According to the data published by Useful Tulips, emerging markets have established new records for weekly peer-to-peer Bitcoin trading, including India, Ghana, the Philippines, and Argentina. Mexico and Egypt. Indian market posted a new record for trade activity, with $3.4 million worth of BTC trading hands over the past seven days. India’s P2P markets started reporting significant momentum from the second quarter onwards, with Indian volume beating out its December 2017 all-time high of $2.95 million last month before consistently rallying above $3 million this month.
Indian crypto market emerges amid the pandemic.
The Indian crypto market has been emerging at quite an impressive speed this year. The country recorded $3.4 million worth of BTC trading on P2P platforms over the past seven days. Since the Supreme Court of India overturned the banking ban on crypto enforced by the Reserve Bank of India, the crypto market has seen a spike. However, there are no crypto regulations in the country that dictate the use of crypto. The Indian economy has been on a downward spiral for a long time, and people opting for crypto shows people’s distrust in the existing financial system.
African countries continue to record higher P2P trading volume.
African countries are responsible for most of the peer-to-peer crypto trading volume in the world. Following several weeks of surging volume, Nigeria’s peer-to-peer markets posted a slight retracement from last week’s record high above $10 million, with roughly $9.9 million, which is still quite high. Earlier, Paxful’s CEO, Ray Yousef, noted that Ghana and Kenya had comprised the second and third-strongest countries in Africa by year-to-date volume so far after Nigeria. Ghana posted new weekly volume records for fifteen of the past seventeen weeks, with more than $1 million worth of Bitcoin trading for two consecutive weeks.