The cryptocurrency news today show that the Bitcoin weekly trading volumes on peer-to-peer trading platform LocalBitcoins came to new highs in Venezuela and Argentina. The all-time highs were hit in the national currencies and as data from the crypto site CoinDance shows, both of the countries have hit new record highs.
In detail, the data shows that in Argentina the P2P trading volume saw over 32.6 million Argentine pesos (around 4,905) traded on the platform.
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This marked a 34% increase which was more than the record registered two weeks before that.
In Venezuela, we could see that more than 248 billion bolivars (around $24.8 million) were traded on LocalBitcoins during the same week. This marks a 15.6% increase which is more than the record volume registered during the previous week.
As we reported in the Bitcoin price news in early November, the P2P trading volumes in Venezuela have started setting records after the measures taken by the local central bank which intended to curb Bitcoin inflows. The regulator decided to ban Argentines from buying BTC with credit cards, right after it banned buying more than $200 per month.
Anyways, Venezuela and Argentina are now with new records. In Argentina, the capital control measures came in mid-September when the bank announced its intention to increase the peso’s monetary base by 2.5% per month (over the next two months).
In Venezuela, citizens apparently use Bitcoin (BTC) to escape from the extreme inflation of the bolivar right now. The increasing volume may also be coupled with the fact that in late September, the local central bank was exploring the possibilities of holding Bitcoin and Ether (ETH) in its coffers.
Meanwhile, we can see some improvement on the market, too. The news now show that besides Venezuela and Argentina hitting new records on P2P networks, the total market cap is now at $195 billion and the 24 hour volume is at $70 billion which is a good indicator that the bulls might be coming back.
The top performers on the day are Bitcoin SV (BSV), Ethereum (ETH) and Litecoin (LTC) from the top 10. In fact, BSV rose by 3% while ETH and LTC surged by 1.5% on the day. The market is stable and we can see a potential bullish increase coming on the way.
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