Venezuela's weekly Bitcoin trading volume hits all time high

02 May, 2019 | Updated: 02 May, 2019
by Richard Allen
Bitcoin
Venezuela's weekly Bitcoin trading volume hits all time high

As the economic situation in Venezuela worsens as a result of soaring hyperinflation worsened by US sanctions, Venezuelans have increasingly been turning to cryptocurrencies for relief. As a result, weekly volume for Bitcoin is reaching all-time highs.

Data from Coin.Dance, which tracks trading volumes on P2P platforms Localbitcoins, Paxful and Bisq, has shown total volumes in Venezuela on Localbitcoins reached 34.9 billion bolivars (VES) for the week ending April 27. According to the site’s records, that’s the highest in history, beating the previous record of 31.3 billion VES set two weeks before.

However, the bolivars traded through Localbitcoins last week actually totaled significantly less Bitcoin than the previous weeks. The 35.9 billion VES equaled 1208 BTC, while the 31.3 billion VES set earlier in April was equivalent to 1454 BTC.

This dubious record came as Venezuela's government and the contested president Nicholas Maduro, calling for foreign investors to inject cash into the country’s sinking economy.

As Bitcoinist reports, Maduro appealed to overseas parties last week to buy his administration’s controversial cryptocurrency, Petro which is supposedly backed by the country’s oil reserves. Among Petro’s flaws, research has shown that Venezuela’s state oil company had debts multiple times that of Petro’s market cap.

BTC/USD chart provided by Tradingview

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