The Lebanese currency hits new all-time lows of 4,000 Lebanese lira (LBP) per dollarLebanese local bitcoins traders trade at chaotic prices.
At the time of this writing The margins between the lists on both sides of the order book seem to exceed 90%what leads to reports that Bitcoin (BTC) is trading in Lebanon for $ 15,000.
Spreads appear to be fueled by an extreme discrepancy between market value and official parity of 1.507 lire per US dollar.
As such BTC appears to be trading for a more modest 5% premium at $ 7,850.
The Lebanese currency falls to an all-time low
The currency crisis in Lebanon is seriously worsening Market prices have reportedly dropped from 3,000 lira per dollar about two weeks ago to 3,800 lira per dollar on April 21 and to 4,000 per dollar on April 24.
The country’s central bank, The Banque du Liban has accumulated $ 40,000 million in debt , including 3,000 million in the past three weeks and A total of 7,000 million this year.
In the crippling economic crisis, protesters challenged COVID-19’s quarantine measures to take to the streets in protest. The riot police put on surgical masks yesterday when hundreds of demonstrators gathered at central bank headquarters and began to destroy the building.
The Lebanese prime minister criticized the governor of the central bank and said the bank was “the instigator of the dramatic downfall” or “paralyzed” given the devaluation of the lira.
There is a dilemma in the suspicious and mysterious way the central bank governor is dealing with the deterioration in the Lebanese pound exchange rate, and that is causing the collapse.
The currency chaos leads to a wild spread of Bitcoin P2P prices
The confusion over the value of the lira has led to irregular prices in the popular Bitcoin market Localbitcoins.
Although Localbitcoins traders appear to be selling BTC for 20 to 22 million lira, around $ 14,000 to $ 15,000 using the official exchange rate. Most Lebanese trader announcements are that pricing will be in line with the price of the US dollar.
For example, the provider Hassannasser currently has a listing on the platform to sell BTC for almost 12 million lira, which is equivalent to $ 7,850. A closer look shows, however, that despite the advertising in Lira, the price is the payment in USD, whereby the list shows that the prices of the transactions made in Lira are privately agreed:
The amount to be paid in USD is the amount of your business divided by 1500 […] If you are paying in LBP you will need to multiply the amount in USD by the USD rate we need to agree on.
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