Peer-to-peer platforms have suffered a sharp decline in their trading volumes coinciding with the fall of the crypto market, data provided by Useful Tulips shows.
The US, the leading country in P2P trading, has experienced a 42% drop in trading volumes over the last week, growing from $23.4M to $13.6M. South Africa is the second largest region in terms of peer-to-peer trading for most of the year. In its case, the fall has been of 32% from $12.9M to $8.7M, while in the Asia-Pacific region, the decrease has been of 25%.
The only region that has not followed this downward trend and has instead posted an increase has been Latin America with an increase of 11% to $13.2M. 43% of the transactions were carried out by residents in Venezuela. While Colombia, Peru and Chile have also increased their participation in the total figure, Mexico and Brazil have suffered slight falls.
Around $42M in Bitcoins were exchanged in Localbitcoins over the past week, while Paxful's trading volume remained at $20M. During the previous week, the figure stood at around $38M. As a comparison, Coinbase's weekly trading volume was $1.7B and Bitstamp's $1.1B.
Overall, crypto trading volumes in the spot markets of the 15 leading trading platforms increased by 58.3% to $529B in August, according to a new report published by Cryptocompare. The activity in the cryptocurrency derivatives market has also risen by 54%.
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