New Growth Records by India in P2P Trading Amid Emerging Markets
July 22, 2020 1:41 pm
Numerous emerging markets have established new growth records for weekly peer-to-peer (P2P) Bitcoin (BTC) trading, including India, Ghana, the Philippines, Argentina, Mexico and Egypt, according to data published by Useful Tulips. India and Ghana producing enormous growth during 2020.
Over the past seven days, India included the strongest market to post a new record for trade activity, with $3.4 million worth of Bitcoin trading hands. India’s P2P markets started gaining significant momentum from the second quarter onwards, with Indian volume beating out its December 2017 all-time high of $2.95 million last month before consistently rallying over $3 million this month.
African P2P Markets Continue to Rise
Following several weeks of surging volume, Nigeria’s peer-to-peer markets posted a slight retracement from last week’s record high above $10 million, with roughly $9.9 million.
While the growth of Nigeria’s P2P markets has largely fuelled Africa’s rise of the regional ranks to exceed all regions except North America by volume this year, Ray Yousef, CEO of Paxful, remarked that Ghana and Kenya have covered the second and third-strongest countries in Africa by year-to-date volume so far.
New weekly volume records for fifteen of the past seventeen weeks, with more than $1 million worth of Bitcoin changing hands for two consecutive weeks, recorded by Ghana.
Argentinian P2P Market Almost Doubled
The past three weeks have observed consecutive volume records posted by Argentina’s P2P markets as a monthly activity has nearly doubled.
While a new record of $585,000 was posted last month, July’s weakest week generated $830,000 in trade, while the past seven days fell just short of $1 million.
In 13 months, the P2P market of fellow Latin nation Mexico also posted its first volume record, with $692,000 in BTC trading for Mexican pesos over the past week.
P2P trade throughout 2019 and early 2020 in the Philippines
Notwithstanding consistently producing only five-figures worth of weekly trade throughout most of 2019 and the early months of 2020, P2P trade activity in the Philippines has spiked in recent months.
For the first time this past week, with volumes consistently holding above $500,000 since early May, Philippines peer-to-peer trade exceeded $1 million. In this past week, Egypt also posted record P2P activity with over $700,000 in trade volume.