Zimbabwe’s only crypto-currency exchange platform, Golix.
Bitcoin traders in Zimbabwe have suffered a setback owing to a technical glitch suffered by trading platform Golix, which is failing to process or cancel orders.
Dash price set a new all-time high near $600 on Wednesday, bolstered by a protocol upgrade and a partnership announcement.
Dash Price Nears $600
Dash has been riding a record-setting wave for the past week and a half, and it extended that rally this morning with a 20 percent surge. As a result of this spike, the dash price reached as far as $584 on cryptocurrency exchange Bitfinex, representing a nearly 70 percent increase from November 12, when it was trading at $346.
The Reserve Bank of Zimbabwe says trade and usage of bitcoin for transactions in the country have not been legalized despite a surge in prices and values for the popular crypto-currency.
Bitcoin trade values on the only crypto-currency exchange platform, Golix had surged to $1 million for the month of October. On Tuesday, bitcoin prices on the Zimbabwean bitcoin exchange peaked at $14490 in morning trade on Tuesday against world averages of around $8000.
Regional news blog TechZim reported Tuesday that Zimbabwe’s central bank declared that bitcoin isn’t yet legal in the country.
Zimbabwe has had an interesting couple of days. This is after a military takeover that ousted the longtime president Robert Mugabe. The events saw the cost of one bitcoin rise to $13,499. Nearly double the international rate. Bitcoin was trading at about $7500 globally at the time.
Bitcoin popularity in Zimbabwe is growing fast. Although the growth is not as fast as the rest of the world, it is encouraging. Furthermore, this is the case in most African countries.
Instability stemming from an apparent coup could send the bitcoin price even higher in Zimbabwe.
On Wednesday, Zimbabwe’s military initiated an apparent coup against President Robert Mugabe, the authoritarian leader who has ruled the country for nearly 40 years. Although the military denies it is attempting to overthrow the regime, the 93-year-old president has reportedly been taken into custody, throwing the country’s political future into turmoil.
Bitcoin is increasingly becoming a store of value in Zimbabwe as inflation starts to creep up and prices sky-rocket, with investors ditching monetary assets, experts said this week as the price of the crypto-currency skyrocketed.
Zimbabwe is battling foreign currency shortages and this has resulted in a crippling liquidity crisis. Bitcoin has emerged as a popular store of value and the Golix exchange platform for bitcoin in Zimbabwe says it handled bitcoin transactions worth $1 million during the month of October 2017.
The bitcoin price has reached record levels this week, peaking at a global average of $6,634 on Tuesday morning.
Whenever bitcoin reaches an all-time high, investors who have considered purchasing bitcoin but have yet to do so lament that they should have bought in when the price was lower. “It’s too expensive now,” they complain. But while prospective investors in liquid markets grumble that $6,600 is too pricey, demand in emerging markets like Zimbabwe is driving local exchange rates far above the global average.
According to TheNational.ae, bitcoin adoption in Zimbabwe is seemingly skyrocketing as the country’s economic situation looks bleak. So much so, that one bitcoin is trading at nearly $10,000 on the Golix.io exchange, while the global average is, at press time, of $5,642.