P2P Bitcoin Trading Volume Hits New High in US
In the US, P2P (Peer-to-Peer) Bitcoin (BTC) trading volume jumped to a historical high this week, as per data published by UsefulTulips.
In the past week, Bitcoin, valued at roughly $29 million, has been exchanged for the US dollars on top P2P marketplaces Paxful and Localbitcoins.
Last week, an increase in trade was recorded only in North America and Middle Eastern/North Africa, with all other zones recording small decreases in seven-day volume.
More than $24 million worth Bitcoin were exchanged on Paxful in the US, in addition to the $4.6 million worth Bitcoins traded on Localbitcoins.
Including the approximately $1 million worth Bitcoin trading conducted on Canada’s P2P markets, last week recorded the second-highest trading volume of $29.80 million worth Bitcoin in North America. Back in May 20, 2018, trading volume hit a record $30.20 million in North America.
Region wise, North America recorded the second-highest volume in terms of P2P transactions, with Sub-Saharan Africa contributing $13.60 million worth weekly trading volume.
In case of Nigeria, P2P trade seems to be flattening after several consecutive weeks of record high volumes. Nigeria, being the world’s second biggest P2P Bitcoin market, posted weekly trading volume of $8.76 million.
Russia, which recorded $8.40 million worth weekly trading volume in the final week of April, saw a 7.5% decline in P2P volume leading to a widening of gap with Nigeria.
Last week, P2P trading volume of Bitcoin in Russia fell to $7.81 million. Venezuela, which is reeling under severe economic stress, also saw an increase in Bitcoin trading volume to $5 million in week ended June 7. It is the second time, Bitcoin trading volume has surpassed $5 million.
Notably, P2P trade between the pound and Bitcoin surpassed $4 million this week. China follows closely with a trading volume of $3.87 million. Colombia and India takes the next two places with a trading volume of $3.06 million and $2.87 million, respectively.