P2P bitcoin trading volume reached record levels this week in several countries according to data from LocalBitcoins and Paxful.

Bitcoin trading between individuals is witnessing remarkable growth in developing countries:

Over the past two months, Bitcoin has been more stable than ever, with the coin fluctuating between $9,000 and $10,000.

The CEO of Binance joked that the oldest cryptocurrency had become a stablecoin.

People across developing countries are buying bitcoin en masse, at least according to volume figures provided by crypto exchanges LocalBitcoins and Paxful.

Mr. Kevin Rock, a researcher in the field of crypto, presented figures and data that measure the growth in the volume of Bitcoin trading, and the numbers presented indicate the following:

Read:Was the recent attack on the OKEx trading platform on the part of its competitors?

• The volume of Bitcoin trading among individuals in India has reached the volume of 3.4 million dollars per week.
• The volume of Bitcoin trading among individuals in Ghana is estimated at $1.7 million per week.
• Argentina Million Dollars/Weekly.
• Philippines Million Dollars/Weekly.
• Mexico $700,000/week.
• The Arab state, Egypt, 150 thousand dollars / week.

Kevin Rock used data provided byuseful lilywhich tracks retail bitcoin trading volume figures on LocalBitcoins and Paxful.

It can be said that Bitcoin is witnessing a remarkable demand by individual people in developing countries.

Central cryptocurrency exchanges located in India also saw an increase in trading volumes.

Interest in bitcoin has increased after India’s Supreme Court overturned a previous decision of the Indian central bank to ban cryptocurrencies.

The rise in trading volumes also coincides with the strict closure measures imposed across Indian states and cities to limit the spread of the Corona virus.

Other countries have seen a similar increase in P2P bitcoin transactions.

In Mexico, people are turning to digital currencies as a safe haven to hedge against the devaluation of the national currency, as the Mexican peso has fallen by 18% against the dollar since the beginning of the year.

Read:Invesco plans to launch two crypto-based ETFs

It should be noted that the increase in the volume of Bitcoin trading among individuals is not only related to developing countries, but the US also witnessed a record weekly volume of Bitcoin trading via Paxful and LocalBitcoins last month.

Read:A set of non-fungible “Bored Yacht Ape” tokens sold for $24 million

In mid-June, people traded over $30 million worth of bitcoin in a week on P2P exchanges.

The volume of trading in retail trading platforms is still high, which shows that the turnout has not weakened with time.

As for the P2P trading platforms, we offer from our side in Arab Bitcoin a group on Telegram, especially for buying and selling digital currencies that can be accessed from Link.

Read also:

Explanation of how to buy and sell digital currencies in the Arab Bitcoin Group

What are decentralized trading platforms (P2P) in the cryptocurrency world?