P2P Markets Report: Latin American and Hungarian Volume Surges

P2P Markets Report: Latin American and Hungarian Volume Surges

Latin American peer-to-peer (P2P) markets have seen an influx of volume in recent weeks, with the Localbitcoins markets of Argentina, Brazil, and Venezuela posting significant spikes in volume. In other news pertaining to international P2P markets, the Hungarian Localbitcoins markets produced near-record volume in recent weeks, whilst Canada’s recent surge in volume appears to have subsided.

Also Read: Japan Tax Agency Says Individuals Earning $1,800+ in Crypto a Year Will Declare Tax

Latin American P2P Trade Volume Increases

According to data published by Coin.dance, the Localbitcoins markets of numerous Latin American nations have posted an influx of volume this past week.

Argentina posted a new record for the fiat-value of weekly P2P trading last week – with nearly 6.05 million Argentine Pesos (approximately $220,000 USD) worth of trade taking place during the week of the 7th of July. Despite just 31 bitcoins changing hands via the Argentine P2P markets, the week saw the strongest weekly volume for ARS trading on Localbitcoins since August 2017.

The week of the 7th of July also saw significant market action taking place on the Brazilian Localbitcoins markets – with the 3.2 million Brazilian Real (roughly $830,000 USD) worth of BTC traded comprising the third highest fiat-denominated weekly volume in the market’s history. With 128 bitcoins exchanging hands, the week also comprised the strongest volume since September 2017 for Brazil’s P2P markets.

This week, Venezuelan trading on Localbitcoins established a new volume record for the eighteenth time in the last twenty weeks, with nearly 11.75 trillion Venezuelan Bolivars (approximately $98 million USD) worth of BTC exchanging hands during the week of the 14th of July.

 

Despite the consistent records, the 590 BTC traded on the Venezuelan P2P markets comprises the ninth strongest weekly volume witnessed in the history of the Venezuelan Localbitcoins markets.

Hungarian Localbitcoins Markets Rally

Hungarian P2P trading enjoyed a sudden spike in activity in recent weeks, with Hungarian Localbitcoins trading producing the second and third highest weekly volume candles during two of the last three weeks.

During both the weeks of the 30th of June and the 7th of July, Hungarian Localbitcoins listing facilitated 7.3 million Hungarian Forint worth of BTC changing hands. Despite the seemingly significant volume when measured in forint, both weeks saw only 4 BTC (approximately $26,500) worth of trade.

Canadian Surge in P2P Trading Subsides

Trade volume on the Canadian P2P markets appears to have normalized, with between 70 BTC and 80 BTC (roughly $600,000 – $700,000 CAD or $450,000 – $530,000 USD) worth of trade taking place for the fourth consecutive week.

The apparent stabilization has occurred following several months of anomalously strong trading activity on Canada’s P2P markets – with between $4 million CAD (approximately $3.05 million USD or 900 BTC) and $12 million CAD (roughly $9.15 million USD or 1265 BTC) worth being posted weekly from mid-March until late-May.

What do you think caused the sudden spike in Canadian P2P trading? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Coin.dance


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