LocalBitcoins: New records in Latin America

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The trading volume on the LocalBitcoins crypto exchange has reached new highs for some North and South American countries.

Latin America’s P2P markets have grown strongly in recent weeks. This is shown by figures from the statistics website coin.dance. The figures for Chile, Peru and Venezuela were particularly striking. But a record was also broken in Canada: Never before have so many Canadian dollars been exchanged for Bitcoins on LocalBitcoins as in recent weeks.

Venezuela – Deceptive cryptosoft numbers

At the latest since the introduction of the controversial cryptosoft Petro the interest in crypto currencies grows in Venezuela. On LocalBitcoins traders have swapped record sums of Bolivar for Bitcoins. In the first week of June, the BTC market recorded transactions worth 487 BTC or seven trillion bolivar. More about it here: https://www.geldplus.net/en/cryptosoft-review/

But beware: the figures should be treated with caution given the hyperinflation the country is struggling with.

Inflation rose to a horrendous 13,800 percent in April. To tackle the problem and loosen the stranglehold of the financial markets, President Maduro introduced a kind of state crypto currency, the Petro, in February. Next, he plans to set up a crypto bank.

Peru – New records for BTC and crypto trader

Measured in fiat currencies, Peruvian crypto trader volume on local bitcoins reached its highest level since December last year. The previous record was over 1,500,000 Peruvian sols (equivalent to about 386,000 euros), achieved in the week of 23.12.2017. Almost half a year later this crypto trader figure has almost doubled: More than 2,760,000 PEN (approx. 711,400 Euro) were traded on LocalBitcoins in the last week of May.

The situation is similar with Bitcoin: The previous record was 80 BTC trading volumes per week. It was already set in December 2015. In the week from 26.05.2018 the market volume reached a new high of 106 BTC. In the following week the volume “shrank” again, but at 88 BTC it is still at a far above-average level.

Chile – High for Fiat
If you calculate in BTC, Chile has not broken any records in recent weeks. For over a year now, the weekly trading volume has not exceeded the 40 BTC mark. The peak of a full 143 BTC dates back to July 2015.

The situation is completely different for Fiat volume. Traders on LocalBitcoins, for example, conducted transactions worth 235,000,000 Chilean pesos (around 217,000 euros) in the first week of May this year. This is a new record. Even though the volume fell again in the following weeks, Chilean sales on LocalBitcoins continue to grow.

Canada – LocalCoin records peak in May
Also from the North of America there is good news for LocalBitcoins: In Canada, traders have set a new trading volume record in both the crypto and fiat sectors. In the penultimate week of May, this was 1,200 BTC or around 12,000,000 Canadian dollars (just under 10,440,000 euros). By way of comparison, the previous highs were 909 BTC or around 8,000,000 CAD.

However, it remains uncertain whether this will lead to an upward trend: In the last two weeks, the Canadian trading volume on local bitcoins has shrunk again to 78 BTC or CAD 760,000.