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 Victor Ugochukwu · Aug 6, 2020 . 5min read

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.

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 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.

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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