The peer-to-peer (P2P) markets saw a rise in trade activity this past week, with the Localbitcoins markets of 5 countries publishing record volume. The largest spikes were focused in the Latin American and Asian areas, however, the United States also published its strongest month-to-month P2P volume since April 2018.
Indonesian P2P Volume Increases by More Than 10x in One Week
Localbitcoins trade between the Indonesian rupiah (IDR) and BTC saw a significant spike in activity this previous week, with volume increasing from 10 BTC throughout the week of Feb. 2 to 102 BTC during the week of Feb. 9.
When measured in fiat currency, this past week saw more than 4.5 billion IDR (around $364,600) worth of BTC changing hands. The week of Feb. 9 consisted of the greatest week of Indonesian Localbitcoins trade on record when measured in both fiat and cryptocurrency.
South Korean P2P Trade Activity up 125%
Localbitcoins trade in between the South Korean won (KRW) and BTC published a brand-new all-time high for trade volume this past week, with 132.33 million KRW worth of cryptocurrency (nearly 3.16 million) altering hands.
When measured in cryptocurrency, South Korean Localbitcoins more than doubled this previous week, up from 15 BTC throughout the week of Feb. 2 to 34 BTC. The week of Feb. 9 comprised the fourth greatest on record when defined in BTC.
Latin American Localbitcoins Markets Break BTC Volume Records
The P2P markets of Latin America saw a remarkable spike in volume this previous week, with numerous countries publishing all-time high trade activity.
Localbitcoins trade between Peruvian sol (PEN) and BTC published record volume when measured in both fiat and cryptocurrency, with 303 BTC or 3.56 million PEN (roughly 1.06 million) worth of trade taking place.
When measured in cryptocurrency, the week of Feb. 9 saw record trade in between Colombian pesos (COP) and BTC on Localbitcoins, with 760 BTC changing hands. When determined in fiat currency, the week made up the fifth strongest on record, with 7.63 billion COP (roughly $2.43 million).
Venezuela posted record volume when measured in both fiat and cryptocurrency for the second successive week, with 2,485 or 24.34 billion Venezuelan bolivares (roughly $8.90 million) worth of trade taking place.
Localbitcoins trade between Argentine pesos (ARS) and BTC posted its second greatest 7 days of trade when measured in fiat currency this previous week, with 8.43 million ARS (roughly $220,780) or 62 BTC worth of trade.
Do you think that the spike in P2P volume is a sign of improving or deteriorating market sentiment? Share your thoughts in the comments section below!
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