P2P Markets Report: BTC Posts Record Low for Localbitcoins Trade Volume
According to Coin.dance, the first week of September has comprised the weakest on record for global peer-to-peer (P2P) trade volume on Localbitcoins. The considerable lull in trading activity appears to have pervaded across the vast majority of Localbitcoins markets, with only half a dozen national markets posting volume that is comparable to the trading activity experienced in recent weeks.
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Record Drop in Number of BTC Traded on Localbitcoins
Coin.dance data claims that only 864 BTC were traded during the week of the 8th of September on Localbitcoins – the lowest on record in the five and a half years in which the company has been compiling data when measuring in BTC.
<figure id="attachment_214033" style="width: 696px" class="wp-caption aligncenter">
<figcaption class="wp-caption-text">Global Localbitcoins Weekly Trade Volume (BTC)</figcaption>
Until now, the lowest week recorded by Coin.dance had been the first in which it began publishing data for Localbitcoins trade volume – which saw 1,995 BTC exchange hands during the week of the 16th of March, 2013.
<figure id="attachment_214034" style="width: 696px" class="wp-caption aligncenter">
<figcaption class="wp-caption-text">Global Localbitcoins Weekly Trade Volume (USD)</figcaption>
When measuring in USD, the week of the 8th of September comprises the weakest seven days of trading on Localbitcoins since the 31st of January, 2015 – which saw $5.871 million worth of BTC change hands, then equating to 24,785 BTC worth of trade.
Most Major Localbitcoins Markets Post Dramatic Decline in Trade Volume
If the current data is accurate, the majority of national Localbitcoins markets saw a drastic decline in the number BTC traded during this past week.
Of the 48 fiat currencies traded on Localbitcoins that are tracked by coin.dance, only 6 P2P markets – those of Croatia, the Czech Republic, Iran, Morocco, Poland, and Venezuela – have posted volume trade volume for the 8th of September, 2018 that is comparable to the volume of recent weeks.
Transversely, the Localbitcoins markets of Argentina, Australia, Brazil, Canada, Chile, China, Colombia, Denmark, Dominican Republic, Egypt, Europe, Hong Kong, Hungary, India, Indonesia, Japan, Kazakhstan, Kenya, Malaysia, Mexico, New Zealand, Nigeria, Norway, Pakistan, Peru, Philippines, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Sweden, Switzerland, Tanzania, Thailand, Turkey, Ukraine, United Arab Emirates, United Kingdom, USA, and Vietnam all appear to have experienced dramatic declines in P2P trade volume.
What is your response to the decline in BTC trading activity on Localbitcoins? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Coin.dance
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