LocalBitcoins Trading Up 1,200% in China Since PBoC Clampdown
LocalBitcoins has recorded an exponential 1,200% surge in China trading since the country’s exchanges started reacting to pressure from the People’s Bank of China (PBoC). 36 Million Yuan Per Week and Counting. The week ending February 18th was the best on record for the peer-to-peer marketplace, which registered a global high of over $24 million USD in transactions. The Chinese market, until just a few weeks ago practically dormant, saw a giant 36 million yuan in transactions compared with the previous week’s 6.6 million, which itself was a previous high. LocalBitcoins has seen a rapid....
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Just last weekend, LocalBitcoins set its weekly record trading volume. Across disparate regions, there seems to be a unifying trend: volume is increasing on LocalBitcoins. But this has left some wondering: how much of this trading volume is due to fraud? Most of the transactions done on LocalBitcoins are not done via peer-to-peer cash transactions, but instead on transactions based around intermediary financial institutions. Does this mean that more and more people are dealing in bitcoins by depositing money in other individuals accounts? Nonetheless, it appears on LocalBitcoins, at least,....
As Chinese exchanges put BTC withdrawals on hiatus, LocalBitcoins is seeing new all-time trading highs – and not just in China. New Trading Highs Around The World. The knock-on effect of investors flocking to the peer-to-peer marketplace is seemingly creating unprecedented demand in markets such as Canada, Chile, Colombia, New Zealand, Saudi Arabia, Sweden, Mexico, Turkey and, of course, Venezuela. In fact, global P2P trading on LocalBitcoins has been seeing a continued upwards trend across the board. The Chinese market itself meanwhile recorded its largest ever trading volumes in the week....
It’s important to remember the part played by over-the-counter (OTC) bitcoin trading platforms like LocalBitcoins — they often reveal interesting things about Bitcoin’s place in the world. LocalBitcoins Volume Getting Higher. Kaiko tracks data from LocalBitcoins as well as all other exchanges, and we’ve compiled all that information into the first....
Concerns are growing that the People’s Bank of China, hereinafter PBoC, may seek to curb LocalBitcoins use after the platform became the go-to replacement for the country’s Bitcoin traders. When major Chinese exchanges halted Bitcoin withdrawals due to regulatory concerns, investors moved en masse to the peer-to-peer marketplace, causing record trading volumes the week ending Feb. 11. Now, LocalBitcoins staff have taken to Reddit to curb fears that the site may become the PBoC’s next target. Adding to the unease is a decision by fellow marketplace BitKan to abide by the bank’s mandates.....
Localbitcoins saw a roughly 85 percent increase in global volume over the course of 2016, and the growth seen by this bitcoin trading platform was seen equally in both the developed and developing world—albeit for different reasons. While the need for increased privacy and the avoidance of Know Your Customer regulations is known to be the driving force....