Bitcoin Exceeds $ 11,000 In Argentina
Leading cryptocurrency Bitcoin (BTC) achieved a serious upswing with China-sourced FOMO, created two weeks ago but then stuck in a narrow price range, experiencing consolidation in the $ 9,000 band.
Capital Control Boosted Bitcoin
Although BTC commutes in this range on the global market, the situation is not the same for Argentina, which is apparently experiencing difficult times. Argentina, which began to exercise capital control, had decided to impose restrictions on citizens ‘ dollar purchases, while banning the purchase of Bitcoin altogether. As a result, the leading cryptocurrency began trading at one of the country’s leading exchanges at 25 percent more expensive than the global market.
Banks have started layoffs due to budget shortages, and the government is increasing its capital control every day, a Bitcoinist source said. Bitcoin on Ripio, one of the largest cryptocurrency exchanges in Argentina, was up to $ 11,600 yesterday, and volume is growing non-stop.
In addition, on another exchange in Argentina, the price of Bitcoin went up to $ 12,759, which represents a price 38 percent higher than global exchanges. In fact, Argentina had come up with such situations before. About two months ago, Bitcoin was being bought and sold on the global market at $ 1,000.
This situation in Argentina can also offer arbitrage opportunities for people who want to buy cheaply from other exchanges and sell dearly in Argentina.