Bitcoin’s global Peer-to-Peer (P2P) trading volumes reached their highest levels since January 2018: in the first week of August, nearly $95 million was traded in BTC at LocalBitcoins and Paxful
This increase is mainly linked to an increase in trading activities in Latin America: as of July, the Bitcoin P2P markets in Argentina, Mexico, Chile, Bolivia, Honduras, Paraguay, Uruguay and the Bahamas have started to break new records.
Binance incorporated the Chilean peso (CLP) and Uruguayan peso (UYU) to its P2P platform
But, above all, the highest volume was recorded in Venezuela, where more than $5 million is traded in the form of Bitcoin every week. Colombia follows with a volume of 3 million. In third and fourth place we find Argentina and Peru, with a weekly volume close to $1 million.
In Africa, the P2P market is growing strongly
Peer-to-peer trading is also on the rise in Africa: the sub-Saharan region has broken new volume records for seven of the last ten weeks.
India leads emerging markets with record volumes in P2P trading
While Nigeria still accounts for 50 per cent of the region’s weekly volume of around $18 million, the markets of South Africa, Ghana, Kenya, Botswana, Zambia and Sudan have set new records in the last fortnight.
Kenya is the second largest market in Africa, with a volume of $3.6 million. It is followed by South Africa and Ghana, both nations with a weekly volume of around 2 million.
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India is also seeing an increase in P2P trading: in August a volume of $4 million was exceeded for the first time.