Several markets have seen spikes in peer-to-peer (P2P) volume, with the Kazakh and Singaporean Localbitcoins markets posting their second strongest weeks on record. Polish P2P trade also increased this past week, with volume reaching a 14-month high.
Singaporean P2P Trade Sees Spike
The current BTC price action appears to have driven an uptick in Localbitcoins trade volume across diverse markets, with many traders likely preparing for the various scenarios that may play out as BTC tests support near the low of 2018’s bear market.
Singapore’s P2P market was among those to see a significant spike in volume this past week, with approximately 145 BTC changing hands on Localbitcoins during the week of Feb. 2.
When measured in fiat currency, the week comprised the strongest seven days of trade activity between the Singapore dollar (SGD) and BTC, with 683,302 SGD (nearly US$504,000) worth of trades taking place on Localbitcoins.
Eastern European Localbitcoins Trade Rallies to Pre-2018 Volume Levels
Following a recent surge in Russian P2P trade, other Eastern European markets have seen an increase in trade activity amid BTC’s expected retest of the $3,000 resistance area.
Kazakh Localbitcoins trade saw the second largest number of BTC change hands in a week on record, with 22 BTC worth of trade.
The week of Feb. 2 also comprised the 10th strongest on record, producing 28.36 million Kazakhstani tenge ($75,000) worth of trade.
The Polish Localbitcoins market posted a 14-month high for trade volume, with 23 BTC ($77,000) worth of trade taking place between Polish zloty and BTC.
Venezuelan P2P Market Continues to Post Record Volume
A record number BTC changed hands via the Venezuelan Localbitcoins market this past week, with approximately 2,004 BTC (roughly $6.75 million) worth of trade.
Venezuelan P2P trade also posted record volume when measured in fiat currency for the fourth consecutive week, with roughly 17.34 billion Venezuelan bolivars worth of BTC trading on the platform during the week of Feb 2.
Which national market do you expect will be the next to see Venezuela-esque cryptocurrency adoption? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Coin.dance
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