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- Record Increase in Bitcoin Purchases in Argentina Amid Price Drop, Surpassing Previous Peak by 33%.
- Monday Recorded the Highest Daily Volume of Bitcoin Purchases in Argentina for 2024, According to Lemon Exchange.
While global markets show a retreat in Bitcoin purchases amid price drops, Argentina is charting a different course. According to Lemon, a prominent Argentine crypto exchange, the nation witnessed its highest daily Bitcoin purchase volume of 2024 this Monday.
This surge in purchases came as Bitcoin’s price fell sharply from $58,000 to $49,000—a level not seen in six months, marking a more than 15% decrease within a single day.
This record-setting day saw a 33% increase over the previous peak, which occurred a month earlier during another significant price drop. Such trends highlight a unique market response in Argentina compared to global investor behavior, where most tend to wait out market volatility.
Augusto Adamoli, Chief Operating Officer at Lemon, explains that for Argentines, steep declines in Bitcoin prices tend to trigger buying sprees rather than selling.
“Days with significant price drops in Bitcoin are the days when Argentine users buy the most,” he noted.
As we have been highlighting in CNF, this behavior stems from the country’s familiarity with economic instability, where residents view Bitcoin as a stable store of value amidst fluctuating national economics.
Thus, Argentines leverage these dips as buying opportunities, a strategy diverging from the more cautious approaches seen in other parts of the world.