It is always worthwhile to see if global demand for Bitcoin starts to pick up again. For LocalBitcoins traders, the volume is picking up significantly across North America, Asia Pacific, and Australia/New Zealand. Eastern Europe, on the other hand, is cooling off rapidly.
LocalBitcoins Volume Peaks Again
When the Bitcoin price turns either bullish or bearish, there will be an immediate impact on global demand. This can best be measured across peer-to-peer trading platforms such as LocalBitcoins. If the volume rises across different regions, there is reason to be cautiously optimistic. There is an apparent increase in demand across some areas in the past week, whereas other places note a reverse effect.
Looking at North America and Asia Pacific as an example, the demand for BTC through LocalBitcoins is picking up. North America notes a volume increase of 12%, bringing its weekly volume to $3.78 million. It is a mere drop in the bucket compared to Bitcoin’s overall trading volume, but still an important aspect regardless.
A similar trend is visible in the Asia Pacific region. LocalBitcoins remains a popular gateway to the world’s leading cryptocurrency in this part of the world. Following a 19% increase in trading volume, the weekly volume there is $6.36 million. Again, not too impressive in the grand scheme of things, but still a healthy increase.
The final region to note a weekly LocalBitcoins volume increase is Australia / New Zealand. As one of the few parts of the world where paying all types of bills with Bitcoin is possible, demand for BTC tends to be high. Although LocalBitcoins notes a volume of $725,115, it is still a 34% increase in a week. A bullish signal for the broader Bitcoin industry.
Eastern Europe Cools Off Quickly
Although the demand for Bitcoin is waning slightly in Latin America, Western Europe, Sub-Saharan Africa, and the Middle East / North Africa, the differences are not that big. Compared to the week prior, a decrease in volume by 2-4% is not spectacular. If the LocalBitcoins volume in these regions keeps decreasing, one may show some minor concern. For now, that is not the case yet.
Eastern Europe is a very different creature. It is the only part of the world where LocalBitcoins trading volume went down in the past week. More specifically, it is a steep decrease of -12%. To some, this may seem rather worrisome, but it is not that unusual either. The recent Bitcoin price momentum wasn’t too appealing, forcing traders and speculators to look elsewhere.
Overall, it is evident that the global LocalBitcoins volume – expressed in USD – is rising again since mid-2020. The peak of late 2017 and early 2018 is still far off, but the market is heading back to mid-2019 levels. An essential first step toward making Bitcoin more appealing to regular consumers relying on platforms such as LocalBitcoins.