Global demand for Bitcoin is exploding as of late. Money keeps pouring into cryptocurrency at an accelerated pace right now. Localbitcoins still remains a prominent place to buy and sell Bitcoin with relative ease. A new all-time high trading volume record has been set in a dozen different countries last week. Things are looking very good for Bitcoin right now, to say the least.
The overall LocalBitcoins chart looks rather magnificent. A new record for global weekly trading has been established. Over US$33.86m worth of BTC was traded in the past week alone. That volume is small compared to regular exchanges, yet it keeps growing on a regular basis. Peer-to-peer exchange solutions are becoming more popular, that much is evident.
To put this into perspective, a lot of markets are showing increasing demand for Bitcoin. Australia and New Zealand are setting new records, which is always good to see. Even the United States has set a new record, although that is not entirely surprising. All of these regions are doing quite well financially, this it is only normal to see trading volume increase. However, the regions where financial hardship is the norm are the ones we are interested in the most.
Over the past week, various countries have set some new records. Brazil, Chile, Colombia, Perú, Venezuela, Kenya, Mexico, and the Dominican Republic have set a new all-time high volume. That is a quite a remarkable list of countries, to say the least. Bitcoin is not illegal in any of these countries, yet there is no official regulation either. In most countries, no official regulation is reason enough to stay away from cryptocurrency.
The sudden spike in Brazil is interesting to look at, though. The LocalBitcoins volume in this country nearly doubled in a week’s time. It is unclear what is happening exactly, though. Brazil has been hit with a fair bit of hardship recently, that much is evident. However, it does not appear the country has a booming Bitcoin ecosystem right now. A few merchants accept cryptocurrency, but the region doesn’t stand out compared to other countries.
One LocalBitcoins chart that stands out is Japan’s. The country has seen a lot of cryptocurrency trading as of late. However, it appears LocalBitcoins is losing popularity in this region week over week. That is rather surprising. Then again, consumers can now buy Bitcoin from exchanges without paying an additional tax, which could explain this shift. Still, Bitcoin and altcoins are still widely popular in Japan regardless of this trend.
In the end, it is good to see global Bitcoin demand surge The future is looking extremely bright for this popular cryptocurrency right now. The BTC price has recovered and is heading toward a new all-time high in the coming hours or days. Now is a good time to be invested in cryptocurrency, that much is certain.
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