Argentina Drives Global LocalBitcoins Volume to Highest Since November

Trading volume on Finnish peer-to-peer (P2P) bitcoin (BTC) exchange Localbitcoins hit a high not seen since November 2018, reveals data shown on cryptocurrency analytics website CoinDance.

According to data from CoinDance, LocalBitcoins global weekly bitcoin trading volume hit $65.6 million in the week ending on Sunday, July 7. This is the highest level since November last year when the weekly trading volume of the platform hit $67.7 million in the week ending on Sunday, November 24, 2018.

LocalBitcoins Global Weekly Trading Volume | Courtesy of CoinDance

In some countries, last week represented an all-time high LocalBitcoins volume. For instance, in Argentina, last week the platform’s trading volume hit a new high of over 15.22 million Argentine Pesos (over $364,000). 

Venezuela also saw over 47 billion in Venezuelan Bolivars traded, the highest volume to date. Worth noting, however, is that the volume has actually been decreasing in BTC terms, highlighting the rampant hyperinflation plaguing the country. 

Nevertheless, the rise in volume has not gone unnoticed. Senior market analyst at stock exchange Etoro Mati Greenspan pointed out in a tweet sent earlier today that the current levels are at their highest since November last year and commented:

“Peer to peer bitcoin trading is strong atm.”

Previously, LocalBitcoins lost a portion of its traders after quietly removing in-person cash trading from its service at the beginning of June. The company publicly confirmed the ban on Twitter and stated that the platform had to renounce local cash trading to “adapt to the current regulatory environment.”

As Cointelegraph reported at the end of June, P2P bitcoin trading platform Bisq is seeing record trading volumes after Localbitcoins removed in-person cash payments.