Bitcoin P2P Trading Wars: Localbitcoins Posts Records, Paxful Surges, Bitsquare Slumps
Bitcoin P2P marketplaces are showing mixed results as new records mix with disappointing slumps.
LocalBitcoins is still breaking trading records despite an overall decrease in Bitcoin network transactions, with two countries posted new highs last week.
Data from Coin Dance shows that for the week ending July 1, Morocco and the Philippines transacted more on LocalBitcoins than ever before.
Both zones saw spikes in volume which built on the previous week’s lively numbers. In Morocco’s case, that week also constituted a new all-time high.
Given the overall slowdown in Bitcoin network activity, which Cointelegraph reported on yesterday, the spike in enthusiasm does not have an obvious cause.
Last month, LocalBitcoins introduced a new fee system aimed at countering its expenses engendered by Bitcoin’s high miner fees.
Trading patterns across other marketplaces meanwhile show curiously divergent trends. Bitsquare, which earlier this year demonstrated massive growth, has since tailed off, its overall numbers dropping dramatically week from week.
US-based Paxful, by contrast, posted a cross-network all-time high last week, with just shy of $6 mln transacted.