A new BTC trading record is all over the latest cryptocurrency news, coming directly from the country of Venezuela during times of crisis and hyperinflation. As local sources reported, the giant new record was hit again as the country’s crippling hyperinflation continues to play out.
We are talking about data from the monitoring resource Coin Dance, which was published on September 2 and showed the exact results. The data also tracks trade volumes on the P2P crypto exchange platforms and showed that Venezuelans traded 114 billion Bolivars (VES) on the LocalBitcoins exchange alone only last week than ever before. The new BTC trading record also dwarfs the previous one set the week before at 77 billion.
In Bitcoin terms, the uptick was far smaller. Many best cryptocurrency news sites reported that it rose from 465 BTC to 533 BTC, respectively. As the news showed, the recent weekly highs in VES trading underscore the weakness of the Venezuelan currency as it devalues against every other.
Meanwhile, the inflation rate dipped in July after the government in Venezuela brought in financial controls. The new BTC trading record comes in times when 10 million percent circulated before – and in a month (July) when the annual rate of inflation was more like 265,000%, according to reports from Reuters.
However, the government is still pushing its controversial national currency which includes state-issued digital currency, Petro. The coming altcoin news show that a remittance system for Petro came into being – but its use perspectives still remain uncertain in the wake of many sanctions against the token that will come in the near future.
A deal to allow one of the largest department store chains, Traki, is in motion – all in order for the stores to accept cryptocurrency payments. The deal was completed a week ago, setting a new milestone and proving that the BTC trading record is something serious coupled with the interest that Venezuelans have in Bitcoin.
Speaking of which, the latest updates show that Bitcoin is rising and has added around 1.68% on the day, reaching $9,784 in a new Monday market-wide recovery. There are mixed signals on the market and we can also see a mix of reds and greens everywhere – but there are no notable losses or gains all around the top 10.
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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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