Argentina, Venezuela Lead Surging P2P Bitcoin Trading Activity This Week
Trading Activity Surges in Multiple Peer-to-Peer BTC Markets This Week, Including Argentina and Venezuela
During this week alone, as cryptocurrencies heal from the destruction upon thousands of coins, the peer-to-peer BTC market in multiple countries seems to be unaffected. More so, it seems that the LocalBitcoins markets are actually thriving, based on the weekly fiat trade volume. The countries included in this prosperous time are Venezuela, Argentina, the Philippines, Tanzania, and the Dominican Republic.
Though all of the above countries thrived, Venezuela and Argentina set new records in their progress. Venezuela saw the equivalent of about 21 trillion Venezuela Bolivar (VEB) in BTC exchanged on the platform last week. When calculated in actual BTC coins, the week was recorded as the second highest volume ever for this type of transaction in the entire market, amounting to 695 BTC in just a week. In Argentina, the market posted its own trade volume high of 6.061 million Argentine Peso (ARS) in BTC, which also happened within the last week.
The other countries saw high volumes too, with the Dominican Republic reaching the sixth-highest weekly trading volume at 6.075 million Dominican Pesos, or 18 BTC. The Philippines reached the BTC equivalent of 35.1 million Philippine Peso, which was 98 BTC. This is actually the highest number for the region in over two years. As far as the Tanzanian market, they had their second highest week ever at 234.5 million Tanzanian Shilling, which is 15 BTC.
With these surges, more investors may soon come to realize that P2P trading in these Latin countries is worth the spending. Hopefully, this is an upward trend for the ongoing volume of the P2P market.