LocalBitcoins Momentum Is Back With Two New Record Highs
Ukraine and the Dominican Republic are leading Localbitcoins volumes towards new record highs.
LocalBitcoins volumes are heading back towards new all-time highs as Ukraine and the Dominican Republic set new records.
The uptick in the Dominican Republic was particularly pronounced, the previous week having seen just 837,000 pesos exchanged.
The highs are part of a recent resurgence in LocalBitcoins markets, having previously come off highs largely driven by Chinese investors seeking alternatives to barred exchanges.
Despite these exchanges being on the cusp of reopening trading, little impact showed on LocalBitcoins’ China marketplace, whose volumes declined only slightly and continue to hold far above pre-exchange announcement levels.
Ukraine’s story, meanwhile, shows a continuation of a steady trend. The country’s weakened currency and heavy tech industry makes it fertile ground for Bitcoin interest, with the government for its part actively incorporating Blockchain technology into its economic strategy.
At the beginning of April, CEO of domestic exchange Kuna, Mikhail Chobanyan, also highlighted the increased trading currently propping up the Ukrainian market, which is still comparatively modest.
In 2016, overall volumes increased dramatically from 500,000 hryvnia per week to around 2.5 mln.