Bitcoin weekly trading volumes on peer-to-peer trading platform LocalBitcoins in Venezuela and Argentina have hit new all-time highs in their respective national currencies.
Cryptocurrency data website CoinDance shows that LocalBitcoins trading volume in local fiat currency in Argentina and Venezuela have hit new record highs.
According to the website's data, the week ending on Dec. 21 saw over 32.6 million Argentine pesos traded on the platform, or 34% more than the record registered two weeks before.
In Venezuela, on the other hand, over 248 billion bolivars were traded on LocalBitcoins during the same week, nearly 15.6% more than the record volume registered during the previous week.
As Cointelegraph reported in early November, P2P trading volumes in Venezuela have started setting records after measures taken by the local central bank to curb Bitcoin inflows.
Specifically, the regulator decided to ban Argentines from buying BTC with credit cards after also banning buying more than $200 per month.
The capital control measures came after in mid-September the bank announced the intention to increase the peso's monetary base by 2.5% per month over the following two months.
Venezuelan citizens, on the other hand, apparently use Bitcoin to escape the extreme inflation of the bolivar.
The increasing volume may also be spurred by late-September reports that the local central bank that it is exploring the possibilities of holding Bitcoin and Ether in its coffers.
Venezuela, Argentina Set New Weekly P2P Bitcoin Trading Volume Records
gepubliceerd op Dec 28, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.