During the week of 25 to 31 August, the trade from Venezuela through LocalBitcoins reached a new historical maximum of bolivars exchanged for bitcoin. In fact, the figure you SEE 116.870 million represents an increase of more than 50% from the historic peak that preceded him, registered the previous week.At that time, the number of bolivars exchanged for bitcoin on this platform was just higher than you SEE 77.400 million, as you can see through the portal of monitoring of the market Coin Dance. The increase in the historical you SEE does not reflect higher volumes of BTC, in accordance with the figures estimated and compared with previous weeks. Source: Coin Dance.The site also reflects that in LocalBitcoins has not been a significant increase in the volume of BTC exchanged by users venezuelans. Just this week, that culminated on the 31st of August, in fact, exceeded the 500 BTC, then 3 weeks, with volumes lower than this figure. The volumes current weekly around 80% less than the historical maximum, recorded during the week that ended on February 2. Most of 2.470 BTC were traded for that period of 7 days.The slight increase in the bitcoins traded does not correspond to the new historical figure reflected in bolivars. What it does show this milestone is the devaluation of the national currency of venezuela with respect to other currencies, like the dollar and, in this case, bitcoin.
Inflation and loss of value of the bolivar compared to BTC
The price of BTC in bolivars gave a leap between the end of the month of July and end of August of this year. In total, the increase was close to 94%, according to data from Yadio. If we extend the period up to Tuesday 3 September, that price has doubled. The last days of July, a bitcoin was equivalent to about SEE 112.000.000. Monday 2 September, the value was above you SEE 230.000.000, in figures of Yadio.Just a few days ago, the minimum fraction of the criptomoneda, the satoshi, it exceeded 2 bolivars. Calculations based on the value reflected by Yadio for this Monday, placed the value of each and every satoshi in more than you SEE 2,3.The annual inflation rate in Venezuela exceeds the 933%, as measured in the last 3 months. As reflected in the index “coffee with milk”, a measurement implemented by Bloomberg to assess the behavior of the inflation venezuelan based on the price of a cup of coffee in the streets of the south american country.According to the index “coffee with milk”, the inflation rate of Venezuela is situated in 933% during the last 3 months. Source: Bloomberg.The increase of more than 50% in bolivars exchanged for bitcoin over the last week coincides with two factors point. On the one hand, bitcoin recovered ground against the dollar during these last few days, with an increase of more than 4%, according to data from Live Coin Watch.On the other hand, the exchange rate between the bolivar and the USD also suffered significant changes. According to Yadio, in the last two weeks, the rate went from SEE 15.333 to SEE 23.470-for-dollar. However, other markers in the price of the parallel dollar venezuela put the u.s. currency already above you SEE to 24,000.