Bitcoin Trading Reaches All Time High in Venezuela Amidst Ongoing Economic Collapse

Bitcoin weekly trading volumes in Venezuela reached a new all-time high, rising to almost $7 million per week on p2p platform LocalBitcoins.

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

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…

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2019-02-07 15:47:00

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Written by Cointelegraph

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