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Markets Update: BCH and BTC Set to Post Record 5 Months of Consecutive Red Candles

December 28, 2018 |

Despite the short-lived rally leading up to Christmas, BTC appears poised to post a fifth consecutive red candle on the monthly chart for the second time ever. BCH also looks ready to extend its record bear streak to five months of red, while ETH appears poised to post a monthly gain for the first time in seven months.

Also Read: Judge Denies Craig Wright’s Motion to Dismiss Billion-Dollar Bitcoin Lawsuit

BTC Likely to Post Fifth Consecutive Red Candle for First Time Since 2011

Should BTC fail to finish 2018 above $ 4,000 on Bitstamp, the markets will have produced five consecutive red monthly candles for the second time ever. At the current price of roughly $ 3,850, BTC has shed 50% since trading for approximately $ 7,725 at the start of August of this year.

Markets Update: BCH and BTC Set to Post Record 5 Months of Consecutive Red Candles
BTC/USD – Bitstamp – 1M

The first time BTC posted five red one-month candles in a row occurred during the fallout from what many describe as bitcoin’s first bubble of 2011, which saw BTC gain nearly 3,000% from roughly $ 1 in April to over $ 29 in June. Driven by minuscule liquidity, however, the rally was short-lived, resulting in roughly five months of downward momentum that saw BTC bleed 83% from $ 16.48 at the start of June to $ 2.79 at the end of November.

Markets Update: BCH and BTC Set to Post Record 5 Months of Consecutive Red Candles

Since then, the most heavily sustained bearish price action posted on BTC’s monthly chart took place during the second half of 2014, which saw four consecutive months of red as prices fell 47.5% from $ 640 at the start of July to $ 336 at the end of Oct. Following the three months of selling that persisted from March to May of 2015, BTC markets had not posted more than two consecutive red monthly candles leading into the second half of 2018. BTC currently has a capitalization of $ 67.2 billion and a market dominance of 52.4%.

BCH in Midst of Record Selling Streak on Monthly Chart

BCH/USD also appears on the cusp of posting five consecutive monthly red candles at the time of writing. The charts show a doji candle with a tight body on near-record volume for Dec., suggesting that the color of this month’s candle could easily change.

Markets Update: BCH and BTC Set to Post Record 5 Months of Consecutive Red Candles
BCH/USD – Kraken – 1M

Regardless of whether the month closes red or green, BCH/USD is currently in the midst of a record run of red candles after posting four consecutive months of bearish action starting in Aug. of this year, beating out the three-month slide that gripped BCH/USD during the first quarter of 2018.

Currently trading for approximately $ 170, BCH has slid 78% against the dollar since starting Aug. at roughly $ 775. When measuring against BTC, BCH is testing resistance at the 0.78 Fibonacci retracement area from the local top of 0.097 BTC at roughly 0.07 BTC.

Markets Update: BCH and BTC Set to Post Record 5 Months of Consecutive Red Candles

As of this writing, BCH is the fourth largest crypto market with a market cap of over $ 2.8 million and a market dominance of 2.2%.

XRP Dominance Over ETH Recedes

XRP/USD will likely close Dec. green, which would comprise just the third green monthly candle posted by the second-largest cryptocurrency by market cap.

Markets Update: BCH and BTC Set to Post Record 5 Months of Consecutive Red Candles
XRP/USD (Calculated by TradingView) – Poloniex – 1M

When measuring against BTC, XRP has continued to rally toward resistance at 0.0001 BTC, with current prices hovering at 0.0000980.

Markets Update: BCH and BTC Set to Post Record 5 Months of Consecutive Red Candles
XRP/BTC- Poloniex – 1M

At the time of writing, XRP has a market cap of $ 15.3 billion and a market dominance of 12.6%.

ETH to Post First Green Month Since April

After a record seven consecutive monthly red candles, ETH appears ready to post what would be the third green one-month candle for 2018. Since the start of May, ETH has shed approximately 81% of its value against the dollar, sliding from nearly $ 675 to $ 130 in roughly 200 days.

