Half a dozen emerging markets have set new records for weekly Bitcoin (BTC) peer-to-peer (P2P) trading, including India, Ghana, the Philippines, Argentina, Mexico and Egypt, according to data released by, Useful Tulips.
India understood the market to be the strongest with a new record of trading activity, with USD 3.4 million in the hands of BTC traders in the last seven days.
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India’s P2P markets began to gain significant momentum from Q2 onwards, with India’s volume surpassing its December 2017 record high of $2.95 million last month before steadily surpassing $3 million this month.
African P2P markets continue to show strength
After several weeks of volume increases, Nigeria’s P2P markets recorded a slight contraction from last week’s record of over USD 10 million, to approximately USD 9.9 million.
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While the growth of Nigeria’s P2P markets has largely driven Africa’s rise in the regional rankings to overtake all regions except North America this year, Paxful CEO Ray Yousef noted that Ghana and Kenya have been Africa’s second and third strongest countries by volume to date.
Ghana has posted new records in its weekly volume for fifteen of the last seventeen weeks, with more than $1 million in Bitcoin changing hands for two consecutive weeks.
Argentina Trading Doubled in July
The last three weeks have seen consecutive records in volume, published by Argentina’s P2P markets, as monthly activity has nearly doubled.
While a new record of USD 585,000 was posted last month, the weakest week in July generated USD 830,000 in trading, while the last seven days did not reach USD 1 million.
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The P2P market in Mexico, its continental neighbor, also registered its first volume record in 13 months, with USD 692,000 in BTC exchanged for Mexican pesos last week.
P2P trading grew by up to 10 times in the Philippines since January
Despite consistently recording only five figures in weekly trade for most of 2019 and the first few months of 2020, P2P trade activity in the Philippines has soared in recent months.
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Philippine peer-to-peer trade topped $1 million for the first time last week, and volumes remained consistently above $500,000 since early May.
Egypt also recorded record activity in its peer-to-peer trading last week with over $700,000 in trading volume.