Bitcoin

Coronavirus : the market of crypto-currencies in turmoil since the closing of the banks in Venezuela

As a measure of quarantine at the national level has been applied according to the instructions from the venezuelan authorities, the total closure of the banks in the country benefited in the market of crypto-currencies. Over the past two weeks, the volume of trade between the BTC and the bolivar recorded by the platform Localbitcoins has reached 3.4 million dollars.

The market crypto benefits from it

Alerted by the 33 confirmed cases of the coronavirus in its territory, the venezuelan president Nicolas Maduro has declared Tuesday a quarantine general in the country. As the majority of South American countries, this measure is accompanied by a total closure of the borders, as well as institutions, including banks.
In the Face of this new situation, the stock market of digital currencies in Venezuela has taken advantage of this extended break of banking services. In this case, what are the crypto-exchanges such as Localbitcoins, which has reported a growing volume of transaction up to $ 3.4 million in just 14 days for the pair trading BTC/Bolivar.

But no adoption for the Petro

The excitement of the activities cryptos does not mean the crypto-currency national launched by Nicolas Maduro, despite the total cessation of banking services. In this period of crisis, the users of the token Petro continue in particular to sell at a loss to their assets, and this, up to trader assets at half price in spite of the setting of the initial tariff of$60.
On the other hand, the government campaign for the “forced adoption” of assets has faded with the management of the epidemic. Note that the last measure taken by the president focused on the sale of oil and precious metals national to support the asset…in vain.
What do you think of the bouncing activities crypto in Venezuela as a result of the effectiveness of the quarantine ? Give your opinion in the comments section.
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About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.