A weekly section discussing how general events can influence the future of the cryptocurrency sector
Venezuelan Bolivar Collapses
The value of the Venezuelan Bolivar has plummeted in the last month, depreciating from 102.56 to 159.02 bolivars per US dollar on the black market. The November decline indicates that Venezuela is flirting with hyperinflation.
Russian Ruble Collapses As Well
Russia currency Ruble continued to decline in a bearish flag throughout last week, recording the biggest weekly decline since the 1998 crisis. The oil price, meanwhile, continued to go down as well, bringing the Russian economy to the brink of recession.
Ukraine Seeks Second Bailout
The Central Bank of Ukraine reported that its foreign exchange reserves hit their lowest level in a decade, and now seeks to increase pressure on the West to provide a new bailout. From the November 30, 2013, the hryvnia has risen from 8.15 per dollar to 15.34 per dollar. It has thus depreciated by 46.87% in just over a year.
Top Banks in US Urge Elite Clients to Move Deposits
With the arrival of new rules, comes the departure of elite accounts, proves the requests recently made by leading banks to their big clients. According to the WSJ reports, JP Morgan Chase, Citigroup Inc. and five other banks have urged their elite clients to close their accounts and move their deposits somewhere else in the wake of new rules.
Study Shows Leading European Banks as Risky
According to a study done by Ophir Gottlieb, the CEO of Capital Labs, around 24 leading banks in Europe are in their worst financial phase by volume bad loans, shrinking assets and debt-equity ratio.
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