China’s Tech Crackdown Hits US Stock Markets And South American Crypto Revolution Continues

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Last Updated on 9 July 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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The NASDAQ and Dow stock markets took hits (after European markets suffered one of the worst days of 2021) as the Chinese communist party apparatchiks are now going after tech companies as well. Meanwhile the spread of the Delta-variant has investors worried and in the cryptosphere there is a renewed threat of regulation.

Both labor shortages and supply chain bottlenecks were already worrying factors for the US economy, but with the Chinese leadership now going after tech companies as well and the Delta-variant spreading rapidly, there was a clear retreat from riskier assets.

The cryptosphere retreated but Bitcoin was in the end able to hold off on any major retreats. At the time of writing, the world’s biggest cryptocurrency by market cap trades at $32k.

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Argentina joins crypto revolution

Earlier this week I listened to a podcast by the Wall Street Journal in which the US inflation forecast and the FED’s influence on it was discussed. In order to explain the 1970s stagflation, one of the invitees explained how she had lived in Argentina in the previous decades and had thus seen how inflation over there could run away from you if you didn’t pay attention. Perhaps the previous history and bad luck that many South American economies have known with regards to inflation and fiat money makes them now so eager to take crypto in its stride.

After El Salvador adopted Bitcoin as legal tender, many other South American nations showed interest as well. The last one to enter the fray is indeed Argentina, one of the largest land masses on the continent.

Congressman José Luis Ramón proposes a bill which will let Argentinean companies pay their employees in cryptocurrency.

Argentines can strengthen their autonomy and preserve the purchasing power of their remuneration.

He stated. With Argentina’s inflation rate predicted to rise to 48 percent this year, a decentralized money system could indeed come as a solution.

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