Markets Update: BCH and BTC Set to Post Record 5 Months of Consecutive Red Candles
ETH/USDT- Poloniex – 1M

When measuring against BTC, ETH is also poised to break a record spate of selling pressure, following six consecutive red monthly candles. The recent slide beats out the previous ETH/BTC record of five consecutive red monthly candles that sustained from the market’s Aug. 2015 launch until the start of 2016.

Markets Update: BCH and BTC Set to Post Record 5 Months of Consecutive Red Candles
ETH/BTC- Poloniex – 1M

Despite still sitting in third place by capitalization, ETH has reclaimed significant market dominance, currently comprising a $ 13.7 billion market cap and a dominance of 10.3%.

Do you think that the anomalous spate of sell pressure posted across the leading markets is a sign of capitulation? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Tradingview


Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

The post Markets Update: BCH and BTC Set to Post Record 5 Months of Consecutive Red Candles appeared first on Bitcoin News.

Bitcoin News

Dow Industrials Storm Back in Record Rebound

December 28, 2018 |

The blue-chip index staged a late-day rally, swinging more than 850 points to finish 1.1% higher and offering a respite for investors bruised by the biggest selloff since the wake of the financial crisis.
WSJ.com: What’s News Asia

The 2018 Bitcoin Mining Ecosystem Saw Record Hashrates and New Devices

December 27, 2018 |

The 2018 Bitcoin Mining Ecosystem Saw Record Hashrates and New Devices

2018 was a crazy year in regard to the price of cryptocurrencies losing more than 80 percent of their values since they touched all-time highs. Interestingly enough, even though the prices of major digital assets plummeted, the hashrate for SHA-256 coins skyrocketed during the months of August through October. Although the hashrate has declined significantly since the price was severely impacted negatively this past November.

Also Read: Crypto Bear Market Triggers Rise in M&A Activity

A Look at the Hashrates Securing the Most Popular SHA-256 Coins in 2018

Cryptocurrency miners secure blockchain networks for a profit and the cumulative proof-of-work (PoW) hashrate of all the SHA-256 coins has seen milestone after milestone in 2018. The total hashrate of both Bitcoin Cash (BCH) and Bitcoin Core (BTC) networks combined surpassed 65 exahash per second (EH/s) last August. Since then, the combined hashrate of both networks is averaging 42 EH/s during the final week of 2018, as the hashrate tumbled over the course of the last eight weeks. The hashrate is still twice higher than it was last January, even though it had lost around 20-25 EH/s after the high.

The 2018 Bitcoin Mining Ecosystem Saw Record Hashrates and New Devices
Bitcoin Core (BTC) network hashrate 2018.

According to Coin Dance statistics, it is currently 4.10 percent more profitable to mine on the Bitcoin Cash blockchain. Furthermore, Coinwarz data details the BCH chain is the third most profitable PoW chain today. Since the SHA-256 hashrate declined rapidly during the first week of November and the BCH blockchain split occurred on the 15th, the Bitcoin Cash network hashrate has seen much better days. For instance, the cryptocurrency’s hashrate captured an average of 4-5 EH/s for most of 2018.

The 2018 Bitcoin Mining Ecosystem Saw Record Hashrates and New Devices
Bitcoin Core (BTC) and Bitcoin Cash (BCH) hashrates combined, on Dec. 26.

However, because of the split and falling BCH prices, the network is only capturing 1.5-1.9 EH/s but has improved considerably since the last big price drop. When the price was under $ 100 per BCH, the hashrate was only .5-.9 EH/s (or 5,000-9000 petahash per second). The biggest mining pools on the Bitcoin Cash network this month are BTC.top, Viabtc, and BTC.com. The Bitcoin Core network’s largest pools today include BTC.com, Antpool, and Viabtc.

The 2018 Bitcoin Mining Ecosystem Saw Record Hashrates and New Devices
The top SHA-256 mining pools of 2018.

