While many exchanges focus on benefiting a lot from the recent sell-off, P2P trading volume on PAXFUL has fallen by almost 50% this week.
The recent slump in the crypto market has fueled large volumes on centralized exchanges, but peer-to-peer (P2P) exchanges are now witnessing a sharp drop in volume. .
In the US, P2P transaction volume fell 42% this week - plummeting from $ 23.4 million to nearly $ 13.6 million.
Sub-Saharan Africa is the second largest region in terms of P2P transaction volume after North America in 2020. It has now decreased by 32% in P2P volume (from about 12.9 million USD to 8.7 million USD).
In addition, P2P transaction volumes in Asia-Pacific are down 25% this week.
While many places declined, Latin America was the only region where P2P trading volume increased significantly over the past week, reaching 11% to $ 13.2 million.
However, although the P2P trading volume on the Paxful exchange has decreased sharply, the P2P exchange LOCALBITCOINS recorded a steady increase in volume every week.
Last week the volume of BTC on Localbitcoins reached around $ 42 million, while Paxful reached around $ 20 million - down from around $ 38 million.
In contrast to P2P exchanges, centralized exchanges have increased sharply, COINBASE has recorded around $ 1.7 billion in trading volume over the past seven days, while its rival Bitstamp has also recorded 1.1. billion USD.
Global P2P trading volume plummeted as bitcoin prices have a major correction this week, from nearly $ 12,000 to nearly $ 10,200 at press time.
