LocalBitcoins’ Daily Trading Volume Continues to Hold Steady Even Without Iran Activity
- LocalBitcoins has been growing in popularity over the past couple of years, primarily because a number of governments across the globe have continued to put a lot of regulatory pressure on premier altcoins such as BTC, ETH, XRP etc.
- The Finland-based trading platform has been facing a lot of heat from law-enforcement agencies due to its relatively lax customer verification processes.
According to a recent report released by eToro’s Mati Greenspan, popular P2P crypto trading platform — LocalBitcoins — has been able to maintain its daily tx volumes despite the exchange facing a lot of regulatory heat as well as region-specific rollbacks since the start of the year.
“Global volumes @LocalBitcoins, If you ignore the 2017 crypto summer bubble, the direction of the trend is quite clear.”
As per the chart presented above, it is quite clear that over the last 3-4 years, LocalBitcoins has witnessed a clear uptrend in its weekly crypto exchange volume.
Additionally, it also bears mentioning that the P2P exchange has been gaining a lot of popularity amongst crypto enthusiasts — especially within smaller S.American nations such as Venezuela (where inflation levels are currently off the charts).
During the month of January (2019) alone, Venezuelan crypto enthusiasts facilitated transfers worth 6,347 BTC on LocalBitcoins. This was followed by a total tx volume of 10,315 BTC just a month later.
At press time, the people of Venezuela are using an unprecedented amount of alt-coins to facilitate their daily payments because their national currency — the Bolivar — is currently experiencing inflation levels of around one million percent.
With all of this information out there, it now remains to be seen what the future has in store for LocalBitcoins as well as the altcoin sector as a whole.