November 11, 2019

Argentina: Bitcoin Trading Record

Bitcoin (BTC) trading set new records in two of its most keenly watched South American markets last week, new data has revealed.

As monitoring resource Coin Dance confirmed on Nov. 10, the seven days ending Saturday saw more trading against BTC than ever before in both Venezuela and Argentina. The statistics include the peer-to-peer platform Localbitcoins, which, despite increasing user identification requirements, continues to have patronage in the two troubled economies.

In total, Venezuela traded 142.9 billion sovereign bolivars (VES) last week, while Argentina managed 19.4 million pesos (ARS). Both are solid records over their predecessors. However, Bitcoin's trading period saw no noticeable volume increase, indicating that the currencies of both countries continue to weaken. Venezuela traded 627 BTC ($5.5 million), while Argentina's total was 30 BTC ($263,000).

Inflation remains a major problem for the governments in Caracas and Buenos Aires, with Argentina's change of government only helping to exacerbate the situation for the economy.

Last week, the central bank officially banned consumers from buying Bitcoin and other crypto currencies with credit cards.

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