P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia

The heavy selling pressure that has dominated the markets in recent weeks has coincided with a surge in peer-to-peer (P2P) trade volume across the Localbitcoins markets in Asia and South America. Globally, higher trade activity over the past two weeks has also driven the strongest volume since September 2017, with roughly 12,116 BTC changing hands in the last seven days.
Also Read: Express Your Gratitude With Bitcoin.com’s New Smart Tip Generator
Venezuela
It appears that the popularity of BTC among Venezuelan citizens continues to grow exponentially, despite the introduction of the national cryptocurrency, the petro.
Weekly Venezuelan Localbitcoins Trade Measured in Fiat
This past week, the week of Dec. 1, the Venezuelan Localbitcoins market posted record weekly trade volume for the seventh time in nine weeks when measured in fiat currency, and the sixth time in the last nine weeks when measured in BTC.
Weekly Venezuelan Localbitcoins Trade Measured in BTC
Approximately 1,296 BTC has been traded over the past week, equating to 2.38 billion Venezuelan bolivars ($238.3 million) worth of BTC changing hands.
Colombia and Peru
The trade action of recent weeks has also seen P2P volume surge across other Latin markets. Colombia and Peru, for example, have posted record BTC volume for two consecutive weeks.
Weekly Colombian Localbitcoins Trade Measured in BTC
Roughly 596 BTC changed hands in exchange for Colombian pesos (COP) last week, while 186 BTC was traded for Peruvian sol (PEN).
Weekly Peruvian Localbitcoins Trade Measured in BTC
When measured in fiat currency, Colombian hit record volume during the week of Nov. 3, with 8.1 billion COP ($2.55 million) worth of BTC changing hands.
Weekly Colombian Localbitcoins Trade Measured in Fiat
Peru posted record fiat volume for the week of Oct. 20, with nearly 3.15 million PEN ($931,730) worth of BTC being traded.
Weekly Peruvian Localbitcoins Trade Measured in Fiat
and Chile
The Argentinian and Chilean P2P markets also posted record volume for the week of Nov. 10 when measuring in fiat, with 8.25 million Argentine pesos ($220,730) and 243.5 million Chilean pesos ($363,000) worth of BTC changing hands throughout the seven-day period.
Weekly Argentinian Localbitcoins Trade Measured in Fiat
Weekly Chilean Localbitcoins Trade Measured in Fiat

A number of Asian P2P markets have also shown significant strength in recent weeks, with several markets posting the strongest trade seen in over 12 months, when measured in BTC. This past week, the South Korean P2P markets posted the sixth strongest volume on record with 74.3 million Korean won ($66,715) worth of BTC exchanging hands.
Weekly South Korean Localbitcoins Trade Measured in Fiat
The week of Dec. 1 was also the strongest South Korean trade recorded since July 2017 when measured in BTC, with 16 BTC changing hands.
Weekly South Korean Localbitcoins Trade Measured in BTC
Indonesia
During the week of Nov. 24, Indonesia posted its second largest volume for Localbitcoins trade when measured in fiat currency, with over 1 billion Indonesian rupiah ($69,475) worth of BTC changing hands.
Weekly Indonesian Localbitcoins Trade Measured in Fiat
The week was also the strongest Indonesian P2P trade to be posted since March 2017 when measured in BTC, with 16 BTC changing hands.
Weekly Indonesian Localbitcoins

This post was syndicated from https://news.bitcoin.com/p2p-markets--dumping-drives-record-volume-spikes-across-latin-america-and-asia/ and originally written by our friends Samuel Haig at https://news.bitcoin.com/feed/
Ledger Nano S - The secure hardware wallet

Syndicated from Bitcoin.com