Argentina’s Presidential Election Victory Goes to bitcoin Advocate Javier Milei
Argentina has chosen a new leader who has shown a strong affinity for bitcoin (BTC) and a critical stance against the country’s central bank. Javier Milei emerged victorious in the country’s presidential election on Nov. 19, defeating his opponent Sergio Massa with 55% of the votes. Milei is set to take office on Dec. 10.
Many believe Milei’s election signals a shift in Argentina’s economic policies. The South American country has been grappling with an inflation crisis, with the Argentine peso witnessing a 140% increase in annual inflation over the past 12 months alone.
Milei has been pretty vocal about his dismay for Argentina’s central bank, even going so far as calling it a “scam” and a tool used by politicians to impose an “inflationary tax” on the public. He has referred to bitcoin as a movement towards “the return of money to its original creator, the private sector.” However, Milei has not indicated any specific plans to make bitcoin legal tender in the country. It will be very interesting to see what role cryptocurrency will play in the politician’s administration going forward.
BTC Entering Its Pre-Halving Target Zone
Bullish catalysts like bitcoin friendly politicians advocating for cryptocurrency and the role it can play in economic restoration could be one of the many factors pushing BTC’s price up. In fact, according to Titan of Crypto, a well known cryptocurrency trader, BTC is on the verge of reaching a very important target zone between $39,000 and $50,000 in what he calls the “pre-halving rally”.
The $40,000 price level has proven to be a tough barrier to overcome in BTC’s attempts to climb higher. Despite several attempts in the past week, BTC has struggled to break through this resistance level. However, Titan of Crypto highlighted the importance of $39,000 as the potential bottom for BTC/USD before the 2024 halving. This suggests that the analyst believes BTC’s price may consolidate in this $39,000 to $50,000 range until the halving event.
Other people in the cryptocurrency community seem to agree with Titan of Crypto’s prediction. The co-founder of DecenTrader has also highlighted a price target of $46,000 for BTC before the halving.
The market leader was changing hands at $37,211.08 at press time after it slipped 0.40% over the past 24 hours, according to data from TradingView. Despite this recent drop in price, BTC may still be perfectly positioned to attempt a challenge at the next major resistance level at $38,030 in the next 24-48 hours.
bitcoin Network Fees Spike Almost 1,400% in November
During this past month, the bitcoin network experienced a substantial surge in transaction fees, with data from CryptoFees.info indicating a huge increase of 1,391% from $779,549 at the beginning of the month to a peak of $11.63 million by Nov. 17. While the number has retracted slightly, it was hovering at around the $11.559 million mark yesterday.
This surge in transaction fees was mostly driven by a surge in ordinal transactions, especially those involving text embedded onto satoshis, which represent the smallest unit of bitcoin. There have been an estimated 41,666,862 ordinal transactions to date. This shines light on the growing interest in using bitcoin as more than just a transfer of value as users are actively exploring the potential of embedding information and messages within the blockchain itself.
This may be the last boost in revenue for miners before the upcoming halving that will take place next year. The 2023 halving event is estimated to occur in 151 days around April 19, 2024.
### News source: coinpaper.com