In the week of March 2, around 14,365 BTC traded over peer-to-peer (P2P) localbitcoins, representing a trading volume of approximately $ 51.51 million. Of these, 3,593 BTC were traded on the Russian markets, 83 percent more volume than was produced in the second largest market of Localbitcoins, Venezuela.
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Russia, Venezuela and the United States comprise the largest markets for localbitcoins
Localbitcoins traded around 3,593 BTC for Russian rubles (RUB) last week. This makes it the largest P2P market in terms of trading volume. The trading activity of Russian Localbitcoins was RUB 918 million (approximately $ 13.81 million) for the week ended March 2.
Venezuela was the second largest national market for localbitcoins in the week of March 2, trading at 1,953 BTC – the fifth strongest week in the cryptocurrency. Measured by the currency of exchange, Venezuelan trade produced 25.43 billion Venezuelan Bolivars (about 7.72 million US dollars), the strongest week to date.
In the United States, 1,807 BTC were converted into USD last week, which equates to a trading volume of $ 9.67 million. The US was thus the third strongest P2P market of the last week and has been the strongest trading day in more than a year, measured in fiat currency.
Nigerian localbitcoins trade exceeds 900 BTC
Last week, around 903 BTC were traded for Nigerian Naira (NGN). Nigeria is the fourth largest market for localbitcoins. Measured against the currency of exchange, NZ $ 1.21 billion (nearly $ 3.32 million) was traded.
China was the fifth largest P2P market last week with 839 BTC for Chinese yuan (CNY), which equates to 21.8 million CNY (more than 3.24 million USD). China's P2P trade surpassed European localbitcoins. 830 BTC were traded during the week of 2 March for Euro (EUR).
Measured against Fiat's currency, EUR 2.83 million (around USD 3.17 million) was exchanged.
Trade between the British pound (GBP) and BTC last week was the seventh largest market at localbitcoins, with a trading volume of 806 BTC or 2.37 million GBP (3.1 billion USD).
Croatia and Hungary after 1 BTC each in P2P trading
Colombia included the eighth-largest localbitcoins market with a trade of 725 BTC last week, the third-strongest week recorded. In the switch to Fiat currency, the Colombian P2P market traded BTCs worth 7.9 billion Colombian pesos (2.52 million USD) during the week of 2 March.
About 317 BTC traded in Indian Rupees (INR) last week, making it the ninth-largest market for localbitcoins. Measured by Fiat's currency, INRN 88.62 million (approximately $ 1.26 million) was traded for BTC during the week ended March 2.
South Africa was the tenth largest P2P market in the trade at 288 BTC or ZAR 15.76 million (approximately $ 1.08 million).
Croatia and Hungary were the weakest localbitcoins markets last week, each producing around 1 BTC in trading activity.
Do you expect Russia to host the largest local bitcoins market in the coming months? Share your thoughts in the comments below!
Images courtesy of Shutterstock, Coin.dance
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The Post-P2P Market: Russian Localbitcoins Trade Outpaces Venezuela first appeared on Bitcoin News.
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