Many centralized exchanges have benefited from the recent slump. But P2P trading on Paxful fell nearly 50 percent this week.
The recent slump in the crypto market has resulted in massive trading volumes on centralized exchanges, but peer-to-peer ( P2P ) trading platforms have seen a sharp drop in activity.
Latin America was the only region that developed against this trend
The most important region for Bitcoin Billionaire trading, the United States, saw peer-to-peer volumes plummet 42 percent this week . Specifically, this fell from $ 23.4 million to almost $ 13.6 million.
Africa was the second largest region for P2P trading after North America through 2020. P2P volume there fell 32 percent , from about $ 12.9 million to $ 8.7 million. Activities in Nigeria have decreased by 38 percent.
Trade in the Asia-Pacific region also fell 25 percent this week.
Global P2P Trading Volume : Useful Tulips
Latin America was the only region that saw a significant surge in P2P trading volume over the past week. There it rose 11 percent to $ 13.2 million.
Venezuela was 43 percent of trade in Latin America this week. Two thirds of the growth in volume in Latin America comes from this country. Colombia, Peru and Chile also recorded volume increases of between 10 percent and 20 percent. Mexico and Brazil, on the other hand, recorded significant falls in trade.
Almost all of the drop in volume is due to leading P2P platform Paxful. On Localbitcoins, all regions (with the exception of Africa, which is down 2 percent) have actually seen a weekly increase in trading.
Last week, Bitcoin ( BTC ) worth around $ 42 million was traded on Localbitcoins. It was less than $ 20 million traded on Paxful. The week before, it was around $ 38 million by comparison.
In contrast, the top spot exchange Coinbase has traded around $ 1.7 billion in the past seven days . The weekly volume on Bitstamp was $ 1.1 billion.