CRYPTOCURRENCY Trading Volumes And Demand For Cryptocurrency Increase Due To Economic Crisis In Latin America

Last year, Latin American countries experienced the most severe hyperinflation ever. The same had happened back in 2019 when record levels of Bitcoin trading volumes were recorded as people tried to secure their savings from depreciation and invested all their money in cryptocurrencies.

The black streak continued in 2020 with the arrival of the coronavirus pandemic. According to the report on the consequences of COVID-19 compiled by the United Nations Economic Commission for Latin America and the Caribbean, known as ECLAC, by the end of 2020, more than 2.7 million companies in the region will cease to exist, of which 2.6 million are microenterprises with a staff of about 8.5 million. The figures do not take into account the reduction of employees in companies that continue working.

The people who lost their jobs turned their attention back to cryptocurrencies. First of all, this was reflected in the growth of trading volumes on such exchanges as Localbitcoin and Bitso.

Adrian from bitHolla a crypto exchange provider, says, “We have seen a bump in businesses looking to open exchanges from Latin America. We’ve also noticed on our exchange network an increase in user signups—especially countries suffering from COVID-19 and hyperinflation.”

The quarantine and crisis are ………….

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Author: Techbullion
Original link: https://techbullion.com/trading-volumes-and-demand-for-cryptocurrency-increase-due-to-economic-crisis-in-latin-america/