Bitcoin P2P trading volume on Indian platforms hit a record high in July, CoinDesk reports, citing data from the data aggregator CoinDance.
In May 2019, trading volume on Paxful in India did not exceed $600,000. In July 2020 the figure reached $8.97 million. Together with LocalBitcoins volumes, the figure stood at $13.7 million.
This revival in the market is attributed to the Supreme Court of India’s decision to overturn the ban on banks providing services to cryptocurrency companies. It was passed on March 4, but the government is still considering a full ban on cryptocurrency trading.
Exchanges — Delta Exchange and the spot CoinDCX — also reported a substantial influx of users. The number of fraudulent schemes has risen.
A sharp rise in July trading volumes was also recorded on LocalBitcoins in Argentina. It doubled to $4.21 million.
This is striking: this chart by @haobing_shuaike shows strong growth in Argentina’s bitcoin P2P volumes, which reached $4.21 million in July (data from @LocalBitcoins). pic.twitter.com/2L1lMpOPu3
— CoinDesk Research (@CoinDeskData) August 20, 2020
Earlier, Binance first revealed data from the P2P platform. Since its launch in October 2019, trading volume has totaled $2.5 billion.
In the first week of August, the combined trading volume on LocalBitcoins and Paxful stood at $94.8 million. In Eastern Europe, weekly trading volume rose to $10.13 million. Of this total, $9.09 million was attributed to Russia, $427,000 to Ukraine, and $224,000 to Belarus.
This summer, P2P volumes also reached record highs in countries south of the Sahara. Read the link for details.
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