Amid a documented downturn in volume trading for 2018 across global exchanges, LocalBitcoins has recorded a number of trading volume spikes across various markets since mid-March 2018. Worldwide, the exchange’s volume pushed up to around $75 million for the week ending March 31, 2018.
Both the European and Canadian markets showed record volumes in the week ending 31 March 2018. Trading in EUR/BTC on the LocalBitcoins exchange surpassed a previous high of around $9 million in EUR, as almost $11.5 million worth of BTC in EUR was traded this last week. This trade volume of 1,617 BTC is the highest number of Bitcoin traded in a week since March 2016 for the EUR/BTC markets.
Bitcoin Markets Brewing
A number of P2P markets surged recently, with IDR (Indonesian rupiah) trades for Bitcoin witnessing a record $580 million IDR during the week ending 31 March 2018 on the LocalBitcoins exchange. During the same period, Vietnamese P2P trading saw its second-highest volume ever, with a noticeable trading surge that gave rise to a $3.725 billion VND final tally. This is the third time in as many weeks that record volumes have been recorded by LocalBitcoins. Around $8 million CAD also exchanged hands in Bitcoin trading.
In the week ending March 10, 2018, CAD/BTC trading value sat at almost $2.5 million, nearly a million dollars more than the former record of $1.475 million. The following week saw volume slump again to $1.6 million before volumes increased sharply to once again establish a new record in excess of $5 million during the week ending March 24, 2018. When taken as a measure of Bitcoin trading, the recent volume of 904 BTC is an all-time record, besting the previous record high of 706 BTC from around May 30, 2015.
Mexican traders surged aggressively in the first week of March 2018 too, with LocalBitcoins’ trade between the digital currency and the Mexican peso recording $10.6 million. Across the ocean, Tanzania’s LocalBitcoins market trading saw its third-highest weekly volume mark, as $90 million TZS worth of Bitcoin changed hands.
Further South, Bitcoin Continues to Enchant
Bolivar to BTC trading has been record-setting for more than half of the weeks of 2018 so far. Venezuela’s P2P Bitcoin markets are continuing to swell during 2018 to date. The past week’s lack of fireworks was offset by the preceding weeks’ record trading volume of over Bs.F1 trillion. Not to be outdone, the Peruvian P2P trade has also been buoyant recently, generating over $1 million PEN in transactions for at least eight out of the last nine weeks.
With anticipated regulatory pressure having now largely abated as lawmakers begin to approach exchanges in order to render them wholly compliant with existing relevant legislation, it seems that the enthusiastic sentiment of 2017 is returning, albeit slower and more cautiously this time. Bitcoin was trading at just under $7,000 at the close of business on Friday March 30, 2018.
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