2018’s Next Generation ASICs

2018 also saw a lot of buzz surrounding new ASIC miners that utilize next-generation chips like 7 nanometer (nm) and 10nm semiconductors. Even though these machines received a lot of attention because crypto-markets had plummeted, they really haven’t lived up to their hype so far. Even if a machine packs a lot of terrahash per second (TH/s), it still has a hard time profiting this year. There are roughly six SHA-256 ASIC machines at the time of publication that are pulling in a profit by mining either BTC or BCH. The most profitable miner today is the Asicminer 8 Nano Pro, a machine that claims to pack a monstrous 76 TH/s. It is followed by the Ebang Ebit E11+ which makes $ 3.73 per day at current prices and claims to capture 44 TH/s per machine.

The 2018 Bitcoin Mining Ecosystem Saw Record Hashrates and New Devices

The 2018 Bitcoin Mining Ecosystem Saw Record Hashrates and New DevicesAsicminer’s 44 TH/s Nano version is capturing $ 3.36 per day but the fourth most profitable miner, the Innosilicon T3, isn’t available for purchase yet. Only five of the six most profitable SHA-256 miners can be purchased today and most of these devices process more than 23 TH/s. Also, a big surprise came this week from the manufacturers of the 7nm-powered B2 and B3 miners created by the GMO Group from Japan. According to the company, it won’t be manufacturing these machines going forward and it saw a record loss of $ 218 million during the last four months. Other mining operations have also recorded deep losses this year, like when Washington-based firm Giga Watt filed for bankruptcy. And local reports stemming from China this past November explained that miners in the region were “selling mining rigs by the Kilo as scrap.”

Even With the Ups and Downs — Hashrate Continues to Increase Over Time

The bear market of 2018 has definitely taken a toll on miners but even more so during Q4. This month, news.Bitcoin.com explained how Chinese miners have been shorting the spot markets in order to break even on electric costs stemming from unprofitable devices. These rigs are then sold on the secondary market and miners keep repeating the cycle until they can buy new machines when prices get bullish. Although our publication also reported on Matt D’Souza, the co-founder of Blockware Solutions, who explained that even though some operations were going bankrupt, other mining facilities have handled the cryptocurrency recession in a more inventive fashion.

Moreover, even though SHA-256 mined coins had their values chopped considerably in 2018 and their hashrate plummeted by 20-25 EH/s, both metrics are still significantly higher than ever before. There will always be highs and lows but an economy with an upward healthy trend over the long run is always a good sign.

What do you think about the hashrate climb this year and all the new machines announced? Let us know what you think about this subject in the comments section below.

Disclaimer: Bitcoin.com does not endorse nor support these products or services. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com and the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. This editorial is for informational purposes only.


Images via Shutterstock, Ebang, Asicminer, Blockchain.com, Coin Dance Cash, Fork.lol.


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The post The 2018 Bitcoin Mining Ecosystem Saw Record Hashrates and New Devices appeared first on Bitcoin News.

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‘Black Panther,’ ‘Avengers’ Top Record 2018 Box Office

December 27, 2018 |

“Black Panther” and other Disney superheroes powered Hollywood to a record year at the box office, which is expected to finish 2018 with ticket sales up about 6% from last year’s returns.
WSJ.com: US Business

Amazon’s record holiday season shows shoppers weren’t afraid to splurge

December 26, 2018 |

Amazon.com Inc. reported a record-breaking holiday season as shoppers loaded their online baskets with items including Echo speakers and Calvin Klein clothes, suggesting consumer optimism isn’t being deterred by a tumbling stock market.

The online retailer said “tens of millions of people worldwide”…


L.A. Times – Business

Indian Crypto Exchange Sees Record Trading Volumes Amid Regulatory Uncertainty

December 26, 2018 |

Indian Crypto Exchange Sees Record Trading Volumes Amid Regulatory Uncertainty

Despite regulatory uncertainty and banking restriction imposed by the country’s central bank, an Indian cryptocurrency exchange is seeing record trading volumes every month. The CEO of Wazirx told news.Bitcoin.com that the recent uptick in crypto prices has prompted a lot of Indians to start trading again.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Record Trading Volumes

Indian Crypto Exchange Sees Record Trading Volumes Amid Regulatory UncertaintyIndian cryptocurrency exchange Wazirx is seeing record trading volumes despite a number of conditions that dampen trader sentiment such as the crypto banking ban imposed by the country’s central bank, the Reserve Bank of India (RBI).

