Bitcoin Peer-to-Peer Trading Volume Hits Record Lows
Ever since Local bitcoins started tracking the global peer-to-peer trade volumes of Bitcoin, the first week of September 2018 has returned the worst performance, as per Coin.dance. Seemingly, the significant dip in Bitcoin trading is a widespread trend, with only a few of the many markets tracked by Localbitcoins posting a volume that is at par with their normal trading activities over the past weeks.
Precisely, the data posted by Coin.dance reports that a paltry 864 BTC were traded over the first week of September, ending on September 8, 2018. This is the lowest ever trading volume since Localbitcoins started compiling data on BTC trading over five years ago. Before this, the record for the lowest BTC trading volume was the first week when Localbitcoins started keeping records in mid-March 2013. Back then, the trading volume was 1,995 BTC. When converted into dollars, last week’s appalling performance is the worst since the last week of January 2015, when $5.9 million (24,785 BTC) was traded.
Going by the statistics published by Coin.dance, it is apparent that a majority of markets followed by Localbitcoins underwent a drastic decline in the volume of BTC traded over the past seven days. As mentioned earlier, only six of the nearly fifty fiat currencies that are tacked by Localbitcoins recorded trading volumes that is comparable to their averages in recent weeks. These countries include Venezuela, Croatia, Poland, Iran, the Czech Republic, and Morocco. Contrariwise, most of the remaining 42 countries experienced a radical decrease in P2P Bitcoin trading.