- After a prolonged bear market since the March’s market crash, Bitcoin is finally on its bull run.
- Bitcoin’s price has grown by 20% in just a few days and soared above the $11000 barrier, for the first time since August 2019.
- BTC trading volumes have been exploding in some countries other than the United States.
- Paxful, the cryptocurrency exchange has reported a rise of approximately 350% in the number of users from Russia since the last year.
After a prolonged bear market since the March’s market crash, Bitcoin is finally on its bull run. Bitcoin’s price has grown by 20% in just a few days and soared above the $11000 barrier, for the first time since August 2019. Currently, BTC is trading at $11,201.30, up by 0.58% in the last 24 hours and the daily trading volumes stand at $20.47 billion. At the same time, BTC trading volumes have been exploding in some countries other than the United States.
Russia Reports A Huge Increase In Users Despite Russian Laws
Paxful, the cryptocurrency exchange has reported a rise of approximately 350% in the number of users from Russia since the last year. This is big news for cryptocurrency traders in Russia because they had to face lots of regulatory uncertainty and contradictory laws on crypto from the Russian government.
Paxful’s Manager for the Russian market, Anton Kozlov said that Russia’s financial and banking system is rigid. It is mainly dominated by few giants as a result of which Russians are actively searching alternatives for participating in financial markets. And BTC peer to peer networks allows them to trade with much more freedom than before. Hence, despite the Russian laws which ruled out cryptocurrencies, BTC trading has not only survived but is also growing in the country.
Six Countries Experience Spike in BTC Peer To Peer Trading Volume
A few days ago a tweet by a cryptocurrency analyst, listed six countries that recorded an all-time high in the peer to peer bitcoin volume. The six countries were: India, Ghana, The Philippines, Argentina, Mexico, and Egypt.
P2P Bitcoin volume hit all-time highs this week in…
– India ($3.4M)
– Ghana ($1.7M)
– Phillipines ($1M)
– Argentina ($1M)
– Mexico ($700K)
– Egypt ($150K)
The world wants Bitcoin ??? pic.twitter.com/x8T7mdQfEg
— Kevin Rooke (@kerooke) July 21, 2020
India has recorded a gradual increase in BTC trading volumes ever since the Supreme Court reviewed its stance over cryptocurrencies. The increasing trading volumes not only brought a handful of international crypto exchanges to India but has also fueled the development of indigenous crypto exchanges.
Increasing trading volumes in African, as well as Latin American countries, is a sign of wider adoption of BTC. A possible indication that these countries could be a hub for crypto trading in the future. Mexico owes its growth to several fintech which utilized the country’s ability to serve as a spot for international remittances using cryptocurrencies. On the other hand, Argentina’s economic crisis facilitates the growth of peer to peer trading. Citizens of Argentina find cryptocurrency a much more trustable as well as a valuable asset than the country’s own fiat.
The main reason why p2p bitcoin trading is blooming is that they lack centralised exchanges. Hence, it provides an easier and efficient way for business transactions.