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India Records Highest Trading Volume on P2P Exchanges – Report

Highlights

    The trading volume in P2P exchanges has surged an all-time high this week.

    India records the highest trading volume on P2P exchanges despite the shady regulatory environment

    Bitcoin is going to witness a major break out in the coming days as per some reports.

India Records Highest Trading Volume on P2P Exchanges 

The trading volume in the P2P exchanges around the world has hit an all-time high currently. Surprisingly, India has gained the top position. The P2P exchanges like LocalBitcoins and Paxful have released their data on trading volume which shows India’s trading volume of $3.4 million. 

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Source – usefultulips.org

India despite having a shady regulatory environment witnessed the highest trading volume, especially on peer-to-peer crypto exchanges. Paxful has long been offering crypto services in India with the dedicated Indian focused social networking channels including Telegram and Twitter. On the other side, LocalBitcoins is perhaps the very first global P2P exchange with exciting traffic from the Indian crypto market even during the COVID outbreak. 

On the other side, the country’s crypto exchanges have also hit an all-time high trading volume on their exchanges during the lockdown. In fact, as per the data provided by Bit2Buzz, a PR agency from India, founders of Indian crypto exchanges revealed that the trading volumes and overall interest on crypto trading have gone up due to users having more free time to research and trade. 

Indian P2P Trading Volume Skyrockets Following Supreme Court Quashing Crypto Banking Ban

Further, the data shows that the trading volume of Paxful exchange has surged and even surpassed the volume of LocalBitcoin exchange also. Paxful’s trading volume was nearly $50 million this week whereas LocalBitcoin recorded less than $40 million.

Earlier in June, Paxful had recorded a tremendous increase in trading volume in India and other countries. Indian market witnessed a plunge with the new sign-ups with the country’s highest court lifting the ban on cryptocurrencies. 

Similarly, Ghana’s trading volume was recorded as $1.7 million, the Philippines $1 million, Argentina $1 million, Mexico $700K, and Egypt $150K. A user, Kevin Rooke in his tweet said that the whole world wants to own bitcoin currently. His statement majorly emphasising the drastic rise of trading volume in Localbitcoins and Paxful.

Find Report – Ex Chair of India’s Virtual Asset Committee Suggests Crypto As Commodity

Will Bitcoin have a major bull run?

Bitcoin has maintained its sideway trend in the past couple of months with a narrow range of $9100 to $9500. It is currently struggling to surpass the $9500 threshold. In the mean-time, the rise in the trading volume suggests the demand for the digital asset has skyrocketed.

Therefore some analysts predict a major break-out at Bitcoin price in the coming days. According to a technical analyst Crypto Birb, the bitcoin chart might indicate the calm before the storm. Hence the bitcoin storm is anticipated in the coming days. 

Well, many of them are predicting bull days in the near future. Infact, they predict BTC price more than $10000 in the coming days. But some bitcoin followers also said that it may take some more months for the bullish ride.

Some people never go with Bitcoin bull run

Peter Schiff, again came up with new arguments on ‘Why do you need to go for Gold rather than Bitcoin?’ and this time, he pedals for Silver. In his tweet, Schiff says that the metal has grown 13 percent but Bitcoin managed to rise only 2 percent. And therefore investing in silver is a better idea than bitcoin. He said,

“ Silver is up more than 13 percent so far today, while Bitcoin is barely up 2 percent. Silver is the new Bitcoin, except with direct utility.”

However, his tweet got heavily bashed by the crypto followers and many accused him of taking up the only one day-stats of silver and bitcoin. 

A user marked that silver was stagnant for more than 6 years but bitcoin has risen from nuts to greater heights. 

Bitcoin adoption has risen massively in 2020. India, with a huge population and a wide market for crypto, has initiated the crypto market expansion ever since the top court scrapped the blanket ban on them. Bitcoin, the dominant crypto has attracted more miners in Japan too. Therefore a fair uptrend is looked upon with the price as the demand for the digital asset has also risen in the P2P exchanges.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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