Tue. Jan 21st, 2020

Eastern European P2P Markets See Strongest BTC Volume in Over 12 Months

Eastern European peer-to-peer (P2P) markets have seen a spike in trading activity, with the Russian, Ukrainian, Romanian, and Kazakh Localbitcoins markets posting the strongest volume in over 12 months when measured in cryptocurrency.

Also Read: Bitcoin and Market-Related Headlines Dominated Crypto News Coverage in 2018

Russian P2P Markets Post Strongest Trade in 19 Months

During the week of Dec. 29, 2018, approximately 4,565 BTC worth of trade occurred between bitcoin core and the Russian ruble (RUB) on Localbitcoins. This comprises the strongest seven days of trade activity since the week of May 6, 2017.

When measured in fiat currency, nearly RUB 1.24 billion (almost $18.74 million) worth of cryptocurrency traded hands, comprising the strongest week of trade since the week of Jan. 20, 2018.

Ukrainian Trade Posts Third and Fourth Strongest Weekly Volume on Record During December

Trade between BTC and the Ukrainian hryvnia (UAH) saw 161 BTC change hands during the week of Dec. 15, 2018, comprising the third strongest week of trade in the market’s history when measured in cryptocurrency – just shy of the 162 BTC traded during the week of May 6, 2017.

Two weeks later, the Ukrainian Localbitcoins market produced 160 BTC worth of weekly trade, the fourth strongest week in the market’s history.

Romanian and Kazakh Localbitcoins Trade Reaches 18-Month High

During the week of Dec. 15, 2018, roughly 63 BTC worth of trade took place on Localbitcoins between BTC and the Romanian leu (RON). The week comprised the strongest seven days of Romanian trade since the week of June 10, 2017, when measured in cryptocurrency.

Trade between the Kazakh tenge (KZT) and BTC also spiked during the end of December, with the week of Dec. 29, 2018 comprising the third strongest seven days of trade recorded on Localbitcoins. The week saw 21 BTC worth of BTC change hands, just shy of the 23 BTC that was traded during the week of April 8, 2017 – which is tied with the week of Feb. 18, 2017 as the strongest week of Kazakh P2P trade when measured in cryptocurrency.

The week of Dec. 29 also comprised the fifth strongest on record for P2P BTC/KZT trade when measured in fiat currency, with nearly 30.68 million KZT ($80,780) worth of BTC changing hands.

Do you think that Eastern European P2P trade will continue to show strength during 2019? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

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