Bitcoin P2P Trading on LocalBitcoins Hits Global All-Time High

Bitcoin trading volumes on peer-to-peer marketplace LocalBitcoins continues to thrive despite turbulent volatile times for the cryptocurrency’s value.

Last week, the marketplace witnessed a record $32 million in trading volumes in a continuing upward trend that shot up earlier this month when bitcoin reached an all-time high of $1,350 on the Bitstamp Price Index (BPI).

As revealed in data from Coin.Dance, the spike seen at the beginning of the month is heavily influenced by market activities in China, where exchanges continue to stop users from withdrawing bitcoin due to regulatory pressure from authorities, led by the People’s Bank of China, the country’s central bank. Introduced in February, the initially month-long withdrawal freeze has led to Chinese investors flocking to alternative decentralized marketplaces like LocalBitcoins.

P2P trading on the marketplace grew nearly 5x in China in February following the withdrawal ban. The trading activity helped push volumes soar beyond $24 million the week after, a then Read more ... source: CryptoCoinsNews

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