The exchange’s CEO, Nischal Shetty, told news.Bitcoin.com on Monday that “In a flat market coupled with banking restriction,” there is little motivation for Indians to trade cryptocurrencies. However, he elaborated:

The recent uptick in the crypto prices has gotten a lot of Indians trading again … whenever there’s volatility people forget the problems and start trading. That’s exactly the reason why we’re seeing our volumes shooting up so fast.

Indian Crypto Exchange Sees Record Trading Volumes Amid Regulatory UncertaintyThe RBI issued a circular in April banning financial institutions under its control from providing services to crypto companies. Responding to the banking restriction, Wazirx launched an exchange-escrowed peer-to-peer (P2P) platform in July, with Shetty repeatedly saying that the response to this service has been “tremendous.”

He further shared that his exchange has been “hitting new peaks in volume every month,” adding that this month it surpassed 200 BTC in daily trading volume for the first time. “200 BTC in 24 hours was our record high and the highest by any exchange in India right now,” he claimed. Noting that this record high was achieved within nine months of launching his exchange and during a bear market, he concluded:

Considering the banking restriction in place, this is great news for the Indian crypto sector.

On Localbitcoins, the number of BTC traded in INR has also been growing, with 302 BTC traded in the week of Dec. 22 as well as in the previous week.

Indian Crypto Exchange Sees Record Trading Volumes Amid Regulatory Uncertainty

Regulatory Uncertainty

Indian Crypto Exchange Sees Record Trading Volumes Amid Regulatory Uncertainty
Subhash Chandra Garg

The Indian government is expected to finalize the regulatory framework for cryptocurrencies in the near future. The panel, tasked with providing recommendations regarding crypto regulatory measures, has reportedly submitted its report to the government. This panel is headed by Subhash Chandra Garg, the country’s Economic Affairs Secretary.

Commenting on the upcoming crypto regulatory framework, Shetty told news.Bitcoin.com, “I have to remain optimistic,” noting:

I believe in our government, that they’ll listen to our voices. I’ve been running a Twitter campaign and it’s gaining traction amongst Indian crypto users. As the campaign grows it’ll be harder to ignore.

The CEO started his Twitter campaign on Oct. 31, calling for positive regulations for the Indian crypto space. Meanwhile, the country’s supreme court is set to hear the petitions against the RBI ban in January.

What do you think of the crypto ecosystem in India? Let us know in the comments section below.


Images courtesy of Shutterstock, Twitter, and Coin.dance.


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The post Indian Crypto Exchange Sees Record Trading Volumes Amid Regulatory Uncertainty appeared first on Bitcoin News.

Bitcoin News

The Daily: Bitcoin Posts Record Volume, Ledger Plans Major Update

December 21, 2018 |

The Daily: Bitcoin Posts Record Volume, Ledger Plans Major Update

The news is bullish in this edition of the The Daily, mirroring the mood of the crypto markets. We’ll start by delving into BTC’s record-breaking day for trading volume and then examine a couple of stories that suggest 2019 is poised to get off to a very positive start.

Also read: Only Sharks Will Feed on the Crypto Market’s Elusive Price Bottom

BTC Posts Record Daily Volume

The Daily: Bitcoin Posts Record Volume, Ledger Plans Major UpdateIt’s not just the price of bitcoin – both cash and core – that’s been shooting up this week – volume has followed suit. In fact, the real headline about this week’s price rally isn’t BCH doing a 3x or BTC passing and then holding the $ 4,000 mark. Rather, it’s the significant increase in trading volume that occurred on Dec 20, which some traders have taken as evidence of a full reversal. That’s right, the bottom may finally be in – though no one’s willing to publicly make that call just yet it seems.

Crypto Quantamental noted that the $ 2.26 billion of BTC traded on Thursday, Nov. 20 was the highest recorded in the cryptocurrency’s history. Compared to previous days when BTC was trading in the $ 3,500-$ 4,500 bracket, yesterday’s BTC volume was greater by a factor of 3-4x. Regardless of which way BTC moves next, it’s fair to say that interest in the crypto market has been fully restored. BCH has also been on a tear, as this graphic by The Tie shows, comparing the cryptocurrency’s market cap to that of BSV and LTC this week.

