RATE Group | Bitcoin Price Hits $15k in Lebanon Amid Worsening Cash Crunch
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Bitcoin Price Hits $15k in Lebanon Amid Worsening Cash Crunch

25 Feb Bitcoin Price Hits $15k in Lebanon Amid Worsening Cash Crunch

Posted at 17:55h in Bitcoin News by

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The Bitcoin (BTC) price premium in Lebanon is now over 50% with the average price quoted by peer-to-peer (P2P) sellers reaching $15,000.

Lebanese Bitcoin Price Premium Continues to Rise

According to data from P2P BTC trading platform Localbitcoins, the Bitcoin price premium in Lebanon is still on the rise, with sellers demanding as much as $15,000 per BTC. With the global average spot price in the $9,500 region, it appears, Lebanese BTC price premium has climbed above 50%.

Back in January 2020, the Bitcoin price premium in the country was at 25% as the worsening cash crunch has seen more people moving towards the crypto market. According to Al Jazeera, informal capital controls imposed by banks have seen the value of savings decline by about 40%.

While sellers might be demanding such high premiums, there is little data to show the volume of trading at such price levels.

Strict Capital Controls Boosting Crypto Adoption in Lebanon

The situation in Lebanon offers further proof of…

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