The peer-to-peer (P2P) markets saw a surge in trade activity this past week, with the Localbitcoins markets of five countries posting record volume. The largest spikes were concentrated in the Latin American and Asian regions, however, the United States also posted its strongest monthly P2P volume since April 2018.
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Indonesian P2P Volume Increases by More Than 10x in One Week
Localbitcoins trade between the Indonesian rupiah (IDR) and BTC saw a dramatic spike in activity this past week, with volume increasing from 10 BTC during 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 (approximately $364,600) worth of BTC changing hands. The week of Feb. 9 comprised the strongest week of Indonesian Localbitcoins trade on record when measured in both fiat and cryptocurrency.
South Korean P2P Trade Activity up 125%
Localbitcoins trade between the South Korean won (KRW) and BTC posted a new all-time high for trade volume this past week, with 132.33 million KRW worth of cryptocurrency (nearly 3.16 million) changing hands.
When measured in cryptocurrency, South Korean Localbitcoins more than doubled this past week, up from 15 BTC during the week of Feb. 2 to 34 BTC. The week of Feb. 9 comprised the fourth strongest on record when measured in BTC.
Latin American Localbitcoins Markets Break Volume Records
The P2P markets of Latin America saw a dramatic spike in volume this past week, with several countries posting all-time high trade activity.
Localbitcoins trade between Peruvian sol (PEN) and BTC posted record volume when measured in both fiat and cryptocurrency, with 303 BTC or 3.56 million PEN (approximately 1.06 million) worth of trade taking place.
When measured in cryptocurrency, the week of Feb. 9 saw record trade between Colombian pesos (COP) and BTC on Localbitcoins, with 760 BTC changing hands. When measured in fiat currency, the week comprised the fifth strongest on record, with 7.63 billion COP (approximately $2.43 million).
Venezuela posted record volume when measured in both fiat and cryptocurrency for the second consecutive week, with 2,485 or 24.34 billion Venezuelan bolivares (approximately $8.90 million) worth of trade taking place.
Localbitcoins trade between Argentine pesos (ARS) and BTC posted its second strongest seven days of trade when measured in fiat currency this past week, with 8.43 million ARS (approximately $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!
Images courtesy of Shutterstock, Coin.dance
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