US steps in with a lifeline as Argentina battles peso turmoil, investor flight and President Javier Milei’s waning credibility. Crypto adoption surges. As Argentina grapples with soaring inflation and a run on the peso that has battered domestic asset prices, the United States has stepped in with the promise of a financial lifeline — though Bitcoin proponents remain skeptical it will make a difference. The peso tumbled roughly 4.5% last week as investors questioned President Javier Milei’s ability to deliver fiscal and structural reforms following his party’s poor showing in Buenos Aires provincial elections earlier this month. The sell-off was compounded by a corruption investigation involving a family member of Milei, deepening political uncertainty. Investor unease triggered heavy outflows from Argentine markets. The central bank was forced to spend about $1.1 billion over three days to defend the peso — a hefty sum given that the country holds only about $20 billion in liquid foreign reserves, according t...
Bitcoin’s sharp fall resulted in the biggest long liquidation in a 24-hour period, and the sell-off pulled many altcoins below their immediate support levels. Key points: Bitcoin witnessed the biggest long liquidation of the year, indicating that bulls are losing their grip over the market. Several altcoins are striving to hold on to their support levels but may face solid selling on rallies. Read more
A Republican-backed bill to create a market structure for digital assets is expected to head for a vote in the Senate Banking Committee soon. A group of Democratic senators in the US Congress has signaled its intention to work with Republicans on advancing legislation to establish a digital asset market structure framework. In a Friday statement, 12 Democrats, including members of the Senate Banking Committee and Senate Agriculture Committee, issued a statement ahead of an expected vote on a crypto market structure bill pushed by Republican leadership. “We hope our Republican colleagues will agree to a bipartisan authorship process, as is the norm for legislation of this scale,” the statement reads. “Given our shared interest in moving forward quickly on this issue, we hope they will agree to reasonable requests to allow for true collaboration.” Read more