The world’s leading cryptocurrency is not enjoying price action or even daily trading volume but opposite to current trends Bitcoin trading volume has spiked in few countries and is at its ATH. At the time of writing it trades at $6,303 while registering the 24-hours loss of 0.84 percent. With a market cap of $109 billion, BTC s managing the daily trading volume of $4.4 billion.
However, a number of countries are making records in Bitcoin trading volume. According to the Coin Dance data, Colombia, Venezuela, Chile, and Argentina are seeing record volume while Kazakhstan, Peru, and Japan are registering significant bitcoin trading volume as well.
Though according to the recent study, only 39 percent Chileans know about cryptocurrency, the country is seeing its all-time high bitcoin trading volume on local bitcoin exchange. The country is also seeing development in the crypto sphere as exchanges are adding lightning network.
At over $8 million (Argentine Peso), Bitcoin trading volume has reached to the moon in the country struggling with the economic crisis. With 3 Bitcoin ATMs already installed in the country, next year this number is expected to rise to about 150. However, just last week, as Federal Financial Supervisory Authority (BaFin) red-flagged the activity of the company called Crypto Capital that offers crypto-trading products resulting in the halt of Bitcoin trading.
The country riddled with hyperinflation and economic crisis is heavily investing in Bitcoin as the Bitcoin trading volume in the country reaches heights. Additionally, Bank of England has denied it access to gold that can further drive the citizens of Venezuela to go for Bitcoin.
Colombia has registered the all-time high of its bitcoin trading volume in the first week of November at over $8 billion (Colombian peso). These last few weeks have been seeing a surge in bitcoin trading in this South American country. About two months back, the Colombian President even promised to cut rent taxes on crypto firms.
In March this year, Kazakhstan’s central bank has been preparing to ban cryptocurrencies. The country is now preparing to launch a dedicated cryptocurrency for agricultural holdings and companies which will be used for getting agricultural machinery subsidies and mortgage loans along with grain trading. This week Bitcoin trading volume has come really close to hitting its All-time high from December.
The end of last month saw Bitcoin trading volume hitting its peak in the country. Though since then it has dropped, the volume is still maintaining a good rise.
On Local Bitcoin exchange, the bitcoin trading volume in Japan peaked during the end of October and is now yet again significantly low. Japan’s involvement in cryptocurrencies is nothing new. The country is tech-driven and has always been supportive of this nascent technology.
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I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.