The week that just ended saw new historical records of trading volumes on LocalBitcoins in Argentina and Venezuela and new annual records in Europe and Egypt.
Volumes have actually been very strong worldwide, with over $65 million traded in bitcoinbitcoin in a week on the famous P2P platform. It has been since November 2018 that there have been no such sustained volumes and last week’s performance is the second best global performance of the last year.
As far as the individual areas are concerned, there have been new historical highs in local currency in Argentina and Venezuela, most likely due to the galloping inflation of Peso and Bolivar.
But the curious thing was the peak of 4,250 million euros traded in Europe: the last time that such trading volumes of BTC occurred in eurozone countries was in March of last year. This peak is relatively anomalous because in the last 15 months there had rarely been more than EUR 3 million traded in a week.
Egypt also saw a new annual record, with the second highest peak ever after October 2018. However, the figure is only 5 BTC.
During this week, the trading volumes of bitcoin on LocalBitcoins have also been sustained in other countries, including Russia which, with 1,605 BTC traded, remains the leading market on this platform.
There was also strong trade in Chile, Colombia and partly in Brazil and Peru, confirming South America as one of the most active markets to date. Mexico, too, has been seeing interesting figures for several months.
As far as Asia is concerned, volumes were decidedly significant in Kazakhstan, with the second highest peak ever following last week’s historical record, but also in India, Hong Kong, Saudi Arabia and South Korea.
In Africa, besides Egypt, significant trade has taken place in Kenya, Nigeria and South Africa, but it is precisely Europe that is the area with the most interesting variations: Denmark, Ukraine, Hungary, Romania and Poland, some of the markets most recently active on LocalBitcoins.