Bitcoin trading surges in the South American countries according to the data from the monitoring company Coin Dance which shows the movement across decentralized P2P platforms. In the latest cryptocurrency news today we take a closer look at the analysis.
The data shows that there is a new all-time high record this weekend. For the past seven days, the Venezuelan LocalBitcoins users traded about 49.24 billion sovereign bolivars. Regarding the bitcoin, the trading did not produce records since the 49 billion VES equated to only 512 Bitcoin according to the Coin Dance reports which underscore the economic fragility that is still ongoing in the country. The neighboring countries saw an increase in trading themselves despite the massive impact of US President Doland Trump saying that he did not believe or appreciate Bitcoin’s value.
Chile recorded a 194 million pesos’ worth of transactions just last week on bitcoin exchange LocalBitcoins which is about 50 million off its all-time high. In Colombia for example, the figure was about 9.1 billion Colombian pesos which are about 1.5 billion off the best weekly performance which happened at the beginning of May.
Bitcoin trading surges in Brazil as well according to the local exchange BitValor whereas only in June there was a 23% surge in the number of BTC trades against the Brazilian real in total with a volume passing more than 1 billion. The executives noted:
“Despite the increase, the monthly closing was 15% below the daily maximum of the BRXBT Index in the month of June.’’
Over the past few days, the BTC/USD pair declined sharply and hit a new low as $9912 compared with more than $13,000 just a week ago. The most recent data shows there are about $27 billion changing hands on many exchanges worldwide. Within the P2P, Bisq which is a decentralized platform tracked by Coin Dance produced many new records of its own in different jurisdictions in the recent weeks. The success as noted in the coming altcoin news coincided with LocalBitcoins withdrawing the option to arrange cash meetings for the number one cryptocurrency- bitcoin. The data is changing rapidly so it’s better to keep a close eye on the market.
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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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