The recent settlement left mixed effects on exchanges, with global P2P commerce dropping sharply
Most centralized exchanges gained positively from settlement. Unfortunately, the same cannot be said for the P2P commerce on Paxful, which has plummeted almost 50% so far this week.
The cryptocurrency market crisis witnessed recently has led to increased volumes of trade on centralized exchanges. Trading platforms peer-to-peer (P2P), on the other hand, plummeted. According to Useful Tulip, platforms dropped sharply this week.
Only Latin America was able to register positive activities, with all the others decreasing considerably.
The United States, which normally leads the P2P trade charts, has experienced a massive 42% decline in volume point to point this week. The region’s numbers dropped sharply to $ 13.6 million from a previous $ 23.4 million. The Sub-Saharan Africa region also had a similar trend. The figures posted revealed that the region’s P2P volume decreased 32%. The Nigerian sub-region, in particular, saw a 38% decline in P2P business activities. Overall, the numbers dropped from $ 12.9 million to $ 8.7 million.
The situation was no better in the Asia-Pacific region, which saw a 25% drop.
The Latin American region saw an increase in the volume of P2P trade to $ 13.2 million – an increase of 11%. Further analysis in the region showed that 43% of all Latin trade took place in Venezuela. The country’s trade volume translated into two-thirds of the volume increase in the region.
Chile, Colombia and Peru also registered increases in the volume of trade. The three countries witnessed increases in the range of 10% and 20%. Brazil and Mexico were, however, at the other end of the scale, as both saw declines in the volume of trade.
Interestingly, most of the drop in trade volume was attributed to the P2P Paxful platform. With the exception of the Sub-Saharan Africa region, the rest of Localbitcoins regions experienced an increase in trade.
It is estimated that $ 42 million in Bitcoins was exchanged at Localbitcoins last week. Trades hosted on Paxful did not exceed $ 20 million, which was significantly less than the estimated $ 38 million it hosted previously.
On the other hand, Bitstamp’s weekly volume was around $ 1.1 billion. Negotiations hosted at Coinbase totaled around $ 1.7 billion that week.