U.S. Sets New Record for Bitcoin P2P Trading

Bitcoin peer-to-peer (P2P) trading activity in the US reached a new all-time record during the week of June 7, according to data released by UsefulTulips.

In the last seven days, almost $29 million in Bitcoin Revolution has been exchanged for dollars in the major P2P, Localbitcoins and Paxful markets.

Last week, there was only an increase in North America and Middle East/North Africa trading, and all other regions experienced slight decreases in seven-day volume.

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Over $24 million in Bitcoin has changed hands at Paxful in the US, along with $4.6 million traded in Localbitcoins.

With approximately $1 million in trading in the Canadian P2P markets, last week was the second strongest ever recorded in North American trading, with $29.8 million in weekly activity, behind the week of May 20, 2018, which recorded $30.2 million in North America.

Trading in North America produced twice the volume of the second strongest region for P2P activities, with Sub-Saharan Africa generating $13.6 million in weekly trading.

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P2P trading in Nigeria appears to be on the rise after several weeks of consecutive volume registrations, with the second largest domestic P2P market for Bitcoin in the world, generating $8.76 million in weekly trading.

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After registering over $8.4 million in weekly trading in the last week of April, a 7.5% drop in Russia’s P2P volume saw the gap between it and the Nigerian markets grow, with $7.81 million in Bitcoin changing hands last week.

Venezuela, the fourth-largest P2P market, increased trading by some percentages in the week of June 7, surpassing $5 million for the second time since February.

P2P trading between the pound and Bitcoin topped $4 million last week, followed by China with $3.87 million, Colombia with $3.06 million and India with $2.87 million.