Nexo

We’re Giving out 10 BTC in Rewards until the Bitcoin Halving

Learn More
Home » Markets » Bitcoin and Dash Benefit During Venezuela’s Internet Outage

Bitcoin and Dash Benefit During Venezuela's Internet Outage

by

Venezuela continues to be a crypto hotspot.

Crypto Markets Rise And Fall In Unison As Correlation Among Altcoins Increases

Share this article

Bitcoin trading has reached an all-time high in Venezuela.

During the week of Jan. 11, crypto investors bought and sold 367 billion bolivars ($5.5 billion USD) of BTC on LocalBitcoins. This week’s volume is 1.4 times greater than that of the previous week, when investors traded 263 billion bolivars on the popular peer exchange.

Venezuela trading volumes on LocalBitcoins, via CoinDance

Heightened demand has arguably caused BTC to trade at a premium. Mid-range sellers on LocalBitcoins currently sell BTC at 715 million bolivars—a price equivalent to $10,600 USD and $2,000 greater than standard market prices.

However, LocalBitcoins sellers generally trade BTC at a premium, so high prices are not limited to Venezuelan sellers.

Dash Is Thriving

The markets have some good news to offer regarding Dash, Venezuela’s preferred cryptocurrency.

Since Jan. 4, Dash’s price has risen from $45 to $77, representing a 67% increase in market value. In the same period, the price of Bitcoin rose from $7,330 to $8,490—displaying a much smaller price increase of 15.8%.

Dash prices via CoinGecko

Many commentators have attributed Dash’s rising price to adoption within Venezuela. Recently, Burger King announced plans to accept Dash in forty of the country’s restaurants. Though this will have minimal impact outside of Venezuela, it seems that the high-profile announcement has encouraged speculative investment worldwide.

Internet Shutdown May Be Relevant

Venezuela’s rising trade volumes coincide with a nationwide internet outage. On Jan. 5, Venezuela’s state internet provider, ABA CANTV, restricted access to social media during a government leadership vote.

Though the provider briefly restored access, a broader shutdown began on Jan. 13, according to the censorship watchdog Netblocks.

It is possible that this month’s internet outage has promoted Bitcoin investment. Venezuelan citizens have turned to cryptocurrency as a refuge against hyperinflation and political corruption in recent years. Alternatively, irregular internet access may simply have caused users to concentrate their trading activity on certain days.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.