After a few ups and downs this week, the leading cryptocurrency Bitcoin (BTC) has stabilized at the $7,700 mark, with a potential rally to hit the $8,000 mark. And while many investors remained silent on the new price of Bitcoin, it seems that the Bitcoin price has attracted many Venezuelans over the last three months.
According to the reports by the news outlet Criptonoticias, the second quarter of 2018 in Venezuela has sparked big interest when it comes to Bitcoin buying. After experiencing the first cryptocurrency boom early in 2017 with 805 Bitcoins in a week were exchanged, Venezuela is again on the rise when it comes to Bitcoin buying.
Despite the dropped interest for buying crypto over the past week, the decline in trading volume has stopped – and Bitcoin buying surged once again, as evidenced by the data. The volume of the Venezuelan Bolivar to Bitcoin exchange increased by 138% over months of March to April and by 39% more from April to May.
The first week of June continued the rise, according to Criptonoticias. Over the last week, more than 4.9 trillion bolivars were spent on Bitcoins, while the first week of June saw the volume grow by 40.8% to 6.9 trillion.
The interest for buying Bitcoins is mostly because of the hyperinflation that occurred in late May in Venezuela, surpassing 25,000% according to Forbes.
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