Bitcoin (BTC) trading volumes in Venezuela have reached a new all-time high amidst massive hyperinflation and an ongoing presidential crisis, tech news outlet TrustNodes reports Feb. 6.
Bitcoin weekly trading volumes reached above 2,000 BTC (about $6.8 million) on peer-to-peer (P2P) exchange LocalBitcoins during the week ending Feb. 2.
Venezuela LocalBitcoins Weekly Trade Volumes in BTC. Source: Coin.Dance
The recorded trade volumes on LocalBitcoins are just a fraction of overall estimated Bitcoin trading by Venezuelans. As TrustNodes reports, a large amount of trading is taking place on centralized exchanges located in neighboring countries, such as Colombia and Brazil.
In such cases, the total value of Bitcoin trading volumes by Venezuelans is difficult to estimate since trades are often made in local currencies of the neighboring countries.
Trading volumes on LocalBitcoins have also seen a spike in Colombia, with the two countries together accounting for 85 percent of trading volumes on the p2p exchange in Latin America. During the first five weeks of 2019, Venezuela has reportedly seen 8571 transactions, while Colombia saw 1709 transactions.
According to TrustNodes, the trading volume on LocalBitcoins in Venezuela has seen an over four-fold increase since summer 2018, while the inflation of the local fiat currency, the Venezuelan bolivar, has reached one million percent.
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