News Venezuela Smashes Weekly Bitcoin Trading Record With 114 Billion...

Venezuela Smashes Weekly Bitcoin Trading Record With 114 Billion Bolivars


- Advertisment -

Authored by William Suberg via,

Bitcoin trading has hit a giant new record yet again in Venezuela as the country’s crippling hyperinflation continues to play out

Venezuela Smashes Weekly Bitcoin Trading Record With 114 Billion Bolivars

image courtesy of CoinTelegraph

Localbitcoins volume up 48%

Data published on Sep. 2 from monitoring resource Coin Dance, which tracks trade volumes on P2P crypto exchange platforms, showed Venezuelans traded more last week than ever before.

In the seven days ending Aug. 31, 114 billion sovereign bolivars (VES) changed hands on Localbitcoins alone. 

That figure dwarfs the previous record set the week before at 77 billion. In Bitcoin terms, however, the uptick was far smaller, rising from 465 BTC to 533 BTC.

Venezuela Smashes Weekly Bitcoin Trading Record With 114 Billion Bolivars

Venezuela Localbitcoins trade volume. Source: Coin Dance

Authorities tout sanctioned Petro

As Cointelegraph has reported, recent weekly highs in VES trading underscore the weakness of the Venezuelan currency as it devalues against every other. 

The inflation rate in fact dipped in July after the government brought in financial controls. While figures of 10 million percent circulated before, July’s annual rate of inflation was more like 265,000%, Reuters reported in August.

The government nonetheless is still pushing its controversial national currency, which includes state-issued digital currency, Petro. Last week, a remittance system for Petro came into being, but its use perspectives remain uncertain in the wake of sweeping sanctions against the token.

A deal to allow one of Venezuela’s largest department store chains, Traki, to accept cryptocurrency payments meanwhile completed the week previously.

Venezuela Smashes Weekly Bitcoin Trading Record With 114 Billion Bolivars



Please enter your comment!
Please enter your name here

Latest news

Crypterium Signs New Partnership with Apple Pay, Unveils its Virtual Card

In late 2017 when Bitcoin and other digital assets became quite popular, the consensus amongst enthusiasts was...

Top 5 Crypto Invoice Services for Making Business Administration Simpler

In the current economic landscape, the cryptocurrency’s worldwide adoption is picking up at an ever-increasing pace.

Data-Intensive Sector Has A Lot More To Explore With Blockchain Technology

Blockchain technology in Data-Intensive sectors is gaining huge recognition in the market. It is used in building...

4 Tips on How To Succeed on Bitcoin Trading

Bitcoin is a type of cryptocurrency which has grabbed the attention of countless people from different countries....
- Advertisement -

The First Cryptocurrency Bank License Is Now Granted

This is a historic development. A milestone in Bitcoin's path to broad acceptance and recognition. The State...

Yield Farming Program “Volcano” Kicks off Dutch Auction for Cryptokitties KittieFIGHT Game

In the fall of 2017, along with the rallying of Bitcoin and other digital assets, Cryptokitties dominated...

Must read

- Advertisement -

Read Next
Recommended to you