Venezuelans traded more than $ 1.5 million through LocalBitcoins last week

Bitcoin's trade in bolivars through the LocalBitcoin market led Venezuela to surpass for the first time the milestone of $ 1.5 million in operations registered for one week, judging from the figures reported at the end of July through Portal Coin Dance.

At the end of last June, it was possible to break for the first time the million dollar barrier in this area, taking into account that this is one of the busiest markets for the purchase / sale of bitcoins among Venezuelans. The 50% jump reported in less than six weeks, from the previous record, seems driven by the growing adoption of the ecosystem's main crypto currency. Also because of the need for many Venezuelans to access, through different mechanisms, positions in foreign currency or exchangeable securities with which to protect their resources in the face of the strong devaluation of the local currency.

Coin dance venezuela BTC
The jump in operations in Bitcoin in Venezuela until the end of July (Coin Dance)
According to the indicator produced by the measurement of operations at LocalBitcoin for Venezuela, between July 29 and August 5, there was a demand for bitcoins equivalent to more than 16.94 billion bolivares. At the rate of the unofficial exchange market, this figure exceeds the mark of 1.5 million dollars at the moment.

It is worth clarifying, however, that this data at the exchange house level also depends on the distortions reflected by the little transparent black market of the dollar in the country. In recent days, during the current week, the price of the dollar on the streets of Venezuela reflected a rapid contraction of more than 50%. This is partly explained as a correction of the estimated value after its rise to unprecedented levels last week, which may have a psychological effect that has driven the purchase of bitcoins as a value protection mechanism.

Measured in BTC, the peak of demand registered so far reaches a total of 425 units, which is not the historical maximum in acquisitions of this crypto currency in the Venezuelan market. Coin Dance reports that in the first week of April there were purchases of 736 bitcoins in Venezuela through LocalBitcoin, at most recent.

At the regional level, Venezuela continues to be a relevant market, considering the behavior of demand for the rest of the region's countries, where transaction volume increases every day. Currently, demand in Brazil is experiencing a significant contraction since the highs recorded in May, while operations registered in Argentina are better in line with its level.

Chile, for its part, shows a growing curve of adoption reflected in rising operations with slight setbacks in recent weeks. Likewise, countries like Colombia, the Dominican Republic, Mexico and Peru also tend to be more sustainable and growth potential in terms of Bitcoin demand.