Additionally, some of Canada’s largest banks are banning or limiting transactions in cryptocurrencies.

“Chile’s cryptocurrency market is small but burgeoning,” according to Bloomberg. “Entrepreneurs created digital coins Chaucha and Luka, whose names play off local slang used for money, while locally-based exchanges like Buda and CryptoMarket operate across Latin America. Buda traded about $1 million per day before losing its bank account, compared with about $2 billion for the world’s biggest exchanges.”

Related: Bitcoin, Ethereum, and Ripple Price Prediction

Chile is a potentially lucrative market for digital currencies because it is one of the wealthiest countries in Latin America.

Bitcoin’s rally above $8,000 comes just a couple of weeks after the cryptocurrency committed a death cross, where its 200-day moving average fell below its 50-day line. The death cross is normally bearish, but it needs to be validated, something bitcoin did not do.

For more information on the cryptocurrency market, visit our Bitcoin category.