Bisq Decentralized Exchange Attains Highest Bitcoin Trading Volume, Crossing $3 Million for Month
Bisq Decentralized Exchange Attains Record Trading Volume
Since its inception, the Bisq decentralized Bitcoin exchange has never transacted as much as it has this month, October 2018. So far, the trading platform has transacted over $3 million. This performance is very impressive given that the price of Bitcoin is currently low.
According to data from Coin Dance, Bisq attained a record high trading volume for the week ending on October 20. Precisely, the crypto exchange traded in excess of $15 million over the past one week. This is even better than the transactions conducted during the peak of Bitcoin in December 2017.
Similarly, Localbitcoins also achieved remarkable trading volumes in the last week. In this case, the increased activity in the Venezuelan market was the main reason for the high trade volumes. There has been a growing interest in Bitcoin in the South American country of late. This is because of the instability of the local fiat currency, devaluation and inaccessibility of forex exchange services.
Coin Dance reported that Localbitcoins transacted 1049 BTC in Venezuela over the past week. This is the platform’s second best performance in the country in history. When converted into the local fiat currency, the Sovereign Bolivar, this volume was a record VES 1.16 billion.
The popularity of Localbitcoins is as a result of intensive trading activity in South American nations, namely Peru, Brazil, Argentina, and Colombia. On the other hand, Bisq attributes its success to the recent launch of a mobile app and a DAO on the Bitcoin Testnet. Moreover, Bisq was recently recommended over Localbitcoins by Adam Ficsor, a privacy developer. Adam lauded Bisq for implementing KYC procedures for accounts that transact large volumes of Bitcoin. Bisq has also been praised for deploying infrastructure and observing practices that enhance privacy on the network.