By Richard Mann, Contributing Reporter

RIO DE JANEIRO, BRAZIL – The craze for cryptocurrencies has reached an all-time high in South American countries, particularly Brazil. The recorded trading volume in the country surpassed 100 thousand Bitcoins last week – a new Latin American record, according to data from the CoinTrader Monitor, a tool that analyzes and monitors Bitcoin prices in Brazil.

According to the site’s index, cryptocurrency exchanges mediated by NegocieCoins and TemBTC contributed the most to this record. Exchanges made through Bitcoin Market, Bitcoin Trade, BitBlue, bTCBolsa, 3xBit, and BitCambio also played a part, facilitating trades of over 100 BTCs in a period of 24 hours.

Overall, the volume of bitcoin transactions in Brazil has increased by over 500 percent, rising from around 200 BTC to over 1700 BTC in the Exchequer Bitcoin Market. On BitcoinTrade, the negotiations went from R$ 3 million to R$ 17 million between April 1st April 3rd, according to founder Daniel Coqueri.

Latin America has been a market that has embraced the cryptocurrencies well. There seems to be a general acceptance of Cryptos and the trading volumes to have been on the rise.
Latin America has been a market that has embraced the cryptocurrencies well. There seems to be a general acceptance of Cryptos and the trading volumes have been on the rise.

A slump in the economy is likely the reason for the rise of cryptocurrencies in Brazil.

But Argentina does not fall far behind and envisions becoming a crypto leader in the region, according to Coinpage.

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