The depreciation of the bolívar, Venezuela’s local currency, has been revealed once again, now on the bitcoin exchange Binance. This is shown by an error that has been occurring in the price tab for the last few days.
On the p2p trading section, the cap set by Binance for tabulating prices fell short for the value of bitcoin in bolivars (VES). Currently, the value of the cryptocurrency exceeds VES 10,500 million, in data from Yadio. However, on Binance p2p the maximum does not reach VES 10 billion.
Among the offers to sell BTC on the platform, we find a limit of VES 9,999,999,999.99, with merchants operating on Binance trying to take advantage of the difference to buy a bitcoin almost 5% cheaper in bolivars.
To buy, the picture is completely different. At the time of writing this note, nobody offers bitcoins on Binance p2p in exchange for bolivars, avoiding selling with that percentage of losses.
In contrast, on the most popular peer-to-peer exchange platform in Venezuela, LocalBitcoins, we do find multiple offers, at a price even higher than that reported by Yadio. Some offers are close to 11,000 million bolivars for BTC.
Overview of sale and purchase of bitcoins with bolivars on Binance p2p. Source: Binance.
With the rest of the cryptocurrencies available for peer-to-peer trading on Binance with bolivars, we find normal behavior without errors. In addition to the stablecoin tether (USDT), there are currently several offers for ether (ETH), binance usd (BUSD), binance coin (BNB), and EOS.
There are currently no offers to buy bitcoin with bolivars on Binance’s p2p. Source: Binance.
Bitcoin devaluation and all-time highs
Although the case of Venezuela is the most striking, it is not the only sign of devaluation in the region. Just a few days ago, we reported in CriptoNoticias that in Colombia the price of bitcoin exceeded its historical maximum (ATH) in pesos, despite the fact that the value of BTC in the market is still far from its own maximum against the dollar.
Previously, already Argentina and Brazil had passed their own ATH. Also Turkey and some countries in Africa have surpassed their all-time highs for bitcoin in local currencies long before the ATH between BTC and the dollar.
According to estimates from the Buda exchange, with a presence in several South American countries, Chile will be the next country to reach a new ATH in the region. Meanwhile, bitcoin continues to advance in the market towards its own high, close to the $ 20,000 that it touched in 2017.
At the time of writing, the market value of bitcoin is $ 16,700, in data from CoinMarketCap. With the current levels, BTC retakes prices that were not seen since the bull run of 2017, the largest in its history.