In the latest crypto news update about the situation in Venezuela, the amount of bolivars that are spent to purchase Bitcoin records a new high level previously unseen as this country goes through an extreme hyperinflation and terrible economic crisis.
About 900 million bolivars have been traded only this past week in Venezuela and this exceeds the level from the week before when the trade volume reached over 850 million bolivars.
This increase in volume is not only because of the devaluation of the bolivar. Last week the highest numbers of Bitcoins were traded in Venezuela when residents traded 1,089 BTC worth a value of $7.1 million on the platform.
This record can be broken again very soon when more than 955 bitcoins are now traded only this week so far. The growing bitcoin trading market comes just as the International Monetary Fund projects that the rate of inflation will reach a stunning 1,370,000 percent in Venezuela when the year ends.
The insane level of inflation could possibly be one of the factors that will further increase the trading volume in bitcoin. In July this year, the international financial institution predicted that an inflation of 1,000,000 percent is likely to happen.
The increase in trading volume comes just before the launch of the public sale of Venezuela’s state-backed cryptocurrency, Petro. This controversial cryptocurrency can be purchased using both major cryptocurrencies but fiat currencies will be accepted as well.
“If you have bitcoins you can buy Petros if you have Ethereum you can buy Petros if you have dollars or euros you can buy Petros. And from November 5, the Petro … will go on sale to the Venezuelan public in sovereign bolivars.’’
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"We believe this thesis still remains intact which could mean seeing a break of the lows in the coming weeks. A 25% selloff in BTC from the current lows of $3,200 would be to roughly $2,400."He also shared that the next sell-off could be just what the crypto market needs in order to finally break the backs of the bears and reach a new bull momentum in 2019.
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“Bitcoin is now accessible at your local grocery store via Coinstar kiosks, and this offering will make it even easier for consumers to participate in this dynamic new economy.”Coinstar, on the other hand, offers coin-to-cash conversion in their kiosks in multiple countries around the world but it still remains unknown whether the Bitcoin feature will expand just as quickly as it did in the US. Coinstar’s CEO Jim Gaherty noted: Coinstar offers coin-to-cash conversion kiosks in various countries throughout the world. It remains unknown whether the Bitcoin feature will expand beyond the U.S., while the company did not provide figures on how many machines will offer it.
“Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks.’’According to CoinATMRadar industry monitoring resource, there are more than 4187 Bitcoin ATMs worldwide and more than 60 percent or 2516 are in the United States. The market has grown plenty over the years and many operators are trying to get control of what they think to become a fairly popular trend for crypto usage.
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