Recent weeks have witnessed a significant surge in local Bitcoin markets across countries like Hungary, Peru, and Venezuela. Peer-to-peer (P2P) markets in these regions have set new all-time highs in trading volumes when measured in their respective national currencies.
Latin American P2P Crypto Markets Experience Sharp Volume Growth
Over the past few weeks, P2P cryptocurrency trading volumes across South America have demonstrated remarkable strength. Several markets have reached historic peaks in crypto trading volumes denominated in local fiat currencies.
Peru’s Sustained Momentum
Peru has broken its own trading volume record for the second consecutive week. In the past week alone, Bitcoin trading volume reached 1,944,396 Peruvian Soles (approx. $600,000), marking a 14% increase from the previous week’s 1,705,992 Soles.
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In terms of Bitcoin volume, the past two weeks saw trades totaling 71 BTC—the second-highest weekly volume since December 2017, when transactions peaked at 80 BTC.
Brazil’s Notable Surge
Brazil’s local Bitcoin market recorded a substantial spike on the week of April 14, with trading value hitting 3,158,258 Brazilian Reals (~$905,000). This stands as the third-largest weekly trading volume in the nation’s P2P crypto market history.
Argentina and Venezuela: A Competitive Landscape
Argentina’s Trading Highlights
Argentina’s P2P crypto exchanges saw a dramatic rise during the week of April 14, achieving the fourth-highest weekly trading volume in the country’s history at 4,506,932 Argentine Pesos (~$220,000).
Bitcoin trading volume that week amounted to 29 BTC—the largest since August of last year. However, the nation’s record remains unmatched since 2015, when weekly volumes peaked at 150 BTC.
Venezuela’s Rollercoaster Trend
Venezuela’s local Bitcoin market set weekly volume records in seven of the past eight weeks. However, Bitcoin-denominated trading volume declined for two consecutive weeks, signaling potential shifts in trader behavior.
Europe Joins the Rally: Hungary and Sweden Set New Benchmarks
Hungary’s Milestone
During the week of April 14, Hungary’s P2P crypto market reached a record 7,473,600 Hungarian Forints (~$288,000). While only 4 BTC were traded that week, it marked the highest volume since July of last year. Still, this pales in comparison to 2015’s activity levels.
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Sweden’s Resurgence
Sweden’s Bitcoin trading volume surged to 14,189,350 Swedish Krona (~$1.6 million) during the same week—the fourth-highest weekly trading value in its P2P market history. Bitcoin volume hit 231 BTC, the highest since November 2022, though it falls short of 2015–2016 benchmarks.
Canada’s Strong Performance
Canada’s P2P crypto trading value soared to 7,784,463 CAD (~$6.1 million), the third-highest weekly volume on record. Bitcoin trading reached 893 BTC, ranking as the country’s third-largest weekly BTC volume ever.
FAQ: Bitcoin Trading Volumes in Emerging Markets
Q1: Why are P2P Bitcoin markets growing in Latin America?
A: Economic instability and currency devaluation drive demand for decentralized assets like Bitcoin as a hedge.
Q2: How does Hungary’s Bitcoin trading compare to its 2015 peak?
A: Current volumes remain below 2015 levels but show renewed interest amid broader crypto adoption.
Q3: What factors contribute to Sweden’s high trading volumes?
A: Tech-savvy populations and progressive regulations foster crypto activity, though volumes haven’t reclaimed 2015–2016 highs.
Q4: Is Venezuela’s Bitcoin trading volume declining?
A: Yes, in BTC terms, but fiat-denominated volumes remain robust due to hyperinflation.
Q5: Which country had the highest single-week Bitcoin trading volume historically?
A: Argentina holds the record with 150 BTC traded in a week during 2015.
Q6: Are these trends indicative of long-term adoption?
A: While volatile, sustained highs suggest deepening crypto integration in local economies.
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