Argentina has emerged as the leading Latin American nation for cryptocurrency inflows, surpassing Brazil.
A Chainalysis report from October 9 indicates that between July 2023 and June 2024, Argentina’s crypto deposits reached approximately $91 billion, compared to Brazil’s $90 billion.
This surge in cryptocurrency use in Argentina is largely driven by ongoing inflation and currency devaluation, prompting citizens to seek alternative means of savings, such as dollar-pegged stablecoins.
Argentina has developed one of the largest stablecoin markets globally, accounting for 61.8% of its transaction volume, surpassing Brazil’s 59.8% and well above the global average of 44.7%.
Retail-sized stablecoin transactions, especially those under $10,000, are growing rapidly in Argentina, reflecting a trend of using these digital assets as a hedge against economic instability.
Tether has shifted its focus to emerging markets like Argentina, acknowledging the demand for digital currency as a more convenient option.
Despite its growing crypto presence, Argentina has yet to establish comprehensive regulations for the cryptocurrency market, which remains largely unregulated.
Yesterday, Bitcoin surged to $83,000 but quickly retraced its steps, dropping back below $80,000.
While the U.S. grapples with crypto regulations, Europe has quietly taken the lead in integrating digital assets into its banking sector.
Ethereum’s recent market turbulence saw its price drop to a multi-month low, leaving many investors in losses.
Ark Invest has made another significant purchase of Coinbase shares, acquiring a total of 64,358 shares for $11.5 million on Monday, as the stock plummeted by 17.6% during a turbulent market session.