Several emerging markets are setting new records for weekly P2P Bitcoin [BTC] trading, including India, Ghana, the Philippines, Argentina, Mexico and Egypt, consistent with data published by Useful Tulips.
India comprised the strongest market to post a relatively new all time high record for trade activity, with $3.4 Mln worth of BTC trading hands over the past week.
India’s P2P markets began gaining significant momentum from the 2nd quarter onwards, with Indian volume beating out its Dec 2017 all-time high of $2.95 Mln last month before consistently rallying above $3 Mln this month.
Nigeria’s P2P Markets Growing Strongly
Following the several weeks of surging volume, Nigeria’s P2P markets posted a small retracement from last week’s record high over $10 Mln, with roughly $9.9 Mln.
While the expansion of Nigeria’s P2P markets has largely fuelled Africa’s ascension of the regional ranks to surpass all regions except North America by volume this year, Paxful’s CEO Ray Yousef added that Ghana and Kenya have comprised the 2nd & 3rd strongest nations in Africa by year-to-date volume thus so far.
Ghana has also revealed new weekly volume records for fifteen of the past 17 weeks, with over $1 Mln worth of Bitcoin changing hands for 2 consecutive weeks.
Argentinian P2P Markets Nearly Doubles
The past three weeks have seen consecutive volume records posted by Argentina’s P2P markets as monthly activity has nearly doubled.
While a new record of $585k was posted last month, July’s weakest week generated over $830k in trade, while the past 7 days fell just in need of $1 Mln.
The P2P market of fellow Latin nation Mexico also posted its 1st volume record in 13 months, with $692k in Bitcoin trading for Mexican pesos over the past week.
Philippines P2P Representing 5-Figures Growth
Despite consistently representing solely 5-figures worth of weekly trade Via most of last year and within the early months of this year in 2020, P2P trade activity in the Philippines has spiked in recent months.
Philippines based P2P trade exceeded $1 Mln for the primary time this past week, with volumes consistently holding above $500k since early May.
Egypt also posted record P2P activity this past week with over $700k in trade volume.