The peer-to-peer (P2P) bitcoin markets of several Latin American markets have produced unprecedented volume, in recent weeks, as reported by Coin.dance data.
When measuring in both fiat currency and bitcoin, the Peruvian P2P markets had produced all-time highs for Localbitcoins trade volume. The two highest volume weeks in the history of the Peruvian P2P bitcoin markets were comprised in the last two weeks.
Peru’s Localbitcoins market broke its previous volume high record of 80 BTC (dated from December 2015) during the week of the 26th of May. This was after producing 106 BTC worth of trade in a single week. Then after, the markets produced 88 BTC worth of trade during the following week of the 2nd of June.
Comparing with fiat currency, measurements of the week of the 26th of May show $2.7 million PEN worth of trade (about 830,000 USD).
Chile’s localbitcoins markets also have the highest record ever for trade volume when paired against fiat currency. The first week of May, records show about $234.4 million Chilean Pesos (close to $370,000 USD) worth of BTC exchange hands via Localbitcoins.
In Venezuela, the Localbitcoins markets have a new record for the fiat value of weekly trading activities for the 12th time in 14 weeks. As opposed to being an indicator of a sudden significant increase in Venezuelan demand for bitcoin, the continual establishment of new volume records is instead a testament to the intensity of Venezuela’s hyperinflation.
About $6.9 trillion bolivars (roughly $3.75 million USD) worth of trade took place in the P2P markets of Venezuela during the week of the 2nd of June. 529 BTC worth of trade made it the thirteenth strongest volume in the history of the markets when measuring the total number of bitcoin that changed hands.
In Canada, during the week of the 19th of June, the Localbitcoin markets rose suddenly to a new all-time high for weekly trade volume after measuring against both BTC and fiat-currency.
$12.13 million Cad was produced by Canada’s P2P markets, an equivalent of about $9.33 million USD worth of trade in a single week. When measuring trade in BTC, the Canadian Localbitcoins markets broke its former record of 909 BTC with 1,265 BTC worth of trade.