Another week has gone by, and LocalBitcoins trading volume is setting new records in multiple countries once again. Interestingly enough, the USA and European countries are well represented at the same time for once. Additionally, the Middle East and Russia continue to show an increasing interest in cryptocurrency as well.
Bullish Global Bitcoin Trend Continues On LocalBitcoins
Every week there seems to be a new record for local trading volume in at least one LocalBitcoins market. Although this growing demand for cryptocurrency may not necessarily originate from countries one would come to expect, the overall trend cannot be denied. Seeing the USA set a new weekly trading volume record is quite an intriguing development, though.
If there is one thing the US has no shortage of, it is Bitcoin exchanges. Nearly every Bitcoin trading platform in the world offers a USD trading pair, making it easy for American and other international traders to influence the USD market. For the first time in several weeks there is a new weekly trading volume record denominated in US Dollar.
According to the Coin Dance charts, the last record Bitcoin trading volume in USD surpassed the US$8m mark. That is a significant amount of currency being exchanged to and from Bitcoin, although the correlation between sales and buys remains unknown. Just under eleven months ago that trading volume reached a year-low point of just over US$4.5m.
But the US is not the only region getting bullish on Bitcoin. Things are peaking in Venezuela, which is not entirely surprising given the financial turmoil in that region. Over 4.25 million bolivar was exchanged for Bitcoin during the previous week, and it is expected that number will continue to increase in the coming months.
Europe has always been somewhat quiet on the LocalBitcoins front, although the overall trend is rather positive. Albeit the 1 million EUR weekly volume remains elusive for now, last week was a particularly good week for LocalBitcoins traders. Denmark, Poland, and Romania all saw healthy increases in recent weeks, attributing to the European success.
No one is sure what is driving Bitcoin interest in Saudi Arabia all of a sudden, though. Given the low overall volume every week, a big spike is not overly difficult to achieve. That said, there seems to be a growing demand for cryptocurrency in the region, which is a positive development. Overall, things are looking good for Bitcoin, even though there is still a very long way to go.
If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.
