Bitcoin’s Peer To Peer Trade Volume Hits A New Low
Sep 12, 2018
In the first week of September, we saw Localbitcoins witnessing the lowest global peer-to-peer trade volume on record for Bitcoin. Data from Coin.dance suggests that the presence of only six markets appears to represent the pervasion of lowered trading activity with most of the Localbitcoin markets.
Localbitcoins are on a peer-to-peer Bitcoin exchange in which customers can buy and sell Bitcoin. Investors usually make advertisements with the payment method they offer and the price. With over 50 different ways to pay, traders can buy and sell Bitcoin through this means.
The recent drop in Bitcoin investment has become a widespread trend, in which only a few of the multiple markets tracked by Localbitcoins have posted a volume which is the same to the regular trading activities in the course of recent weeks.
The data showed by Coin.dance hint that only 860 Bitcoins were traded throughout the week in the month of September on Localbitcoins. In fact, this week is the lowest in the past five and a half years, that’s as long as the business has been retaining information.
This kind of dip in the over the counter market hasn’t shown itself in 5 years, since the third week in March 2013 where the overall trading number was at around 1990 BTC.
If what this data shows is correct then almost all Localbitcoin markets had a dramatic decline in the number of Bitcoin traded within the last week.
It’s worth noting that Venezuela saw a recent hyperinflation which seems to have led to an exponential boost in Localbitcoin trades in the country. The weekly purchase volume was 6 trillion bolivares on average and has now boosted to 24 trillion bolivares over the course of the past two months.
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