Trading Volumes on LocalBitcoins Hit New Record in Argentina
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8 July
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Bitcoin trading volumes on p2p platform LocalBitcoins in Argentina jumped to a record 101 million Argentine pesos ($1.4M) last week, surpassing the previous high of around 69 million pesos, Decrypt has reported.

This increase coincides with a severe economic recession in the country.

According to LocalBitcoins, there has also been a significant increase in South Africa, Tanzania, Peru, Chile, Nigeria, Kenya and Brazil, and previously in Japan, Mexico and Egypt.

Argentina's Bitcoin indicators are still far from the record highs hit back in April 2016, when a total of 228 BTCs changed hands on the platform, while last week's figure was only 92 BTCs. However, this figure is twice as high as the previous week's.

This increase in trading volumes should not surprise anyone if we take into account the severe economic situation in the country. Traders are reportedly looking for safe haven assets (or at least relatively safe assets) to keep their funds away from risks.

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