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The Argentina central bank has opted to raise interest rates to 118% from the previously held 97%. Indeed, Reuters reported the move made by the country on Monday, as they also devalued the currency to 350 Pesos per US dollar. The Interest rate increase arrives on the heels of a rather shocking development in Argentina’s presidential primary elections. Specifically, the country voted for the unlikely Pro-Bitcoin candidate, Javier Milei. A large reason for his surprise victory is the country’s unfortunate economic situation. JUST IN: 🇦🇷 Argentina's Central Bank raises Interest rate s to 118%. — Watcher.Guru (@WatcherGuru) August 14, 2023 Also Read: Pro-Bitcoin Candidate Javier Milei Wins Argentina Primary Election Argentina Raises Interest Rates to 118% Countries around the world have faced distressing economic conditions in recent months, with inflation and recessionary risks abounding. Now, one of the hardest-hit economies has opted to...

Bitcoin and the wider crypto market began to correct after the bullish momentum that drove last week’s rally to year-to-date highs started to fizzle out. Bitcoin (BTC) has been consolidating near $23,000 for the past few days. The next big question troubling investors is whether the rally is over or if Bitcoin resume its recovery. The strong year-to-date rally in Bitcoin has turned several analysts bullish in the short term. They anticipate Bitcoin to extend its up-move and reach $25,000 and even $30,000. However, for the slightly longer term, analysts seem to be divided. In comments to Cointelegraph, economist Lyn Alden said Bitcoin could face “considerable danger” in the second half of 2023 as liquidity risks rise. Daily cryptocurrency market performance. Source: Coin360 On the other hand, ARK Invest CEO and chief investment officer Cathie Wood said in a company video blog on Jan. 23 that crypto assets could witness a huge turnaround in 2023 as the Fed pivots due to falling inflatio...