P2P Bitcoin Trading In Argentina Drops As Peso Value Decreases

There has been a Bitcoin boom in Argentina throughout the entire 2020, the latest cryptocurrency news show. However, as the year is slowly going by, we can see that the peer to peer (P2P) BTC volumes have been dropping in the country, despite the bad month for the Argentinian peso. The P2P Bitcoin trading in Argentina is not what it used to be anymore, but we can still see 2020 as a breakthrough year for the cryptocurrency in the country.

As reports show, citizens are now turning to the world’s most popular cryptocurrency as a speculative tool, rather than a dollar gateway. Last year, access to the USD cryptocurrency was limited to USD 200 per person in sales and purchases, all in attempt to halt inflation.

Speaking of which, inflation has hit the country very hard and spiked by almost 41% in the month of August. According to Mercopress, the Argentine peso became “virtually worthless” in many countries such as the neighbouring Uruguay in the past few weeks, and a few bureau de change operators prepared to touch it.

The Bitcoin news show that despite the P2P Bitcoin trading craze that we witnessed at the start of the year, the peso’s value has fallen yet further this month after the Central Bank of Argentina introduced a flexible exchange rate on October 1. Here is the chart which shows the value of the Argentinian peso.

However, the P2P Bitcoin trading growth has slowed down as data from Localbitcoins shows. The biggest P2P player in the world fell down from record four year highs in July to a new three month low during the first week of October, as data from Coin Dance shows.

Meanwhile, the volume of BTC traded across global crypto exchanges increased by almost 30% last month, compared to August, as Coingecko’s data shows. The P2P Bitcoin trading in Argentina is attempting to recover – and the crypto market Paxful experienced a whopping 280% increase in the volume of transactions in the past three months, which is a promising thing.

A press release issued by the Latin America chief at Paxful Magdiela Rivas shows that the nation was undergoing a major “boom in crypto” which was spurred by the financial crisis.