Sub-Saharan Africa P2P Bitcoin trading not slowing down as India hits ATH

P2P Bitcoin trading volume continues to see growth most especially in Sub-Saharan Africa and India with the latter setting a new all-time high

By · Aug 6, 2020 . 5min read

Africa bitcoin

As market volatility comes back, P2P Bitcoin trading volume continues to see growth most especially in Sub-Saharan Africa and India, with the latter setting a new all-time high.

Data from Usefultulips for last week shows at least $95 million in trade. These were for trading across the two leading P2P trading platforms – Paxful and LocalBitcoins.

Global P2P Bitcoin trade volume for the past week at $95 million
Global Bitcoin P2P Trade volume for past week
Source: UsefulTulips

From the chart above, traders across North America, particularly the United States command $28.7 million.

Sub-Saharan Africa trails second as Nigeria’s volume tops the rest countries within the region. Out of the $18.3 million recorded with Sub-Saharan Africa, Nigerian traders marshalled a total $9.8 million. This shows a slight correction of $10.3 million the previous week.

Nigeria's P2P Bitcoin trade volume for the past week at $9.8 million

Nigeria’s rising volume has necessitated its legislative body’s to show interest in the digital asset looking for a clear regulatory pathway. Since April this year, Bitcoin P2P trade volume has been rising possibly due to rising inflation. Nigeria’s currency, the naira continues to take a beating from the dollar, and perhaps the citizens are seeking a haven in Bitcoin.

Kenya and South Africa come second and third positions with $3.2 million and $2.8 million respectively.

While the Latino America region was next in terms of weekly volume, India’s volume saw an all-time-high with $4.4 million closely trailing behind China’s $4.5 million.

Notably, among the Latino American countries volumes, Venezuela, where citizens are desperately seeking to survive due to a battered economy and record inflation, leads with almost $5 million traded. On the other hand, Colombia which currently experiences an influx of Venezuelan migrants trails second $3.4 million in P2P Bitcoin trade. Argentina comes third with about $1 million in trade volume.

P2P Bitcoin trade volume for the past week for Latin America
Source: UsefulTulips

Summary of the major nations P2P Bitcoin trade volume past week

Summarily, these are the major countries and their Bitcoin P2P trade volume for the past week

  • United States – $28.7 million
  • Nigeria – $9.8 million
  • Venezuela – $5 million
  • China – $4.5 million
  • India – $4.4 million
  • Colombia – $3.4 million
  • Kenya – $3.2 million
  • South Africa – $2.8 million
  • Argentina – $1 million

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