The first week of September saw Localbitcoins witnessing the lowest global peer-to-peer [P2P] trade volume on record for Bitcoin [BTC]. According to data from Coin.dance, the presence of only half a dozen markets appears to represent the pervasion of lowered trading activity across the vast majority of Localbitcoins markets.
LocalBitcoins is a peer-to-peer Bitcoin exchange where users can buy and sell Bitcoin [BTC]. Traders usually create advertisements with the price and the payment method they choose to offer. They provide more than 60 different payment methods through which traders can buy and sell Bitcoin.
The significant dip in Bitcoin trading has recently become a widespread trend, where only a few of the many markets tracked by Localbitcoins have posted a volume that is equal to the normal trading activities in the course of the recent weeks.
Coin.dance data implied that only 864 BTCs were traded throughout the week in the month of September on Localbitcoins. This week is the lowest in the past five and a half years, which is how long the company has been compiling information.
This kind of slump in the over-the-counter [OTC] market has not presented itself since the third week of March 2013, where the overall trading volume was only 1995 BTC.
While estimating in USD, last week’s performance on the exchange platform has been the worst. The first week of September comprises the weakest seven days of trading on Localbitcoins since the last week of January 2015, when $5.9 million [24,785 BTC] was traded.
If the recent data is accurate, nearly all federal Localbitcoins markets witnessed a drastic reduction in the amount BTC traded throughout last week. Notably, the recent hyperinflation in Venezuela seems to have led to an exponential growth in LocalBitcoin purchases in the country, according to the data revealed by Coin.Dance. The weekly purchase volume surged from 6 trillion to 24 trillion bolivares in the past two months.
The Coin.Dance report stated that out of 48 fiat currencies which are being traded on Localbitcoins only 6 P2P markets have submitted their transaction volume for 8th September 2018. Croatia, the Czech Republic, Iran, Morocco, Poland, and Venezuela are the only six countries to submit their transaction volume. Transversely, the Localbitcoins markets in parts of the Middle East, Asia, Africa, Europe, Russia, and America have appeared to experience a dramatic decline in its P2P trade volume.
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