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⚡Exchange Wallets Add $1.16B Monthly🧱

Croxroad

21 Nov 2023 — 3 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

♠️ Bitcoin's Momentum Unleashed

The security of coins stored in exchange wallets became a major concern in the past year, notably following the collapse of FTX, the third-largest exchange led by Sam Bankman Fried. This incident prompted a significant shift among investors who withdrew their coins from exchanges, opting to secure them in direct custody. The aftermath of FTX's troubles underscored the importance of individual control over digital assets.

As of the latest data from CoinDesk Indices, Bitcoin is currently trading at $37,170. This follows a recent peak of $31,517, observed late Sunday. Interestingly, this surge is speculated to be linked to the victory of Javier Milei, a prominent Bitcoin supporter, in Argentina's Presidential elections. The cryptocurrency has shown remarkable resilience and growth, boasting a 7.5% increase this month alone, building upon the impressive 28% surge it experienced in October.

Bitcoin's consistent positive momentum not only reflects its standing as a leading digital currency by market value but also underscores its ability to respond to both global events and individual developments, further solidifying its position in the financial landscape.

🇦🇷 Argentinian Election Sparks Bitcoin Rally

Bitcoin experienced a nearly 3% surge following the decisive victory of Javier Milei, a pro-crypto candidate from the far right, in Argentina's presidential election. This propelled Bitcoin past the $37,000 mark, maintaining a 2% gain over the past 24 hours. Milei, an anarcho-capitalist and libertarian, is known for his radical economic proposals, including the elimination of Argentina's central bank, making him a figure embraced by the digital community.

Despite Milei's strong support for digital urrencies, particularly Bitcoin, he differs from El Salvador's approach, expressing no plans to make it legal tender. Instead, he aims to combat Argentina's staggering 140% inflation by dollarizing the economy. Notable crypto figures, such as MicroStrategy's Michael Saylor and BitMEX's Arthur Hayes, have congratulated Milei on his victory.

While Milei's libertarian economic views resonate with many in Argentina, his stance on other issues, such as opposition to sex education and feminist causes, along with disputing human involvement in climate change, has sparked controversy and alienated some segments of the population.

🎃 Halving events

Bitcoin halving events occur approximately every four years and represent a pivotal aspect of the cryptocurrency's protocol. During a halving, the reward that miners receive for successfully validating and adding a new block to the blockchain is reduced by half. This programmed reduction is a fundamental feature designed to limit the total supply of Bitcoin to 21 million coins, fostering scarcity and potentially influencing the asset's value. The mechanism is ingrained in Bitcoin's code and serves as a methodical way to control inflation while adding a predictable and diminishing issuance schedule. Past halving events have historically been associated with bull markets, as the reduced supply growth sparks increased interest and demand in anticipation of the diminishing new supply.