Crypto data service CoinDance has shown that the crypto volume in Chile is on the rise. According to CoinDance, the traded volume on peer-to-peer platform LOCALBITCOINS hit a 330 million Chilean pesos all-time high earlier in the month, about $385,000 at press time.
The data shows that Chileans hit the new record in the week that ended on April 4, giving rise to the possibility that the ongoing coronavirus pandemic caused the problem. As the pandemic continues to beat down financial markets, many people all over the world are looking to alternative and scarce assets like Bitcoin.
Also, the Chilean peso is decreasing in value. In the past two months, it has lost almost 6.5%, with a larger 27% lost in the last 12 months. In addition, local crypto exchange CryptoMarket has seen a rise in daily trading volumes in US dollars. It has grown about 270% since March 30 and has hit $281,000.
As the currency continues to lose value and the coronavirus pandemic continues, Chileans would likely keep buying more Bitcoin, as they anticipate a decreased value.
Currently, Chile is in a total lockdown, with law enforcement agencies patrolling the streets to ensure compliance and also keep law and order. Unless Chile peaks soon, the country might set more Bitcoin records.
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