Localbitcoins Sets New All-Time High As Chinese Market Surges

Peer-to-peer Bitcoin hub LocalBitcoins has posted a new global all-time high across its platform as Chinese traders continue to make it their new home.

Data from Coin Dance shows the week ending Feb. 18 to be the busiest in the marketplace’s history, with over $24 mln in transactions.

Weekly LocalBitcoins Volume

The figure is almost $5 mln higher than the previous week when China was just reacting to the exchanges’ decisions to halt Bitcoin withdrawals due to regulatory pressure.

Cointelegraph previously reported new highs for LocalBitcoins in several of its country-specific markets, which included China, as well as Venezuela, Turkey, New Zealand and Canada.

The Chinese market volume chart on its own makes for impressive reading. 36.2 mln yuan went through LocalBitcoins’ books in the last week, a huge spike from the previous week’s high of 6.6 mln.

Weekly LocalBitcoins Volume 2

As uncertainty in China continues, investors are wasting little time continuing their infamously aggressive trading practices.

At the same time, however, overall trading volumes in China are still dramatically down on what they once were. Japan has since risen to become the world’s biggest market for Bitcoin trading, beating even the US thanks to concerted efforts to establish a sound regulatory climate in the country.