Why Indias Bitcoin P2P volume is surging in a motionless market?

India leads in Bitcoin P2P volume; recording $4.3 million ahead of Ghana’s $1.7 million.
India’s leading cryptocurrency exchange announced a 60% increase in volume and a 166% increase in new sign-ups.

Bitcoin has been trading in a lull for several weeks except for the breakout that took place on Tuesday. Intriguingly, BTC's peer-to-peer (P2P) volume has been surging despite the consolidating markets. This was evident after the volume hit all-time highs this week in six countries including India and Ghana.

India leads with a volume of $4.3 million while Ghana comes second with $1.7 million. Other countries such as the Philippines and Argentina recorded $1 million each while Mexico and Egypt came in the fifth and sixth positions with $700,000 and $150,000 respectively.

India’s crypto space has suffered greatly under the government in the last couple of years. With banking support scrapped for crypto-related businesses for a period of two years, crypto-centric citizens were forced to seek P2P services. Even though the ban was lifted, people in the country still prefer to transact Bitcoin on P2P platforms.

Analysts say that India is a formidable market for the digital space. Note that, WazirX, a leading cryptocurrency in India recorded a 160% surge in sign-ups in the period between February and May alone. In the same period, there was also a 66% increase in volume. The trend is expected to increase especially if the government becomes clearer with regulations.

Read more: Bitcoin Price Prediction: BTC/USD volatility kick starts rally to $10,400 – Confluence Detector

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram