Argentina Drives Global LocalBitcoins Volume To Highest Since November (#GotBitcoin?)
Trading volume on Finnish peer-to-peer (P2P) bitcoin (BTC) exchange Localbitcoins hit a high not seen since November 2018, reveals data shown on cryptocurrency analytics website CoinDance. Argentina Drives Global LocalBitcoins Volume To Highest Since November (#GotBitcoin?)
According to data from CoinDance, LocalBitcoins global weekly bitcoin trading volume hit $65.6 million in the week ending on Sunday, July 7. This is the highest level since November last year when the weekly trading volume of the platform hit $67.7 million in the week ending on Sunday, November 24, 2018.
In some countries, last week represented an all-time high LocalBitcoins volume. For instance, in Argentina, last week the platform’s trading volume hit a new high of over 15.22 million Argentine Pesos (over $364,000).
Venezuela also saw over 47 billion in Venezuelan Bolivars traded, the highest volume to date. Worth noting, however, is that the volume has actually been decreasing in BTC terms, highlighting the rampant hyperinflation plaguing the country.
Nevertheless, the rise in volume has not gone unnoticed. Senior market analyst at stock exchange Etoro Mati Greenspan pointed out in a tweet sent earlier today that the current levels are at their highest since November last year and commented:
“Peer to peer bitcoin trading is strong atm.”
Previously, LocalBitcoins lost a portion of its traders after quietly removing in-person cash trading from its service at the beginning of June.
The company publicly confirmed the ban on Twitter and stated that the platform had to renounce local cash trading to “adapt to the current regulatory environment.”
As Cointelegraph reported at the end of June, P2P bitcoin trading platform Bisq is seeing record trading volumes after Localbitcoins removed in-person cash payments.
LocalBitcoins: Tor Browser Users At Risk of Losing Their Bitcoins
Finnish peer-to-peer crypto exchange LocalBitcoins has warned users about alleged security risks associated with anonymous browser Tor Browser.
On Sept. 9, transactional compliance expert Richard Bensberg tweeted a screenshot of a LocalBitcoins banner warning Tor users about the risk of losing their Bitcoins (BTC), which stated:
“Warning to all Tor users: A Tor browser exposes you to the risk of having your bitcoins stolen.”
LocalBitcoins then responded to Bensberg, saying that while using Tor Browser is not against its terms of service, it does not recommend it for security reasons. LocalBitcoins did not specify why the browser makes users more vulnerable to theft.
Bensberg criticized the move by the exchange, arguing that Localbitcoins has “really lost the plot” by putting a banner warning against the browsing tool praised for providing privacy and anonymity.
Tor Browser is the flagship product of the Tor Project, the firm behind the anonymous Tor network. In July 2019, Cointelegraph reported that the Tor Project’s crowdfunding campaign BitcoinForTor reached its $10,000 softcap just 25 hours after launch.
The two-week campaign eventually raised $18,892 in order to support its goals of privacy and freedom online. Tor has many proponents, including famous National Security Agency leaker Edward Snowden.
Meanwhile, LocalBitcoins has seen a notable drop in trading volumes after the exchange abruptly terminated the option for users to perform local cash trades in early June. On June 18, LocalBitcoins continued to tighten policies, introducing four different account tiers within its new verification system, which puts limits for selling Bitcoin and posting ads on its platform.
Venezuela, Argentina Set New Weekly P2P Bitcoin Trading Volume Records
Bitcoin (BTC) weekly trading volumes on peer-to-peer (P2P) trading platform LocalBitcoins in Venezuela and Argentina have hit new all-time highs in their respective national currencies.
Cryptocurrency data website CoinDance shows that LocalBitcoins trading volume in local fiat currency in Argentina and Venezuela have hit new record highs.
According to the website’s data, the week ending on Dec. 21 saw over 32.6 million Argentine pesos (equivalent to about $544,905) traded on the platform, or 34% more than the record registered two weeks before.
In Venezuela, on the other hand, over 248 billion bolivars (about $24.8 million) were traded on LocalBitcoins during the same week, nearly 15.6% more than the record volume registered during the previous week.
Bitcoin Used To Escape Central Bank Policy
As Cointelegraph reported in early November, P2P trading volumes in Venezuela have started setting records after measures taken by the local central bank to curb Bitcoin inflows. Specifically, the regulator decided to ban Argentines from buying BTC with credit cards after also banning buying more than $200 per month.
The capital control measures came after in mid-September the bank announced the intention to increase the peso’s monetary base by 2.5% per month over the following two months.
Venezuelan citizens, on the other hand, apparently use Bitcoin to escape the extreme inflation of the bolivar. The increasing volume may also be spurred by late-September reports that the local central bank that it is exploring the possibilities of holding Bitcoin and Ether (ETH) in its coffers.
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