Latin American countries have shown a great deal of interest in Bitcoin and cryptocurrencies as a whole. While the latter can be linked to the falling rates of some country’s fiat currency and inflation, it is worthy to note that Bitcoin has become an alternative in the face of economic challenges. Brazil, for instance, recorded a trading volume of over 100,000 Bitcoins on April 10, reports a media outlet on April 16.
Bitcoin Trading Volume in Latin America Spikes
Per the report, the Bitcoin trading volume in Brazil has spiked and it has set a record of the highest Bitcoin trading volume in Latin America. Cryptocurrency enthusiasts in Brazil traded as high as 100,000 Bitcoins on April 10. It is believed that the sudden interest in the virtual asset was triggered by its surge in price since the month began.
Based on Cointrademonitor’s tool, cryptocurrency exchanges in the region which saw a high level of trading activity on that day are NegocieCoins, TemBTC, and MercadoBitcoin. Each of these recorded a Bitcoin trading volume of 57,099 BTC, 41,296 BTC, and 448 BTC respectively. The likes of bTCBolsa, Bitcoin Trade, Bitcoin Market, BitBlue, 3xBit, and BitCambio also had high trades but just over 100 Bitcoins.
Brazil’s Bitcoin Trading Volume Spikes by 500 Percent
Furthermore, the data above shows that the Bitcoin trading volume in Brazil has increased by 500 percent. For instance, an exchange like Bitcoin Market saw an increase in volume from 200BTC which was previously recorded to 1700 BTC. BitcoinTrade, on the other hand, had negotiations increment from R $ 3 million to R $ 17 million, between April 1 and April 3, according to Daniel Coqueri, the exchange’s founder.
Asides from Brazil, Argentina is another Latin American country that has recorded a high trading volume. Its government recently revealed that it aims to become a leader when it comes to technological innovation in the Latin America region. It also outlined that through the implementation of its national plan, it can set the country as the most technically advanced by 2030.
Argentina Also Records a Tremendous Increase in Trades
Brazil and Argentina may have recorded a tremendous increase in trades, but Venezuela needs to be mentioned among these. People in the region are not just trading Bitcoin for profits, they are doing it in order to procure basic amenities. The inflation in the country has made goods scarce and too expensive to be purchased by the average citizen.
Likewise, the devaluing rate of the country’s fiat has made many to store their funds as cryptocurrency. BTCNN on February 7 informed of LocalBitcoin’s platform which showed the Bitcoin trading volume in Venezuela spiked from 500 BTC to 2,000 BTC in 2018. Venezuela also became one of the top 4 countries in 2018 where Bitcoin is traded. The others were the US., China, the U.K, and Nigeria.