LocalBitcoins, a peer-to-peer (P2P) trading platform, hit record-breaking Bitcoin (BTC) trading volumes in Egypt, Argentina and Venezuela in October 2018. In other places such as Croatia and Switzerland, trading volumes have struck annual lows.
While getting significantly less public attention than the disaster in Venezuela, Argentina is now experiencing its very own economic crisis. The peso, the national currency for Argentina, has been rapidly dropping since April 2018. The economic doubt is making several Argentinians to simply invest the remaining part of their wealth in crypto for safety and protection.
Meanwhile, the Central Bank of Argentina has started to loosen crypto regulation. Starting in May 2018, the BCRA approved a suggestion to allow 4,000 new Cryptocurrency-ATMs to be installed all over the nation, in major areas such as cinemas, supermarkets and shopping centers. Fresh regulations have also admitted for autonomous cryptocurrency firms to penetrate the market hence leading to flabbergasting growth in Bitcoin trading volume.
The graph indicates Argentina's trading volumes have increased more than the previous record high, striking around "$9 million in Bitcoin trading volume on LocalBitcoins."
Reforms Bringing Interest to Crypto
Venezuela's BTC trading volume continues to boom at a high rate. Sadly, the Venezuelan population's welcoming of digital currency comes out of a dire of the historical breakdown of the Bolivar, the country's currency. The government has however conducted its own trial at rolling out a national digital currency, the Petro. However, local reports indicate there's little to no support for the Petro crypto.
Coin Dance's data indicates that the Egyptian population has so far traded over 1 million Egyptian Pounds worth of BTC and the country is not uncertain about the economy.
Finally, Europe is also experiencing a big drop in digital currency trading volumes since the market boom late last year. As per Coin Dance data, Switzerland and Croatia have hit annual trading volume lows in this month.