Tuesday, July 27, 2021

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    Bitcoin recovers in the last hours against the main fiat currencies of LATAM

    In the last seven days the price of bitcoin has been gaining volatility given the news found around the inverted pattern of the expiration of december 2021 futures, the unlocking of a significant amount of Grayscale’s Bitcoin Trust and the authorizations by major financial institutions to trade the asset.

    The day of yesterday Thursday was crucial to see what the cryptocurrency king was made of, and when it looked like the price was collapsing again to levels below $30,000, a news story around Bank of America made the cryptocurrency resurface from $31,000 levels.

    On the other hand the domino effect was immediately felt in the main markets of the Latin American region, with a strong recovery of BTC against the main fiat currencies of the subcontinent. Let’s take a look at the main economies in the region.


    In this important Latin American market for the price of bitcoin, cryptocurrency trades at a positive variation of the +2.29% in the last 24 hours at the time of writing this post, against the local currency the Argentine Peso (ARS).

    However, according to gravel Exchange, the sale of a bitcoin reports about $5,573,379.56 ARS, a decrease of 174,249.60 ARS compared to the same period seven days ago.


    In Colombia the situation is similar to that of Argentina as far as the price of bitcoin is concerned. While the asset is still far from its price of seven days ago, the rebound generated in the last hours allowed him to gain position this time, against the Colombian Peso (COP).

    According to reports from Buda.com, the price of 1 BTC is $119,801,718 COP (+2.2%) , a gap of almost four percentage points from the price of seven days ago.


    In Chile, the price of bitcoin has followed the same pattern as in the rest of the nations of the region. After a turbulent week and a bearish Thursday, today the price has recovered strength and is heading for a frank recovery before the weekend.

    According to reports from Buda.comandHe bitcoin price in Chile is about $24,470,845 (+1.1%).

    As we can see, this slight increase in the last 24 hours has reduced the gap over the last seven days to a weekly variation of the -3.7%


    For its part in Mexico, the outlook for the price of bitcoin in the last 24 hours against the Mexican Peso (MXN) has not changed much. With a slight difference of -650.29 MXN, bitcoin trades at a spot price at Bitso Exchange from $638,310.27 MXN.

    The above represents a fall of the –5.12% in the last seven days, being the highest gap between bitcoin and a fiat currency in the Latin American region so far.


    While in Peru, while the price of bitcoin has begun to gain ground in recent hours, it remains to be seen whether it will maintain this upward pace to close the gap with respect to its price of seven days ago.

    according to Buda.com, the price difference between the last seven days is maintained by -4.4%, when the price trades at the time of writing at a spot price of S127,208.


    In Venezuela, the price of bitcoin continues to rise with respect to the devalued local currency, the sovereign bolivar (VES). Due to its hyperinflation characteristics, the price of bitcoin continues to establish a bullish pattern even in times of contraction in international markets.

    The above quote chart in local currency of the price of bitcoin corresponds to the remitano exchange, which offers Venezuelans the possibility of trading their local currency in the world of critpoactivos, thus increasing the offer in the country of options for the purchase of bitcoin together with Binance, Airtm, Localbitcoins, Localcryptos, among others.

    The opinions expressed in this post are the absolute responsibility of the author and they have nothing to do with cointelegraph’s editorial line. Every investment entails a riskor and requires your own research. This is not financial advice.


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