The Daily: Bitcoin Posts Record Volume, Ledger Plans Major Update

Looking back at Twitter activity since the start of the month, the sentiment analysis platform noted that “while indicative tweet volume (# of tweets that contribute to sentiment score) peaked for both BCH and BSV on Dec. 7, BSV has basically been completely flat as the amount of twitter conversation around BCH has trended upwards. It’s safe to assume BCH’s astonishing growth over the past three days may have contributed to that interest.

The Daily: Bitcoin Posts Record Volume, Ledger Plans Major Update

Ledger Schedules Major Firmware Update

French hardware wallet manufacturer Ledger has planned its biggest upgrade yet to its Nano S devices. Version 1.5, scheduled for release in early January, will feature new hashes, signatures and derivation schemes, enabling the wallet to support new cryptocurrencies. These updates will be accompanied by a slew of security improvements including:

  • Full redesign of the arithmetic architecture
  • Improved MCU genuine check (firmware attestation)
  • PIN code implementation improved for better resistance to hardware attacks
  • Hardening of the PIN code against various hardware and side channel attacks

In the arms race hardware manufacturers are engaged in, the biggest winners are consumers, who now have a wide range of increasingly robust hardware wallets to choose from.

Virtual Land Goes up in Smoke

The Daily: Bitcoin Posts Record Volume, Ledger Plans Major Update
Decentraland

47 million mana tokens have now been burnt in Decentraland’s second land auction which ends over the weekend. This equates to around $ 2.5 million of tokens destroyed, in return for purchasing plots of land in the virtual world. With the price of each parcel dropping ever closer to its lowest possible price of 1,000 mana over the weekend, a bidding frenzy is suspected. Just 6,000 of the 9,300 parcels available a week ago are left, with nonfungible.com recording an average price per 10x10m parcel of $ 850.

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post The Daily: Bitcoin Posts Record Volume, Ledger Plans Major Update appeared first on Bitcoin News.

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P2P Markets Report: Latin American Markets Continue to Post Record Volume

December 13, 2018 |

This past week has seen Latin American peer-to-peer markets continue to set records for trade volume. For the week ending Dec. 8, Argentina and Venezuela posted a new record for Localbitcoins trade when measured in fiat, while Colombia, Peru, and Venezuela also posted records for trade measured in BTC.

Also Read: Zebpay Exchange Now Live in 21 European Countries

Fiat Volume Records Posted by Argentina and Venezuela

Argentina posted a new record for fiat P2P trade volume on Localbitcoins this past week, with over 9.4 million pesos worth of BTC changing hands. The week also saw a significant uptick in the number of BTC traded, with the 65 BTC comprising the most bitcoins traded in a single week since March 2017.

P2P Markets Report: Latin American Markets Continue to Post Record Volume
ARS/BTC Localbitcoins trade measured in ARS

Venezuela set a new record in fiat volume for the third consecutive week, with 3.2 billion Venezuelan bolivars’ worth of trade. The week of Dec. 8 also saw the third consecutive record for trade when measuring in BTC for Venezuela, with 1,636 BTC changing hands.

P2P Markets Report: Latin American Markets Continue to Post Record Volume
VES/BTC Localbitcoins trade measured in VES

BTC Records for Colombia and Peru

660 BTC were exchanged for Colombian pesos via Localbitcoins this past week, the most in the market’s history. The same week also comprised the fifth strongest when measuring in fiat currency, with 7.1 billion Colombian pesos’ worth of trade taking place.

P2P Markets Report: Latin American Markets Continue to Post Record Volume
COP/BTC Localbitcoins trade measured in BTC

Peru also posted a new record for the number of BTC traded on Localbitcoins in a single week, with 213 BTC exchanged. This comprised the eighth strongest on record when measuring in fiat, with roughly 2.68 million Peruvian sol of trade.

