Latin American P2P Bitcoin Markets Defy Global Trend to Set New Records

The Latin American peer-to-peer (P2P) cryptocurrency markets have a seen a significant spike heading into 2019, with the Colombian, Peruvian, and Venezuelan Localbitcoins markets posting record volume when measuring in both fiat and BTC. The Argentinian, Dominican, and Mexican markets also posted record volume for P2P trade in recent weeks.

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Latin American P2P Markets Witness Record Trade Volume

Despite a steady decline in global Localbitcoins volume during recent weeks when measuring in fiat currency, several Latin America P2P markets consistently posted record trade activity heading into the new year.

The months of November and December 2018 saw the Colombian Localbitcoins post consecutive records for weekly trade activity.

Localbitcoins COP/BTC Volume – COP

The increased volume appears to have peaked during the end of December, with the current record of 759 BTC or 8.40 billion Colombian Pesos (COP) (approximately $2.66 million) worth of cryptocurrency changing hands during the week of Dec. 22, 2018.

Localbitcoins COP/BTC Volume – BTC

Since then, volume has significantly receded, with 346 BTC or approximately 4.26 billion COP (roughly $1.35 million) worth of bitcoin core trading hands during the week of Jan. 5th, 2019 – a drop