Despite Trump, LocalBitcoins Still Reach All-Time High in Argentina

Table of Contents

• Highs 
• Price

Reports surfaced earlier today showing trade volumes on LocalBitcoins, which have just hit a new all-time-high in Argentina. 

This comes just a week after the United States President, Donald Trump announced that the country is planning on placing tariffs on Argentinian metal imports.

Highs 

Trump added to the nation’s already worrying long list of economic issues at the start of this month with the announcement of reinstating the aforementioned tariffs against Argentina and Brazil on the grounds that their currencies have been devaluing recently.

President Trump tweeted at the time:

“Brazil and Argentina have been presiding over a massive devaluation of their currencies. which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries”

Volumes across Argentina’s platforms saw a massive increase earlier this year after President Mauricio Macri revealed a plan to reinstate capital controls. Following this, Bitcoin was sent to an impressive $2,250 premium above the market.

Price

In terms of price, the leading cryptocurrency is valued at $7,358 at the time of writing following a 1.84% decrease in value over the past 24 hours. Following many predictions saying Bitcoin would crash below $7k and even $6k, some investors might take solace in the fact, the flagship currency is staying somewhat above water...

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!