P2P Markets Report: Latin American Markets Continue to Post Record Volume
PEN/BTC Localbitcoins trade measured in BTC

Chile and Mexico Post Strong Volume

The week of Dec. 8 was the sixth strongest on record for Chilean P2P trade, with 196.4 million Chilean pesos’ worth of BTC changing hands. The week also comprised the fourth strongest on record when measuring in cryptocurrency, with 69 BTC traded.

P2P Markets Report: Latin American Markets Continue to Post Record Volume
CLP/BTC Localbitcoins trade measured in BTC

Mexico also saw a strong week for P2P trade, posting the 10th strongest week on record for trade between BTC and Mexican pesos. The week also comprised the strongest since May 2017 when measuring in BTC, with 99 BTC worth of trade occurring.

P2P Markets Report: Latin American Markets Continue to Post Record Volume
MXN/BTC Localbitcoins trade measured in MXN

Do you think recent Latin American volume records will continue to be broken in the coming weeks? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Coin.dance


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

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IRS to Face Record Number of Loss Claims, Says Crypto Accounting Firm

December 6, 2018 |

IRS to Face Record Number of Loss Claims, Says Crypto Accounting Firm

Node40, a developer of bitcoin tax-reporting software, expects the U.S. Internal Revenue Service (IRS) to receive a record number of cryptocurrency-related tax return claims this year, as it predicts that many investors will decide to declare their losses.

Also Read: G20 Leaders Declare Commitment to Regulate Crypto Assets

Pros and Cons of Reporting

IRS to Face Record Number of Loss Claims, Says Crypto Accounting FirmCryptocurrency traders hit by considerable price declines in 2018 now have a strong incentive to report their activities to the authorities, in order to offset their losses against other tax liabilities. However, Node40 warns that doing so could have long-term consequences for investors. For example, if an individual reports particularly high losses, they may be questioned about where the money came from to begin with.

“It is clear that, with the huge falls in cryptocurrency markets during 2018, many people will be weighing up whether this is a good opportunity to reveal the losses they have suffered,” said Perry Woodin, co-founder of Node40. “Having not reported their crypto activity up to now though, those choosing to reveal losses this year will need to report their crypto positions every year from now on, giving the tax authorities much better visibility of people’s crypto involvement.”

What You Need to Know

IRS to Face Record Number of Loss Claims, Says Crypto Accounting FirmReporting taxes based on inaccurate calculations in the U.S. could result in penalties of up to 40 percent and tax courts often place the burden of proof on the individual rather than on the IRS. So it’s important that people who choose to report this year have written records of all transactions they took part in, including accurate gains or losses, as well as proper cost basis assignments. If you use accounting software to generate these documents, make sure that it can recover historical trade activity from all the exchanges and wallets you have ever used.

“There is a lot for individuals to consider when it comes to crypto accounting and their tax returns,” said Sean Ryan, co-founder of Node40. “For example, ‘hodlers’ will have a completely different set of circumstances to traders, while those receiving crypto from forks and then selling will also have a unique situation to deal with.”

Is reporting crypto losses worth the risk? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia

December 5, 2018 |

P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia

The heavy selling pressure that has dominated the cryptocurrency markets in recent weeks has coincided with a surge in peer-to-peer (P2P) trade volume across the Localbitcoins markets in Asia and South America. Globally, higher trade activity over the past two weeks has also driven the strongest volume since September 2017, with roughly 12,116 BTC changing hands in the last seven days.

Also Read: Express Your Gratitude With Bitcoin.com’s New Smart Tip Generator

Venezuela

It appears that the popularity of BTC among Venezuelan citizens continues to grow exponentially, despite the introduction of the national cryptocurrency, the petro.

P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia
Weekly Venezuelan Localbitcoins Trade Measured in Fiat

This past week, the week of Dec. 1, the Venezuelan Localbitcoins market posted record weekly trade volume for the seventh time in nine weeks when measured in fiat currency, and the sixth time in the last nine weeks when measured in BTC.

P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia
Weekly Venezuelan Localbitcoins Trade Measured in BTC

Approximately 1,296 BTC has been traded over the past week, equating to 2.38 billion Venezuelan bolivars ($ 238.3 million) worth of BTC changing hands.

