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Bitcoin Trading Volume Hits New ATH in Argentina After Central Bank Banned Purchasing Crypto with Credit Cards

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  • Alex Dovbnya
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    The ban imposed by Argentina's central bank produced an opposite effect on Bitcoin's trading volumes

Bitcoin Trading Volume Hits New ATH in Argentina After Central Bank Banned Purchasing Crypto with Credit Cards
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Contents

Bitcoin has once again proven its resilience against the whims of centralized authorities.

The coin's trading volumes in Argentina have just reached a new record high in the local currency just days after the country's central bank prohibited purchasing crypto with credit cards.

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No more crypto buying via credit cards

In order to preserve its foreign exchange reserves, the Central Bank of Argentina (BCA) barred its citizens from buying cryptocurrencies with credit or debit cards on Oct. 31. From now on, cryptocurrency investors are only able to transfer funds from their bank accounts. 

It wasn't a Bitcoin-specific clampdown since Argentina also moved to slash its citizens' USD purchases, but that was a worrisome sign for the local crypto industry nonetheless. 

However, despite the alarming ban, Bitcoin continues to thrive, reaching a record-breaking trading volume in the Argentine peso (ARS).

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Bitcoin as a hedge asset

As reported by U.Today, the country's currency took a 30 percent nosedive on Aug. 12 after it became clear that left-wing rival Alberto Fernández would be able to win the presidency. BTC was trading with a $1,000 on LocalBitcoins, a popular peer-to-peer crypto exchange.  

Plagued with political uncertainty and economic instability, Argentina remains a major crypto hub in Latin America. Bitcoin ATM providers see it as one of the main destinations for their expansion.  
 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

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    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
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Contents

According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

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Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

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The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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