In line with ‘charts‘ on BTC statistics service ‘Coin Dance’, the trading volume of the leading cryptocurrency Bitcoin [BTC] in ‘South Korea‘ recently reached new levels on renowned P2P [peer-to-peer] exchange named ‘LocalBitcoins’.
As per the stats, bitcoin weekly trading volumes have surged over the past 2 weeks, with the newest week recording a major high of around 219 Mln in South-Korean won [about $185,000 USD].
Founded in Finland earlier in 2012, LocalBitcoins offers OTC [over-the-counter] trading of native currency for bitcoin and operates as a P2P trading platform. The leading cryptocurrency trading platform is very popular within Latin America, with Venezuela and Colombia having reportedly ‘accounted‘ for nearly 85% of the LocalBitcoins’s trading volumes by Feb. 2019.
In line with the stats from crypto analytics web-site ‘Coinhills’, the South-Korean won is one among the foremost popular national currencies trading against BTC. Accounting for over 20,000 Bitcoin’ [around $173 Mln’s] in daily trading volumes against bitcoin, the won is ranked as the 3rd largest national currency listed vs Bitcoin after the USD and the Japanese yen.
In the mid of April, leading South Korean cryptocurrency exchange named ‘Coinnest’ started ‘closing‘ its services, that was reportedly a result of the extended 2018 bearish market. Also, the total number of South Koreans ‘purchasing‘ cryptocurrency with standard fiat money has considerably increased, whereas the amount of ‘cryptocurrency‘ investment in last year surging by around 64% over 2017.
Just last week, LocalBitcoins ‘banned‘ Iranian residents from using its service, as the exchange supposedly had to restrict Iranian transactions to comply with the monetary laws within Finland, as well as with the sanctions imposed by the U.S.