United States Bitcoin Trading Smashes New Records

A new data report shows that peer-to-peer (P2)trading in Bitcoin has surged in the United States to smash an all-time high.

As reported by UsefulTulips, in the week of 7th June, the transaction of Bitcoin worth almost $29 million USD worth was recorded on P2P marketplaces Local bitcoins and Paxful. These transactions were listed as trade from Bitcoin to USD on the platforms.

Over the past week, Paxful recorded a whopping $24 million USD worth of Bitcoin transacted in the United States. At the same time, $4.6 million USD worth of Bitcoin was traded on Localbitcoins. The P2P marketplace in Canada also saw almost $1 million USD Bitcoin change hands. The prior week for the North American continent proved a strong one too with $29.8 million USD of Bitcoin moved during the 7-day time frame.

While the United States saw highest ever listings, only the Northern American, Northern African and Middle Eastern also saw increases while all other regions saw decreases in trading volumes over the week.

The world’s fourth-largest P2P marketplace, Venezuela, saw a fractional increase in trading volume this past week, trickling past $5 million USD worth of Bitcoin move hands. This marks only the second time the South American country has edged past this figure since February this year.

Nigeria Flattening The Trading Curve

While the African continent didn’t see a major spike in either direction, Nigeria’s marketplace is worth noting. After facing week after week after increasing volumes, the African market seems to have plateaued somewhat with a week’s trade volume of $8.76 million.

Bitcoin P2P Markets Facing Major Declines

Russia’s Bitcoin marketplace, on the other side of the coin, pulled in $8.4 million USD worth of trading volumes in the last week of May. The past week saw a 7.5% knockdown in trading, seeing $7.81 million USD worth of Bitcoin move in the past week.

Related Articles

Bitcoin value in Nigeria surges as cash-free society initiative expands

The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.

How is Bitcoin regulated in the United States?

Bitcoin regulation is an ever-evolving topic, especially in the United States where national legislation is impacted by individual states.

BlockFi financial leaks shows $1.2 billion FTX links

Financial information accidentally leaked in a presentation shows that BlockFi's financial ties to FTX were much higher than previously...

Genesis slapped with lawsuits amidst bankruptcy proceedings

Class action lawsuits have been filed against crypto lending platform Genesis as the firm deals with bankruptcy filings.

See All