Euro has dropped both against the dollar and the bitcoin since last month amidst the Italian political turbulence.
Some data published by eToro analyst Mati Greenspan indicated that in spite of its May dive, Bitcoin is still up by 7% than its April 1 level compared to the euro dropping by 6%.
Italy will be holding its 2018 elections but former Greek finance minister Yanis Varoufakis warned that it can only get worse.
President Sergio Mattarella’s unwillingness to name eurosceptic Paolo Savona as finance minister favors the right, particularly the Northern leader, Matteo Salvini. The Greek official warned:
“In short, (Mattarella) fell right into Mr. Salvini’s trap. The formation of another ‘technical’ government, under a former IMF apparatchik, is a fantastic gift to Mr. Salvini.”
Amidst the turmoil, Bitcoin price went up today and the euro remains sensitive to those fluctuations to the amusement of Bitcoin commentators.
Italy’s stocks in the meantime continue to suffer from the confusion. ZeroHedge. a financial and political news and editorials resource, reports, a “full-blown liquidation avalanche.”