HomeBitcoin NewsConsumer Demand For Bitcoin Continues To Surge in China, US

Consumer Demand For Bitcoin Continues To Surge in China, US


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Hardly anyone will be surprised to learn there has been another weekly bitcoin trading volume record across LocalBitcoins. Various regions in the world show a growing appetite for bitcoin and cryptocurrency as of late. China seems to be leading the charts, although the US is showing some positive numbers as well. All things considered, things continue to look quite positive for bitcoin.

More Weekly Trading Volume Records For LocalBitcoins

A lot of people are keeping a close eye on China and its demand for bitcoin. With all of the major exchanges no longer processing withdrawals [in a timely manner], consumers and traders have to look elsewhere. Peer-to-peer trading platforms have become increasingly popular over the past few weeks, with various record highs in trading volume to be recorded. LocalBitcoins seems to be the frontrunner in this regard, as it generates a lot of trading volume every week.

To be more specific, just the previous week saw over 7,000 Bitcoin in trading volume. While that number pales in comparison to how much centralized exchanges generated on a regular basis, it is quite a significant number. Especially when considering China had never shown a great appetite for LocalBitcoins until a few months ago. While there has always been some trading volume on LocalBitcoins China, it has taken a while before things shifted gears.

China is not the only region showing an increase in bitcoin trading volume on the LocalBitcoins platform as of late. The United States, surprisingly enough, has increased its numbers of peer-to-peer bitcoin trades as well.In fact, LocalBitcoins saw US$9m worth of weekly bitcoin volume just this past week, which is quite a spectacular number, to say the least. Compared to the week prior, that is a near US$1.5m increase in just one week. Quite an impressive volume trend, that much is certain.

Other countries following a similar trend are Norway and Colombia. Paxful, another popular bitcoin trading platform, saw weekly volume records for the US Dollar, Australian Dollar, and Kenyan Shilling. Quite impressive volumes, all things considered, although there is still a very long way to go until bitcoin becomes a mainstream trend. Then again, it is good to see consumers and traders warm up to the concept of peer-to-peer trading, rather than relying on centralized exchanges all the time.

Demand for bitcoin continues to peak, which was only to be expected at this time. With bitcoin prices reaching a new all-time high just a week ago, it will be interesting to see if this trend can be maintained for a longer period of time. Regardless of the bitcoin ETF decision, cryptocurrency will continue making an impact on the financial sector all over the world  Eventually, that should lead to a price increase as well, although anything can happen in the bitcoin world.

Header image courtesy of Shutterstock

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JP Buntinx
JP Buntinx
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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