Bitcoin adoption continues to thrive in the areas one would somewhat expect it. Based on the recent LocalBitcoins chart, is it evident China is still very bullish when it comes to bitcoin right now. Additionally, countries such as Brazil, Europe, and Colombia, are showing an increase in trading volume as well. The future for bitcoin continues to look bright, even though no one knows for sure what will happen next.
LocalBitcoins Volume Continues To Grow
It is anything but surprising to find out LocalBitcoins continues to see even more trading volume than before. This also seems to indicate peer-to-peer trading is getting more positive attention these days. For the longest time, people have been using centralized exchanges acting as custodians when it comes to customer funds. While this may give users a sense of security, it is also the same as giving up control over one’s finances yet again.
The recent LocalBitcoins charts go to show China is still warming up to bitcoin. A new record of weekly trading volume has been set, which is not a complete surprise. Then again, last week’s volume was quite impressive already and it looks like this was only a hint of what the future may hold. To be more specific, last week saw over 48 million CNY worth of bitcoin change hands through LocalBitcoins. Compared to last week’s 34,2750,000 CNY, that is quite an increase, to say the least.
China is not the only LocalBitcoins market seeing a spectacular amount of trading volume, though. Things are taking off in Brazil as well over the past week Considering the previous week was a monthly low in trading volume, it appears traders are back in full force on LocalBitcoins right now.A record-high 700,000 Brazilian Real worth of bitcoin was exchanged on the platform over the past week, indicating consumers are growing fond of cryptocurrency.
A similar trend is visible in Colombia, although the new weekly volume record is only a small increase from its previous peak. Then again, over 400 million Colombian Peso was traded against bitcoin through LocalBitcoins alone. Last but not least, the exchange volume across all European countries combined has reached a new peak, as it soared past the 1.25m EUR peak for the first time ever. Nearly 1.4 million Euro was converted to and from bitcoin, which is quite a spectacular number.
In the end, it is evident for everyone to see bitcoin will continue to attract a lot of attention for the time being. Even though the BTC price has lost some of its value after setting a record-high, the overall trend remains rather bullish and positive. With trading volumes growing across different regions, the future for bitcoin looks very bright. As a result, the price will eventually continue to increase again, as there are only so many bitcoins to go around.
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