There has been a new record set for Bitcoin (BTC) trading in two of its most keenly watched South American markets last week, the latest cryptocurrency news show. The new data shows that Argentina sets new trading records on November 10, the seventh day ending Saturday when the markets saw more trading against BTC than ever before in both Venezuela and Argentina.
The statistics also cover the peer-to-peer trading platform Localbitcoins, which despite the user identification demands continues to see patronage in the two troubled economies. In total, Venezuela traded 142.9 billion sovereign bolivars (VES) last week, while Argentina managed to trade 19.4 million pesos (ARS) – setting new firm records for both the countries over the previous levels.
In Bitcoin terms, the trading period did not see a noticeable uptick in volume. As Argentina sets new records, there is proof that countries are continuing to weaken. Venezuela traded 627 BTC ($5.5 million) while the Argentina tally totalled 30 BTC ($263,000).
The inflation continues to be a major problem for the governments in both Caracas and Buenos Aires. The change of government in Argentina is only serving to make the matters worse for the economy. Last week, the central bank formally banned consumers from purchasing Bitcoin and other cryptocurrency using credit cards.
As Argentina sets new record for Bitcoin (BTC) trading, Venezuelans continue to hit out at their regime and its state-backed cryptocurrency Petro, which was introduced on a semi-mandatory basis last year.
“Printing physical worthless money is expensive and has challenging logistics. This is why Venezuela is going ‘Petro’ — to screw the people out their savings in real-time, with no printing costs at all,” said Mauricio Di Bartolomeo, the co-founder of the Bitcoin finance startup Ledn. He summarized the situation on November 7 and said:
“The Venezuelan Petro is everything Bitcoin stands against.”
As reports from the Financial Times outlined, Venezuela is being forced to sell cheap blends of oil at significant discounts due to the mounting impact of the US sanctions on the government. The oil revenues are now down to around $250 million per month, compared to the up to $5 billion before the financial crisis.
Meanwhile, the Bitcoin news now show that BTC is still below the $8,800 mark and is trading with a 1.28% decrease on the day at press time.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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