RATE Group | Venezuela Bitcoin Trading Hits New Record As Maduro Confirms Petro Launch
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Venezuela Bitcoin Trading Hits New Record As Maduro Confirms Petro Launch

09 Oct Venezuela Bitcoin Trading Hits New Record As Maduro Confirms Petro Launch

Posted at 01:56h in Bitcoin News by

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Venezuela posted its largest-ever Bitcoin trading volumes last week, data compiled October 6 confirms, as the country announced several new economic shake-ups. 

7 Days, $7 Million

Statistics covering P2P trading platform Localbitcoins show that Venezuelans converted a total of 1073 BTC ($7.1 million) in the week ending Saturday — the most since records began in 2013.

The previous record came in September with 898 BTC ($5.95 million) exchanged during week three, with the following week taking third place with 879 BTC ($5.82 million), Bitcoinist reported at the time.

Traders continue to turn to cryptocurrency in Venezuela to circumvent the government’s increasing stranglehold on the economy and rampant hyperinflation which persists despite a currency redenomination in August.

Petro, the country’s highly-controversial government-issued cryptocurrency, is set for a rebranding and release in November, President Nicolas Maduro announced October 2.

Petro Fails To Convince

On Friday…

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