Translation to English by yours truly.Price of Bitcoin on SurBitcoin Venezuela is 26% lower than in other countries
The cryptocurrency is selling at 496 dollars on SurBitcoin (Venezuelan Exchange Rate), 200 dollars less than the worldwide average.
Today, a piece of news has surprised many users of SurBitcoin, The main exchange of the cryptocurrency in Venezuela. The buy/sell prices of Bitcoin, that are updated by the second on that website, are much lower than the worldwide average for the currency. Mistake? Fear? What happened?
If we take a look at CoinMarketCap, we can see that on Wednesday morning the average price for the currency is 672 dollars on several different exchanges around the world. This means that in Venezuela, the price of each Bitcoin should be over 696,000 bolivars, taking in count the conversion values that BitVen gives out, which is a price calculator for the Bitcoin-Bolivar exchange rate (Parallel Dollar
a reference in this kind of operations
is at 1.036 bolivars).
However, the prices at SurBitcoin Venezuela today have been seen between the 510,000 and 538,00 bolivars (496 to 520 dollars), meaning, people are selling the cryptocurrency at 176 dollars less than in the rest of the world. We are talking about a 26% reduction of its price.
One of the hypothesis of this big fall in price is that many people, because of the high cost of living, just need bolivares for their daily sustenance and are forced to sell their bitcoins that they had been saving up. In fact, one similar situation is happening with the dollars, that many Venezuelans have now been forced to sell at much lower exchange prices than the registered in websites like Dolar Today.
Nonetheless, Why this fall in prices occurred precisely today?
Added to this situation is the fact that SurBitcoin has informed users through their Facebook page that they have been having problems with the integration of their API with Banesco.
[ Text In Picture reads as follows ]Good Night,Esteemed customers, we want to announce that the API integration with Banesco is going to be in maintenance until Wednesday. Even then, deposits verification will also restart until Wednesday. We are sorry for the caused discomfort. Please, request your withdrawals again on Wednesday
[ End of Text in Picture ]
Likewise, the situation could be related to a news report that appeared on the website La Patilla
that links the cryptocurrency with the Venezuelan wealthy class. We will talk extensively of this news report in another post.
Now we have to wait until the waters clear out, to know if it is a temporary problem that affects SurBitcoin or if the money shortage crisis in Venezuela (Or other cause) is what is driving the prices down. #Bitcoin #btc #xbt