Latin America posts an all-time high record of P2P Bitcoin trading on Localbitcoins.com; Mexico ranks fourth after Venezuela, Argentina, and Chile.
Localbitcoins.com reported a paradoxical shift in P2P trading volumes, amid the declining global trend. According to Coin.dance, peer to peer trading in Latin America has surged massively over the last few weeks. Argentina, Chile, and Venezuela posted an all-time high trading volume. Moreover, Mexico ranked fourth with $430,000 worth of BTC trading last week. Localbitcoin.com saw a 71% spike in trade between Bitcoin (BTC) and the Mexican peso.
High trading volume in Latin America
P2P trades in Argentina recorded $710,000 in weekly volume between April 18th to 25th. Last week, the numbers were $670,000 worth BTC trading.
Colombia, on the other hand, recorded a massive $2.7 million in trading volume in the first week of April. The volumes have swung between $2.1 million and $2.6 million for the rest of the month.
Chile posted its record trading volume of $400,000 in the week of April 4th. The following weeks in April oscillated between $280,000 and $325,000 worth BTC trading.
Venezuela tops the chart
Last week, Venezuela posted its fourth consecutive record in the month of April, with $4.1 billion worth of BTC trades on Localbitcoins.com
It is fair to speculate that the upcoming Bitcoin halving is having an effect on the massive trading tendency. However, the rest of the world has not been as much active as Latin America. It will be interesting to note the trend of trading volumes in the upcoming few weeks, especially with the halving event scheduled for the 12th of May.