LocalBitcoins volume in Chile reached a new record of over 330 million Chilean pesos, touched a new ATH
New data from peer-to-peer trading platform LocalBitcoins show that the weekly trading volume for Bitcoin in Chilean Pesos has reached a new record high. The corresponding data comes from the crypto information service CoinDance. It can be seen from this that the Bitcoin trading volume on LocalBitcoins climbed to a high of 330 million Chilean Pesos for the week of April 4.
LocalBitcoins: Weekly trading volume in Chile’s fiat currency recently touched new ATH
However, it should be mentioned that this value is also influenced by the devaluation of the Chilean national currency. According to the foreign currency portal XE, the Chilean peso has fallen by 6.45% against the US dollar in the last two months alone. Over the year, the relative loss in value is as high as 27%.
Chile LocalBitcoins volume in Chilean Pesos | Source: CoinDance
CoinLib’s crypto market researchers have also seen a significant increase in Bitcoin trading volume on the Chilean cryptocurrency exchange CryptoMarket in recent weeks. Daily trading volume in U.S. dollars on the platform grew by nearly 270% compared to March 30, reaching about $281,000.
These figures seem to show that, in times of crisis, the Chilean population is switching to an alternative financial product that can protect them from the devaluation of their national currency and thus from the destruction of their assets.
The already weak economic situation of the South American coastal state is also by the corona crisis worsens. While the precautionary measures are taken noticeably put a strain on the domestic economy, they nevertheless create a first partial success in the fight against the Coronavirus.
Still, Bloomberg states that the plan is apparently working:
“Thus far, there have been just 160 recorded deaths in a nation of 18 million. There were 464 new infections announced Wednesday, compared with a peak of 534 on April 16, bringing the total to 11,296. Like everywhere, the true counts are probably higher.”
The trading volume for Bitcoin is also setting new records in the neighboring country of the Andean Republics. In Argentina, for example, an increase of 1028% has been noticeable for trading the market-leading cryptocurrency since January 2018. This development is also against the backdrop of a badly battered economy and high inflation. However, a “real” escape in Bitcoin can be determined here, since the trading volume has also increased in U.S. dollars over this period.
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