97 Bitcoins were traded in Argentina last week

97 Bitcoins were traded in Argentina last week

By Permabull | BTC Latino | 29 Jul 2020


Checking last week's statistics, 97 BTC were traded in Argentina on LocalBitcoins.

The number is slightly down from week before (106 BTC) but still up from the volume, three of weeks ago - 92 BTC. Last time the weekly volume was this high in Argentina was back in June 2016.

 

Last week's 97 Bitcoins is pretty impressive, considering the monthly volume until last month was averaging between 200 & 250 BTC.The spike in trading Bitcoins hits the country at its worst economic recession and financial crises.

There are quite a few exchanges in Argentina (Binance, Bitex, Huobi, SatoshiTango, etc) but only LocalBitcoins provides the data to see weekly volumes.

If you prefer a quick TL;DR: 10 Facts About Hunger In Argentina

Argentina was facing a third year of recession in 2020 even before the coronavirus hit. Now with the pandemic's economic shock, some analysts foresee a record contraction in the crisis-prone country.

Back to Bitcoin in Argentina. Local residents and investors treat Bitcoin as a safe haven and a way to hedge against the incapable government.

LocalBitcoins listings: https://localbitcoins.com/buy-bitcoins-online/ars/

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It looks like most Bitcoins were traded between 2014 & 2016. That's true but don't forget that Bitcoin was much cheaper before the ATH in 2017. Here's the same volume in ARS (Fiat in Argentina):

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Yep, Argentina is buying big time again. It might be due to Argentinians using Bitcoin as a store of value (digital gold) or simply because they are hitting ATH (All Time High) every other week.

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Chart @ CoinGecko.com - Great site although the BTC price in ARS is completely wrong. Visit LocalBitcoins to see the real price.

You can also check the weekly volumes at Coin.dance.

 

Will keep you posted. If you have any questions, ask in the comments, please.


Permabull
Permabull

Saw crypto as a way to make some cash. Learned about the tech and will stay in forever.


BTC Latino
BTC Latino

Hope this blog will help to spread the awareness about the financial situation in the Latin countries as well as the use of cryptocurrencies in poor countries as an hedge against corrupt governments. Currently mostly about Argentina and Venezuela, more countries to follow.

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