P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia
The heavy selling pressure that has dominated the cryptocurrency markets in recent weeks has coincided with a surge in peer-to-peer (P2P) trade volume across the Localbitcoins markets in Asia and South America. Globally, higher trade activity over the past two weeks has also driven the strongest volume since September 2017, with roughly 12,116 BTC changing hands in the last seven days.
It appears that the popularity of BTC among Venezuelan citizens continues to grow exponentially, despite the introduction of the national cryptocurrency, the petro.
This past week, the week of Dec. 1, the Venezuelan Localbitcoins market posted record weekly trade volume for the seventh time in nine weeks when measured in fiat currency, and the sixth time in the last nine weeks when measured in BTC.
Approximately 1,296 BTC has been traded over the past week, equating to 2.38 billion Venezuelan bolivars ($238.3 million) worth of BTC changing hands.
Colombia and Peru
The trade action of recent weeks has also seen P2P volume surge across other Latin American markets. Colombia and Peru, for example, have posted record BTC volume for two consecutive weeks.
Roughly 596 BTC changed hands in exchange for Colombian pesos (COP) last week, while 186 BTC was traded for Peruvian sol (PEN).
When measured in fiat currency, Colombian hit record volume during the week of Nov. 3, with 8.1 billion COP ($2.55 million) worth of BTC changing hands.
Peru posted record fiat volume for the week of Oct. 20, with nearly 3.15 million PEN ($931,730) worth of BTC being traded.
Argentina and Chile
The Argentinian and Chilean P2P markets also posted record volume for the week of Nov. 10 when measuring in fiat, with 8.25 million Argentine pesos ($220,730) and 243.5 million Chilean pesos ($363,000) worth of BTC changing hands throughout the seven-day period.
A number of Asian P2P markets have also shown significant strength in recent weeks, with several markets posting the strongest trade seen in over 12 months, when measured in BTC. This past week, the South Korean P2P markets posted the sixth strongest volume on record with 74.3 million Korean won ($66,715) worth of BTC exchanging hands.
The week of Dec. 1 was also the strongest South Korean trade recorded since July 2017 when measured in BTC, with 16 BTC changing hands.
During the week of Nov. 24, Indonesia posted its second largest volume for Localbitcoins trade when measured in fiat currency, with over 1 billion Indonesian rupiah ($69,475) worth of BTC changing hands.
The week was also the strongest Indonesian P2P trade to be posted since March 2017 when measured in BTC, with 16 BTC changing hands.
The week of Nov. 24 also saw significant trade activity on India’s Localbitcoins market. It was the fourth strongest on record when measured in fiat, with roughly 122 million Indian rupees ($1.73 million) worth of trade.
The week was also the strongest since May 2017 when measured in BTC, with 296 BTC changing hands.
The week of Nov. 24 also saw the strongest trade between BTC and the Thai baht since September 2017 when measured in BTC, with 153 BTC changing hands.
Trade in Kazakhstan surged during the week of Nov. 10, comprising the third strongest on record when measuring in fiat and the fourth strongest in BTC.
Roughly 36.7 million Kazakhstani tenge ($99,085) worth of BTC changed hands, equating to about 16 BTC worth of trade.
Do you think that P2P trade throughout Latin American and Asia will continue to set new records for volume in the coming weeks? Share your prediction in the comments section below.
Images courtesy of Shutterstock, Coin.dance
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