Global P2P transaction volume plummeted when BTC reached $ 10k

Global P2P transaction volume plummeted when BTC reached $ 10k

By HenryDo | CRYPTO CAPICAL | 8 Sep 2020

While many exchanges focus on benefiting a lot from the recent sell-off, P2P trading volume on Paxful has fallen by almost 50% this week.


The recent slump in the crypto market has fueled large volumes on centralized exchanges, but peer-to-peer (P2P) exchanges are now witnessing a sharp drop in volume. .

In the US, P2P transaction volume fell 42% this week - plummeting from $ 23.4 million to nearly $ 13.6 million.

Sub-Saharan Africa is the second largest region in terms of P2P transaction volume after North America in 2020. It has now decreased by 32% in P2P volume (from about 12.9 million USD to 8.7 million USD).

In addition, P2P transaction volumes in Asia-Pacific are down 25% this week.


While many places declined, Latin America was the only region where P2P trading volume increased significantly over the past week, reaching 11% to $ 13.2 million.

However, although the P2P trading volume on the Paxful exchange has decreased sharply, the P2P exchange LocalBitcoins recorded a steady increase in volume every week.

Last week the volume of BTC on Localbitcoins reached around $ 42 million, while Paxful reached around $ 20 million - down from around $ 38 million.

In contrast to P2P exchanges, centralized exchanges have increased sharply, Coinbase has recorded around $ 1.7 billion in trading volume over the past seven days, while its rival Bitstamp has also recorded 1.1. billion USD.

Global P2P trading volume plummeted as bitcoin prices have a major correction this week, from nearly $ 12,000 to nearly $ 10,200 at press time.


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