Bitcoin might not be making any big moves yet, but more and more people are turning to the world's leading digital currency, which has a fixed supply and is censorship-resistant.
Amidst the ongoing coronavirus pandemic where central banks and governments are pumping in trillions of dollars in the market, raising the risk of an increase in inflation and currency debasement, peer-to-peer bitcoin exchange saw an uptrend this past week.
In the North America continent, $29 million worth of bitcoin has been exchanging hands in the US, a figure that has been constant throughout this month, since the last week of March when it was at $15 million.
When it comes to the Asia Pacific region, Indian rupee (INR) exceeded $3 million in trading volume, hitting an all-time high (ATH), which has been on an uptrend since May.
Philippine peso (PHP) is another one to climb to a new peak surpassing $1 million in trading bitcoin, the volume which has been strong since mid-May is further increasing this month.
Trading volume in Vietnamese dong (VND) reached over $375k in late May only to drop at $225k, which is back on the rise.
Other currencies that saw increased volume are from Latin America that includes almost $700k, a new high, in Mexican peso (MXN). Uruguayan peso (UYU) has also been on an uptrend in late May to climb to nearly $50k.
The highlight, however, has been Argentine peso (ARS), which broke above $1 million, yet another ATH by another currency, in bitcoin trading volume. It has been holding steady at around $500k until last month.
Another currency, the Egyptian pound (EGP), from the Middle East North Africa, hit an all-time high in the week ending July 19, 2020, at just above $150k.
Bitcoin a Natural Choice in Africa
Africa has been leading this growth throughout 2020, hitting new all-time highs in P2P volumes. Last week, Nigeria Naira broke $10 million volume, as per UsefulTulips that combines the volume on both LocalBitcoins and Paxful.
In the Sub-saharan Africa continent, Ghanaian cedi (GHS), whose volume has been on the rise since mid-march, hit a new ATH reaching over $2 million the same as Kenyan shilling (KES) and South African rand (ZAR).
Amidst this, South Africa’s biggest exchange by trading volume, VALR raised 57 million rands ($3.4 million) to expand its services. US-based crypto exchange Bittrex and Michael Jordaan, the former CEO of FirstRand Ltd.’s First National Bank, are the investors in the exchange.
Founded in 2018, the exchange currently facilitates trading in over 50 cryptos and has raised 79 million rands to date. The latest round of capital raising will be used by the exchange to explore new products, including collateralized lending and derivative trading in the country.