Colombia and Peru

The trade action of recent weeks has also seen P2P volume surge across other Latin American markets. Colombia and Peru, for example, have posted record BTC volume for two consecutive weeks.

P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia
Weekly Colombian Localbitcoins Trade Measured in BTC

Roughly 596 BTC changed hands in exchange for Colombian pesos (COP) last week, while 186 BTC was traded for Peruvian sol (PEN).

P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia
Weekly Peruvian Localbitcoins Trade Measured in BTC

When measured in fiat currency, Colombian hit record volume during the week of Nov. 3, with 8.1 billion COP ($ 2.55 million) worth of BTC changing hands.

P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia
Weekly Colombian Localbitcoins Trade Measured in Fiat

Peru posted record fiat volume for the week of Oct. 20, with nearly 3.15 million PEN ($ 931,730) worth of BTC being traded.

P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia
Weekly Peruvian Localbitcoins Trade Measured in Fiat

Argentina and Chile

The Argentinian and Chilean P2P markets also posted record volume for the week of Nov. 10 when measuring in fiat, with 8.25 million Argentine pesos ($ 220,730) and 243.5 million Chilean pesos ($ 363,000) worth of BTC changing hands throughout the seven-day period.

P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia
Weekly Argentinian Localbitcoins Trade Measured in Fiat
P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia
Weekly Chilean Localbitcoins Trade Measured in Fiat

South Korea

A number of Asian P2P markets have also shown significant strength in recent weeks, with several markets posting the strongest trade seen in over 12 months, when measured in BTC. This past week, the South Korean P2P markets posted the sixth strongest volume on record with 74.3 million Korean won ($ 66,715) worth of BTC exchanging hands.

P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia
Weekly South Korean Localbitcoins Trade Measured in Fiat

The week of Dec. 1 was also the strongest South Korean trade recorded since July 2017 when measured in BTC, with 16 BTC changing hands.

P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia
Weekly South Korean Localbitcoins Trade Measured in BTC

Indonesia

During the week of Nov. 24, Indonesia posted its second largest volume for Localbitcoins trade when measured in fiat currency, with over 1 billion Indonesian rupiah ($ 69,475) worth of BTC changing hands.

P2P Markets Report: Dumping Drives Record Volume Spikes Across Latin America and Asia
Weekly Indonesian Localbitcoins Trade Measured in Fiat

The week was also the strongest Indonesian P2P trade to be posted since March 2017 when measured in BTC, with 16 BTC changing hands.

P2P Markets Report: Dumping Drives Record Volume Spikes Across Latin America and Asia
Weekly Indonesian Localbitcoins Trade Measured in BTC

India

The week of Nov. 24 also saw significant trade activity on India’s Localbitcoins market. It was the fourth strongest on record when measured in fiat, with roughly 122 million Indian rupees ($ 1.73 million) worth of trade.

P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia
Weekly Indian Localbitcoins Trade Measured in Fiat

The week was also the strongest since May 2017 when measured in BTC, with 296 BTC changing hands.

P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia
Weekly Indian Localbitcoins Trade Measured in BTC

Thailand

The week of Nov. 24 also saw the strongest trade between BTC and the Thai baht since September 2017 when measured in BTC, with 153 BTC changing hands.

P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia
Weekly Thai Localbitcoins Trade Measured in BTC

Kazakhstan

Trade in Kazakhstan surged during the week of Nov. 10, comprising the third strongest on record when measuring in fiat and the fourth strongest in BTC.

P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia
Weekly Kazakhstani Localbitcoins Trade Measured in Fiat

Roughly 36.7 million Kazakhstani tenge ($ 99,085) worth of BTC changed hands, equating to about 16 BTC worth of trade.

P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia
Weekly Kazakhstani Localbitcoins Trade Measured in BTC

Do you think that P2P trade throughout Latin American and Asia will continue to set new records for volume in the coming weeks? Share your prediction in the comments section below.


Images courtesy of Shutterstock, Coin.dance


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia appeared first on Bitcoin News.

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