Bitcoin’s trade volume drops 37% worldwide, but increases in Latin America

The Bitcoin digital asset, globally, decreased the volume of operations by up to 37 percent compared to last year. Similarly, the digital currency increased its presence in the digital markets of Latin America, as reported by the Block-Builders.de portal, adding that the BTC is becoming increasingly important in this region and is living up to its reputation as a currency in crisis.

Compared to last year, Bitcoins‘ global trading volume dropped by up to 37 percent. In early March to July, BTCs worth £337,300758 were traded on the LocalBitcoins platform. However, in some Latin American countries, they have registered a strong growth in the use of currency, as shown in the infographic of Block-Builders.de.

According to the infographic, the decrease in trade volumes is particularly strong in China (62.3%), Russia (51.2%) and the United States (42.8%). The trend in Switzerland had a different picture, as transactions in this country increased by 160 percent.

In this sense, the evolution of prices shows that Bitcoin increased by 22.7 percent and the crisis asset par excellence, gold, only increased by 10.7 percent in the last six months, leaving the cryptomone as one of the big winners in the six-month review.

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Cryptomone has had an increase in use and transfer in regions of Latin America. Countries such as Argentina, Brazil, Chile, Colombia, Venezuela and Peru have registered a significant increase in Bitcoins‘ trading activity throughout this year.

In the case of Argentina, BTC’s trading volume has doubled considerably since 2019, with an increase of 103 percent compared to last year, as reflected in the computer graphics. Despite being the second largest economy in South America, Argentina faces a precarious situation with a recent inflation rate of 53.6 percent. In early August, the Argentine government reached a $65 billion debt agreement with the country’s main creditors.

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Meanwhile, Argentines are turning to Bitcoin in greater numbers, as a way to protect themselves against a devaluation of the local currency, because local regulations prevent easy access to foreign currencies such as the dollar or the euro.

Currently, Binance, one of the blockchain companies with the largest digital asset exchange in the world, launched its P2P platform in Argentina, so that they can directly buy and sell crypto currencies such as Bitcoin, Ethereum, Tether, Binance Coin and EOS, among Argentines and investors who have funds in this currency.

The largest crypt currency in the market is providing healthy returns in 2020, an increase of more than 60% so far this year, when more and more investors are opting for the concept of decentralized Bitcoin in the South American country.

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For its part, Brazil, in the midst of the financial confusion caused by the COVID-19 pandemic, has caused a devaluation of the Brazilian currency (real) by more than 30%, in relation to the US dollar.

Interest rates have also fallen, reaching only 2 percent annually, which has meant that the well-known strategy of investing in fixed income instruments has been set aside in favor of funds, stocks and possibly also digital assets or crypto-currencies. This country, according to data from the metrics site Useful Tulips, has recently registered more than 700 thousand dollars in trading volume with the digital currency Bitcoin, a figure that represents a new maximum so far in 2020.