The trading of Bitcoin can be done in many different ways. Over the past few years, there has been a notable increase in P2P trading. Even though the value of Bitcoin has been on the rise, the overall trading volume is going in the opposite direction.
Global P2P Bitcoin Trading is Slowing Down
It is not entirely uncommon to see highs and lows where global Bitcoin trading is concerned. Especially in P2P markets, there can be some wild fluctuations more often than not. It can serve as a good indicator as to how people feel about the world’s leading cryptocurrency at that moment, though. Currently, it seems the high price is making peer-to-peer trading less attractive.
To put this into perspective, the global volume for P2P Bitcoin trading is on the decline. This trend is not new, as it began in August of this year. Interestingly enough, the value of Bitcoin has begun to climb in the same period. Higher prices seem to fuel less demand for this type of trading opportunity. Somewhat surprising, albeit the high price – combined with potentially high premium fees – can have that effect.
Looking at the chart, it is evident there is a strong decline worldwide. Do keep in mind these statistics only account for Paxful and LocalBitcoins across the different continents. There are other P2P trading providers out there which are not on this list. As such, it is impossible to determine if those providers make a positive impact or not.
Perhaps the biggest decline is taking place in North America. That has always been the largest P2P market for Bitcoin. Going from over $108 million per month to $99 million is not a good sign. However, all regions seem to note declines of up to 15% in recent months. An intriguing development, but one that has no negative impact on the market price.
Latin America and Asia Pacific Note Minor Growth
Discounting the month of November for now – it is too early to include it – there has been some minor growth for Bitcoin P2P trading. Both Latin America and Asia Pacific note stronger figures in the past 30 days. The difference is minor – $1.18 million and $1.4 million respectively – but still offers a sign of hope.
Furthermore, the status quo in Eastern Europe needs to be taken in stride as well. Although hardly ever mentioned in the same breath as cryptocurrency, there appears to be a rather healthy interest in Bitcoin. It may prove to be the next big market waiting to be tackled .
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org