Bitcoin Trading Volume In Africa Reaches New Heights Ahead Of Halving

Bitcoin trading in Africa

Cryptocurrency enthusiasts across Sub-Saharan Africa have emerged ahead of the Bitcoin halving event to drive Bitcoin sales to top levels last seen in the 2017 rally.

Looking at data from cryptocurrency market analyst Useful Tulips, demand for Bitcoin has resulted in a surge across the peer-to-peer (P2P) marketplace through Local bitcoins and Paxful. This rally shows figures beyond the bull run in 2017 when Bitcoin spiked to its record figures across the globe.

The data shows a nearly $10 million USD trading volume across the Sub-Saharan region, marking an all-time high for the area’s P2P market. Of that price-tag, Nigeria – which makes up a massive portion of the region’s trading – saw $7.2 million USD worth of Bitcoin transacted across the Paxful and Localbitcoins P2P marketplace alone. Kenya also boasted a strong week, with $1.6 million USD worth of cryptocurrency traded across the platforms. Further south, South Africans exchanged over $1 million USD worth of Bitcoin, marking a massive increase in Bitcoin trading activity for the area.

With only four days until the Bitcoin halving, it’s very plausible that these trading volumes will continue to surge to reach unprecedented heights beyond the African regions.

Paxful Making Waves In Africa

As reported earlier this week, Paxful recently launched an initiative to support African charities. The initiative, Africa Fund, is dedicated to harnessing the power of Bitcoin to provide relief for African organisation amidst the Coronavirus COVID19 uncertainty.

This news comes in as the P2P marketplace appears to have claimed the spot as the top P2P Bitcoin platform used by African traders in the first quarter of 2020.


Related Articles

The top three privacy-focused cryptocurrencies

Privacy cryptocurrencies are designed to offer the greatest anonymity and security possible with untraceable transactions.

Anchorage announces layoffs amidst regulatory uncertainty

Another cryptocurrency firm has announced that it will be reducing its workforce to better focus resources.

What are crypto firms going to do with banking options?

With leading banks that service crypto closing down, what other options do crypto firms have for finances? In this, we explore.

The crypto-friendly Signature Bank slapped by lawsuit

The cryptocurrency-friendly Signature Bank and its former executives are being sued by shareholders for alleged fraud and misleading claims.

See All