Hey ninjas, how’s the trading going? On the day, the crypto market is trading sideways with top crypto currency reporting moderate daily gains and trading at $7,402 at press time.
Argentina and Venezuela have hit an all-time high in weekly trading volumes on peer-to-peer (P2P) trading platform LocalBitcoins. P2P trading volumes in Argentina began skyrocketing after its local central bank tried to stop the inflow of Bitcoin by banning its citizens from using credit cards to purchase Bitcoin, after being banned from buying more than $200 a month.
The central bank shed light on its reasons for taking such measures, explaining that this was an attempt to strengthen the Argentine Peso monetary value by 2.5% per month.
While in Venezuela, its citizens apparently use bitcoin to escape extreme inflation of its bolivar. The trading volume increase could have also been ignited by a report in late-September that the Venezuelan local central bank is contemplating the possibility of adding Bitcoin and Ethereum to its coffers.
According to information from LocalBitcoins, over 32.6 million Argentine pesos were traded on the week ending on December 21st, 34% more than the volume registered a two weeks ago. While in Venezuela, over 248 billion bolivars were traded in the same week, almost 15.6% more than the volume recorded the previous week.