P2P Markets Report: Record-Breaking Volume Across VEB, ARS, and PHP Markets
The peer-to-peer BTC markets of numerous emerging markets have witnessed significant action this past week, with the Localbitcoins markets of Venezuela, Argentina, and the Philippines posting record weekly fiat trade volume. The P2P markets of Tanzania and the Dominican Republic also saw notable surges in trading activity.
Venezuela and Argentina Witness All-Time High Fiat Volume for P2P Trade
A number of Latin American P2P BTC markets have witnessed an upsurge in trading activity this past week, with Venezuela and Argentina setting new records for the fiat value of weekly trade volume on Localbitcoins, according to Coindance.
A record-breaking nearly 21 trillion Venezuelan Bolivar (VEB) (roughly $ 84.5 million USD) worth of BTC exchanged hands on Localbitcoins during the week of the 11th of August. When measured in BTC, this past week saw the second highest volume ever for the P2P BTC/VEB markets, with 695 BTC traded in a single week.
The Argentinian P2P markets also posted an all-time high for BTC trade when measured in fiat currency, with more than 6.061 million Argentine Peso (ARS) (approximately $ 204,000 USD) worth of BTC exchanging hands this past week.
Amid increased trading activity across Latin America this week, the Localbitcoins market in the Dominican Republic posted its 6th highest weekly volume candles even when measuring volume in both fiat and BTC, producing 6.075 million Dominican Pesos (nearly $ 122,000 USD) or 18 BTC worth of trade.
New Record for Philippine P2P Trade Volume
The week of the 11th of August also saw a new record for Localbitcoins trade between the Philippine Peso (PHP) and BTC, with roughly 35.1 million PHP (approximately $ 657,500 USD) changing hands in seven days. When measuring trade in BTC, the 98 BTC traded this past week comprises the strongest volume posted since late May of 2016.
The Tanzanian P2P markets also saw a significant surge in trading activity this past week. The week of the 11th of August comprised the second strongest week for trade between the Tanzanian Shilling (TZS) and BTC, with roughly 234.5 million TZS (approximately $ 102,500 USD) worth of trade taking place. When measuring in BTC, the week of the 11th of August was the third strongest in the market’s history, with 15 BTC worth of exchanged.
Do you think that the P2P markets will continue to see increased trading activity? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Coin.Dance
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