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How does Argentina affect LocalBitcoins volume?


Nick Robinson

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Argentina seems to be contributing to LocalBitcoins' trading volumes to a large degree. Trading volume on the LocalBitcoins exchange has not hit a high since November 2018. However, the new bullish wave is definitely contributing to the increase in volume.

According to data acquired from CoinDance, LocalBitcoins reached a trading volume of $65.6m in the week ending 7th July, which seems to be the highest level it has hit since November 2018. However, the difference between the previous high and last week’s high is not as significant as one might think. The weekly trading volume on LocalBitcoins hit $67.7m in the week ending on 24th November 2018.

As for Argentina, it seems like the country plays a big role as far as trading volume contribution to LocalBitcoins is concerned. Last week, even though the bitcoin startup didn’t hit the all-time global highs, it did hit country-specific peaks. Argentina hit a new trading volume high on the platform. The trading volume came out at over 15.22 million Argentine Pesos (over $364,000). This number is considered an amazing result for just one country. Argentina is even considered one of the driving factors of the volume uptick on the platform.

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