P2P Bitcoin Trading Slows in China, Booms in Hong Kong and South America


P2P Bitcoin Trading Slows in China, Booms in Hong Kong and South America

In recent weeks, Chinese P2P bitcoin trading has seen a significant reduction in trading volume. Transversely, Hong Kong and many South American nations have seen a spike in P2P trade, with Brazil, Venezuela, Colombia, Chile, and Peru witnessing new volume highs in recent weeks.

Also Read: ICO Regulatory Round-Up: UK, Malaysia, and Switzerland’s Crypto Valley Point to Risks

Chinese P2P Bitcoin Trading Volume Has Significantly Reduced in Recent Weeks, Whilst Hong Kong’s Has Dramatically Spiked

P2P Bitcoin Trading Slows in China, Booms in Hong Kong and South America

Chinese P2P bitcoin trading has seen a significant slump in volume during recent weeks. Since June, weekly localbitcoins trading volume has consistently reached between approximately 25,000,000 and 25,000,000 yuan – less than half of volume during February – May. Chinese P2P trading has dramatically slowed since the end of May – which saw the establishment of a new all time high of approximately 100,000,000 yuan worth of bitcoin being traded in 7 days, before volume roughly halved heading into June.

By contrast, the officially autonomous Chinese territory of Hong Kong has enjoyed record P2P bitcoin trading in recent weeks. August saw the establishment of a new all time high in trading volume, with approximately $5,600,000 HKD in trade taking place during both the start and end of August – a gain of over 25% over the preceding all time high of approximately $4,000,000 HKD from November 2016. September’s volume appears to be showing no signs of slowing down, with a new high of 6,150,000 HKD being set at the start of the month.

Speculators are attributing the formulation of highly anticipated Chinese cryptocurrency regulations as the catalyst for the slump in Chinese P2P bitcoin trading. Transversely, China’s historic use of Hong Kong as a regulatory sandbox for economic and financial innovation may have contributed to the spike in Hong Kong P2P trading, with speculators anticipating that Hong Kong may be used as a vehicle to trial more liberal-leaning cryptocurrency regulations.

South American P2P Bitcoin Trading Has Consistently Established New Highs Throughout 2017

Numerous emerging markets have posted new all time highs for P2P bitcoin trading in recent weeks, with August witnessing a dramatic spike in South American localbitcoins trading. Brazil posted new all time highs of approximately R$4,500,000 and R$7,215,000 being posted during August – comprising more than double that of the preceding record of almost R$2,000,000 from May. Venezuela’s persistent issues relating to currency devaluation and economic uncertainty have driven the establishment of new volume highs throughout 2017, with weekly P2P volume spiking above Bs20,000,000,000 on three occasions in recent weeks. Peru, Colombia, and Chile have also seen the establishment of numerous new volume highs throughout 2017 – with each nation again posting new all time highs for P2P bitcoin trading during the end of August.

Elsewhere, the emerging Kenyan cryptocurrency markets have witnessed P2P bitcoin trading more than double during recent weeks, culminating in the establishment of a new weekly volume high of nearly KSh 45,000 heading into September. The central Asian nation of Kazakhstan has also seen growth in P2P bitcoin trade, with new highs of more than KZT 10,000,000 being posted during August.

How do you think China’s ICO crackdown will impact Chinese P2P bitcoin trading? Share your thoughts in the comments section below!


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Source: bitcoin.com

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