After months of the exchange rate being kinda stable, since the end of last week it went from 6 Bs. (Bolivares) / USD to reaching almost 10 Bs. / USD today. Official rate is lagging behind reaching almost 8 Bs. / USD today, this also creates a nice market (purchasing low and selling high), last months government has allowed the offica rate to slip to match the street rate, so it will catch it for sure.
This means also monthly minimum wage (130 Bs.) went from from around 22 USD to less than 14 USD (last year monthly minmum wage was under 2 USD).
This was translated directly to the cryptocurrencies (where market has remained stable), last week a BTC was trading around 150,000 Bs. not it's over 200,000 Bs. per BTC. Of course, price in USD is the same than the global market.
Let's see how the stats end this week.
This reminds me years where exchange rate could doble daily.
Today I saw people spending Bolivares like crazy to get rid of them ASAP, for sure trade volumes in Binance, LocalBitcoin, Reserve and AirTM are very high!
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