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Not just Venezuela, Bitcoin is seeing record volumes all over South America

Bitcoin's mixed pricing fortunes could not be lower than some South American markets, as trade volumes in different countries see major peaks


Argentina, Peru, Colombia …

Despite BTC / USD still reduce to $ 6000 again this month, economic uncertainty in Venezuela and Argentina continues to see huge volumes of fiat change hands for Bitcoin 0 0 .

Data from the Coin Dance tracking volume on the P2P platform Localbitcoins confirms the seven-day deadline on 9 September were the largest ever in Argentina, with users exchanging almost 6.9 million pesos.

Venezuela produced its second highest week with almost 295 million bolivars. Coin Dance noted that exact values ​​are difficult to judge because of the country's currency exchange since August 20 and rampant hyperinflation.

  Bitcoin's mixed pricing fortunes could not care less in some South American markets as trade volumes in several countries see greater Spikes.

Both Argentina and Venezuela have long touched the headlines on the financial difficulties faced by citizens. With 2018, the knock-on effects in neighboring economies are becoming more palpable.

In Peru, where weekly volumes had declined since June, a sudden spike also brought the second highest amount of fiat currency by changing hands to 2.6 million sol.

The story was similar for Colombia, which recorded its fifth – the highest weekly volume.

Bitcoin leaves Altcoins behind

The week represents a considerable divergence from commercial behavior through the global ecosystem just seven days earlier. Coin Dance notes that the period ending September 1 has seen the lowest overall activity since July last year.

  Bitcoin's mixed pricing fortunes could not care less in some South American markets, as trade volumes in several countries see major peaks.

As Bitcoinist reported previously, the appetites to invest – not trade – The holdings in Bitcoin remain a research focus while the 2018 bear market persists.

In the meantime, Bitcoin 0 0 continues to advance in the cryptocurrency markets themselves. The dominant position in the market, which had long remained below 50 percent, has reached its highest level since December of 2017 by around 50 percent.

The data arrives while Ethereum leads a sad week for the altcoins, with Ether (ETH) falling to the 15-month lows below $ 175 on Wednesday.

What do you think of Bitcoin trading volumes? Let us know in the comments below!


Images courtesy of Coin Dance, Shutterstock.

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