Argentina and Venezuela Continue Setting Record Highs in Bitcoin (BTC) Trades on LocalBitcoins

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.

C:\Users\USER\Downloads\coin-dance-localbitcoins-ARS-volume (1).png

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)

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

CoinDCX Becomes The First Indian Crypto Exchange To Launch Token Staking Services

Indian cryptocurrency exchange, CoinDCX, becomes the first in the country to launch simple staking services for its users. First reported on Coindesk, the staking...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

Dapper Labs Raises $12M with NBA Players from the Brooklyn Nets & Miami Heat Participating

Vancouver-based Dapper Labs has raised $12 million in its latest financing round with additional backing from Coinbase ventures and Distributed Global. Its existing investors...

DeFi App Aave Creates First Credit Delegation Loan to DeversiFi Decentralized Exchange

DeFi lending platform, Aave completes its first-ever ‘credit delegation’ as DeversiFi borrows over $230,000 without posting collateral. The service agreement was signed on...

Bitcoin Futures Trading at a High Premium; Already Hitting $12,000 on CME

Bitcoin has yet again gained momentum, with people expecting for $12k to hit soon. According to analyst Mati Greenspan, for a sustainable rally, a...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today