Peer-to-peer crypto trading platform LocalBitcoins is gaining massive popularity these days. Recently, there has been a substantial influx of BTC trades coming from Russia. Last week ending March 2, LocalBitcoins registered roughly 14,365 BTC trades happening.
Out of the total, nearly 3,593 BTC trades took place in the Russian markets alone. To translate this in fiat terms, Russia’s trade activity on LocalBitcoins was close to 918 million RUB (approximately $13.81 million).
That week, Russia topped the maximum contribution of BTC trades happening on the exchange. To be precise, the BTC trades by Russia were 83 percent more than LocalBitcoins’ second-largest market, Venezuela.
Venezuela, whose economy is ailing under the pressure of U.S. economic sanctions was second. The Latin American nation traded 1,953 BTC on LocalBitcoins amounting to roughly 25.43 billion Venezuelan bolivars (approximately $7.72 million).
The U.S, on the other hand, registered the third strongest BTC trading activity on the exchanges. America contributed 1,807 BTC trades for USD last week amounting to $9.67 million.
LocalBitcoins - The Preferred Choice for P2P BTC Trades
With the regulatory scrutiny getting enhanced every passing day, peer-to-peer trading platforms like LocalBitcoins are witnessing higher activity from global users. Moreover, the use of this exchange is more pronounced in regions ailing under poor economic conditions.
This is because, with rising inflation and depreciating fiat money, citizens of these countries prefer putting their money in digital currencies. Russia and Venezuela have been adopting the crypto route to over the sanctions.
On the other hand, there are also countries like China who have a strict ban on trading digital assets. The presence of Chinese traders on platforms like LocalBitcoins is also increasing considerably.
Last week China was the fifth largest P2P market trading 839 BTC tokens for Chinese yuan (CNY) amounting to 21.8 million CNY (more than $3.24 million). China has recently beaten European trades which are currently at 830 BTC.
Besides the above-mentioned countries, LocalBitcoins has recently seen trades coming from U.K, Colombia, South, Africa, Hungary and other nations.