LocalBitcoins trading volume hits record high, China becomes the biggest driving force, trading volume surges 5 times

Trading volume on the peer-to-peer bitcoin trading platform LocalBitcoins hit an all-time high, with the activity of Chinese traders playing the biggest driving role.

Data from Coin.Dance shows that last week was the busiest week, with total bitcoin trading volume soaring to 2400万美元. Global bitcoin trading volume has at least两倍compared to the same period last year.

In China, Bitcoin traders flocked to the Localbitcoins market after major exchanges decided to suspend Bitcoin withdrawals due to regulatory requirements from the People's Bank of China (PBoC). Domestic traders are trading non-stop due to uncertainty over Chinese government regulations. Global Bitcoin trading volume rose by $5 million in one week.

One week after the central bank’s regulation was introduced, Chinese traders traded 3620万人民币on Localbitcoins. To make this figure more striking, we collected trading data from a week before, which was also a peak trading period, but the total amount was only 6.6 million RMB. In terms of trading volume, the trading volume in the week after the central bank’s regulation was nearly 5,000 bitcoins, while it was only 922 bitcoins before.

However, despite this, China’s bitcoin trading volume has still fallen sharply. Japan has surpassed the United States to become the world’s largest bitcoin trading market as the country’s government is ready to provide a sound regulatory environment for bitcoin.

In addition, Venezuela’s shaky economy has led to hyperinflation, and the country’s Bitcoin trading volume on LocalBitcoins has also risen, from 15.4 million bolivars to 17.1 million bolivars last week.

Other countries with record trading volumes included Norway and Mexico.