A sweet tale to Bitcoin in South America as data on Coin Dance shows that the weekly volume of trades of Bitcoin (BTC) on LocalBitcoins, a peer to peer exchange platform, increased significantly in the continent. However, the total number of BTC traded weekly has reduced owing to the spike in BTC’s price in the past few weeks.
(Data in this article is collected from Coin Dance)
In the week ending July 6th 2019, the total volume of Bitcoin traded stood at $65.63 million USD, representing a 14% weekly increase on the LocalBitcoins platform. This represents the highest volume (in dollar terms) since November last year.
Weekly volume traded on LocalBitcoins records new yearly highs
Argentina, Venezuela, Columbia, Peru and Chile rank among the top countries in the continent that saw significant gains in volume trades on LocalBitcoins.
South America Leads the Spike in BTC Trading Interest on LocalBitcoins in the Past Week
The trade volumes recorded on LocalBitcoins in the past week ending July 6th 2019, shows the spike in total trade volume on the platform was heavily impacted by South American states. Argentina recorded a total of 15.22 million Argentinian pesos (~$384,000 USD) recording the all-time highest trading value of BTC on the platform. Argentina continues to see low volumes in BTC terms as the past week recorded 30 BTC traded in the country.
Argentinian Peso trades on LocalBitcoins hits weekly all-time high
Venezuelan traders also recorded an all-time high weekly volume with 47 billion Venezuelan bolivars being traded on the platform. Despite the record-breaking fiat trades made on BTC, the number of BTC traded is the lowest traded in the past two weeks since September last year.
Venezuelan bolivar records yet another ATH on LocalBitcoins trade volume but BTC volume remains low
Argentina also has experienced lower Bitcoin trades which can in effect be caused by the increasing price of BTC coinciding with the hyperinflation being experienced in the two countries.
LocalBitcoins Records Lower BTC Trade Volumes
LocalBitcoins has seen a decrease in the overall amount of BTC traded on the platform following the quiet removal of cash trades from the platform. Furthermore the banning of specific countries from the platform citing compliance issues is also affecting the volume of trades completed on the platform.
However, despite the LocalBitcoins recent downturn in BTC purchases and sells, optimism is slowly creeping back in to the industry after a solid and healthy rise in BTC’s price since January. Argentina’s recent economic troubles may benefit from BTC’s value as a safe haven to protect themselves from the hyperinflation in the country. Bitcoin enthusiast and investor, Tim Draper recently called on Argentina to look at the possibility of blockchain technology and cryptocurrencies as they have the potential to flourish in the country.
(All images sourced from Coin Dance)