P2P Markets Report: Selling Drives Upswing in Emerging Markets' Volume
The recent selling pressure experienced by BTC has driven a surge in the peer-to-peer trade volume for numerous emerging cryptocurrency markets. The Localbitcoins markets for the Philippines, Iran, and Kazakhstan have all seen a significant upswing in the number of bitcoins traded in recent weeks.
Also Read: Blockchain States Lure Citizens with Political Nostalgia and Voting Rights
Philippine P2P Markets Witness Spike in Trade Volume
The week of the 28th of July posted the second highest weekly volume for trade between BTC and the Philippine Peso (PHP) on Localbitcoins for 2018, according to Coin.dance.
This past week saw 39 BTC trade hands via the Philippines’ Localbitcoins markets – comprising the highest of number of BTC traded since the week of the 24th of February, 2018 – during which 40 BTC exchanged hands. The volume for the week of the 28th of July saw a 30% increase in the number of BTC traded week-over-week – up from 30 BTC during the week of the 21st of July.
When measuring volume in fiat currency, this past week produced the second strongest volume of 2018 and the fourth highest weekly trade volume in the history of the Philippine Localbitcoins markets – with approximately 16.9 million PHP worth of trade taking place during the week of the 28th of July.
Iranian Localbitcoins Trade Surges
The Iranian Localbitcoins markets posted the strongest volume since the week of the 2nd of June, with 25 BTC exchanging hands via the platform this past week.
When measuring in Iranian Rial (IRR), the week of the 28th of July saw the second strongest weekly trade volume since February, with over 19.6 million IRR worth of BTC changing hands this past week.
Kazakhstan Experiences Upswing in P2P Trade Activity
The P2P BTC markets for Kazakhstan has also seen the strongest trade volume in roughly a month this past week, with 9 BTC trading hands.
When measuring in Kazakhstani Tenge (KZT), this past week saw the second strongest trade volume between KZT and BTC since February, with over 24 million KZT worth of trade taking place.
Do you think that the trade volume for emerging P2P cryptocurrency markets will continue to rally? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Coin.dance
At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.