The South African rand has hit a new low against the US dollar, currently trading at ZAR19.51:US$1. The currency has lost more than 12% since the beginning of 2023 and more than 5% in one week. The fall came after the US ambassador to South Africa claimed the country was secretly supplying weapons to Russia, leading to a sharp decline in the value of the South African currency.
The South African rand plunged to a new low against the US dollar a day after the US accused the country of secretly supplying ammunition to Russia. The news sent shockwaves through the world of cryptocurrency, with Bitcoin prices dropping in response to the news.
The sharp decline of the South African rand is expected to have an impact on other cryptocurrencies as well. With the US-South African tensions escalating, investors are likely to look for alternative investments outside of the rand. This could be beneficial for some of the other major cryptocurrencies such as Bitcoin, Ethereum and Ripple.
The recent events have highlighted the volatility of the cryptocurrency market and how quickly prices can fluctuate in response to news events. It is important for investors to remain informed and pay attention to the news in order to make intelligent decisions when trading.
