and it doesn’t know how to manage its digital asset holdings in the most efficient way.

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Crypto can also be seen as a solution for skirting the US sanctions that were imposed on the Nicholas Maduro-led socialist state. However, it wouldn’t be able to pass mandatory KYC on cryptocurrency exchanges if they were to sell it on the open market in order to pay their suppliers. Hence, they want to deal with these entities through the country’s central bank, which will not face the same amount of roadblocks.    

Venezuela tried to launch its oil-pegged Petro cryptocurrency, but the state-backed cryptocurrency failed miserably. 

As reported by U.Today, North Korea was accused of running three hacking groups that stole hundreds of millions of dollars from major cryptocurrency exchanges. On top of that, the hermit state is already working on its own coin that will be similar to Bitcoin.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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