China remains the largest contributor to the Asian P2P volume, but it’s about to be surpassed by India. India witnessed tremendous growth in peer-to-peer trades this year. China’s ban on buying Bitcoin using the Chinese Yuan during the previous bull run pushed many to P2P, but as the value of BTC collapsed, the volume retracted to $5 million weekly. However, this wasn’t the case in India. The increasing value of Bitcoin has nudged many traders snoozing during the low volatility period. Startup jobs in India have also increased in the crypto sector.
India witnesses growth in P2P bitcoin trades this year.
LocalBitcoins dominated the market until September this year, after which it noted a sharp fall as it transitioned due to the new KYC compliance. According to Arcane, Paxful took significant shares immediately following the KYC implementation, but that could not stop Asia’s trading volume from taking a hit. India has witnessed a noticeable growth in bitcoin P2P trading volume this year. The crypto market in India revived after the Supreme court overturned the RBI’s blanket ban on crypto earlier this year. India is one of the largest remittance recipient countries, according to the World Bank.
Bitcoin continues to hover around $15,500.
Bitcoin has surged significantly in the last two weeks. At the time of writing, the price of bitcoin is trading at just around $15,500 with a bullish trend. Indians sent $83 billion worth of remittance in 2019, which made up 2.9% of the country’s total GDP. With the ongoing global pandemic, the remittances have reduced, but it appears a chunk of the population has shifted focus to Bitcoin to bridge the gap in India. Bitcoin adoption in African countries has also increased significantly this year amid the ongoing pandemic.