Bitcoin Peer- The volume of the to-peer trading reaches historical lows
Since the local bitcoins have begun to trace the Bitcoin's peer-to-peer global trading volumes, the first week of September 2018 returned the worst performance, as per Coin.dance. Significant decline in Bitcoin trade is a widespread trend, with only a few of the numerous markets tracked by Localbitcoin publishing a volume that is on par with their normal trading activities over the past few weeks.
Exactly, data published by Coin.dance reports that a measly 864 BTC was traded in the first week of September, ending September 8, 2018. This is the trading volume lower since Localbitcoins began filling out the BTC Trading data over five years ago. Prior to this, the record for the lowest BTC trading volume was the first wee k when Localbitcoins started keeping records in mid-March 2013. At that time, the trading volume was 1.995 BTC. Once converted into dollars, the terrible performance of last week is the worst since the last week of January 2015, when $ 5.9 million (24.785 BTC) was traded.
Following the statistics published by Coin.dance, it is evident that the majority of the markets followed by Localbitcoin have suffered a drastic decline in the volume of BTC traded over the last seven days. As mentioned above, only six of the nearly fifty legal tender currencies that have been affixed on by Localbitcoins have recorded trading volumes comparable to their averages over the past few weeks. These countries include Venezuela, Croatia, Poland, Iran, the Czech Republic and Morocco . In contrast, most of the remaining 42 countries suffered a radical decrease in Bitcoin P2P trading.