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The first week of September saw Localbitcoins witness the lowest volume of global exchange between peers [P2P] recorded for Bitcoin [BTC]. According to data from Coin.dance, the presence of only half a dozen markets seems to represent the pervasion of reduced trading activity in the vast majority of Localbitcoin markets.
LocalBitcoins is a Bitcoin peer-to-peer exchange where users can buy and sell Bitcoins [BTC]. Traders usually create advertisements with the price and payment method they choose to offer. They provide over 60 different payment methods through which traders can buy and sell Bitcoins.
The significant decline in Bitcoin trading has recently become a widespread trend, where only a few of the many markets tracked by Localbitcoins have posted a volume that is equal to normal trading activities over the last few weeks.
The Coin.dance data indicated that only 864 BTCs were traded during the week of September on Localbitcoins. This week is the lowest in the last five and a half years, or how long the company has compiled the information.
Volume of weekly exchanges [BTC] | Source: Coin.Dance
Volume of weekly exchanges [USD] | Source: Coin.Dance
This type of collapse in the unlisted market [OTC] did not arise from the third week of March 2013, where the overall trading volume was only 1995 BTC.
During the USD estimate, last week's performance on the trading platform was the worst. The first week of September includes the seven days of weaker trading on Localbitcoin from the last week of January 2015, when $ 5.9 million was traded [24,785 BTC].
If recent data are accurate, almost all local federal markets have seen a drastic reduction in the amount of BTCs traded over the past week. In particular, the recent hyperinflation in Venezuela seems to have led to an exponential growth in purchases of LocalBitcoin in the country, according to data revealed by Coin.Dance. The volume of weekly purchases has risen from 6 trillion to 24 trillion bolivares in the last two months.
The Coin.Dance report stated that out of 48 legal tender currencies traded on Localbitcoin only 6 P2P markets presented the volume of transactions for the 8th September 2018. Croatia, Czech Republic, Iran, Morocco, Poland and Venezuela is the only six countries to present the volume of transactions. Transversally, the Localbitcoins markets in some parts of the Middle East, Asia, Africa, Europe, Russia and America suffered a dramatic decline in the volume of P2P trade.
