Over the past few years, countries like Venezuela and Argentina have faced the worst economic crises in the region and Bitcoin being the decentralized cryptocurrency has been on a rise in these regions.
However, the latest data reveals that P2P trading continues to increase and hit an all-time high in both countries.
P2P Trading on Rise Weaker Economic Countries
Per the crypto data websites CoinDance, a P2P trading platform LocalBitcoins shows bitcoin and P2p trading volume has been recording an incredible weekly surge in Venezuela and Argentina. More so, the weekly trading volume in these countries reached an all-time high (ATH) on LocalBitcoins last week.
Notably, almost 248 billion bolivars (app.$24.8 million) traded on LocalBitcoins in Venezuela last week (December 15 – December 21) which was apparently 20.67% higher than early December. In contrast, Argentina witnessed trading of 32.6 million Argentine pesos ($544,905) on LocalBitcoins within the same week. Even though P2P trading volume in Argentina is relatively less than that of Venezuela last week, the trading volume in the former country saw a spectacular rise compared to what was traded during the weeks before.
Moreover, the major market players such as Huobi exchange, and many others are looking to expand their business across these regions and tap on the crypto-blockchain community in Venezuela and Argentina.
In fact, Huobi Global has launched a subsidiary in Argentina to help Argentines with crypto trading efficiently by using their local fiat currency.
Due to unstable and harsh economic situations in the regions like Argentina and Venezuela, investors often seek out the best possible alternative that holds potentially profitable opportunity – this being said, bitcoin ranks on top of the list of assets available. More so, experts believe that these situations may not change soon.
Conclusively, the leading cryptocurrency Bitcoin is currently up with 1.97 percent within the past 24Hs which quietly surged its trading value to $7472 against USD. More so, the currency at the time of reporting this is valuing the market capitalization of $135,469,268,487.