Crypto Milestone: Bitcoin (BTC) Trading Record, Broken In Latin America
Bitcoin and crypto have been marking various achievements this year, and the return of the bulls was definitely a kick for the crypto market.
People who lost their hope that BTC can surge again are now really optimistic, and the various bullish predictions that are flooding the crypto space are more than welcome as well.
Bitcoin trading record
Brazil now holds the Bitcoin trading record for Latin America.
BTC managed to reach more than 150,000 BTC worth about $800 million in the past 24 hours, says data from the tracker CoinTrader Monitor.
This new high comes just a few days after the local crypto exchanges in Brazil broke through 100,000 BTC in the past 24 hours which was also a record breaker, as reported by Crypto Facil.
Brazil has been struggling with the rising inflations for quite a while which is at 4.58% and this fact, together with BTC’s surge in price from the beginning of this month seem to have triggered the recent surge in volume as well, The Daily Hodl reports.
It’s also worth noting that the spiraling inflation has led to enhanced adoption of BTC and other cryptos in Venezuela and Argentina, highlighting the strength of digital assets as a store of value and a means of moving capital across borders.
Bitcoin market is on the rise again
Adamant Capital analysis reveals that the crypto winter is definitely over and this has been stated by more crypto experts for quite a while.
The recent bulls only came to confirm this.
A new bull run is reportedly about to start soon, and they advise potential investors to stock up on BTC again.
The report reveals that “The recent price rally from $4,000 to over $5,000 markedly improved HODLer’s Unrealized P&L, improving our reported sentiment value from capitulation to hope.”
Almost the same thing happened back in March 2017, when Bitcoin dropped to $1,500.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.