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LocalBitcoin’s volume resurgence holds steady, despite Iran pullout

Akash Anand

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LocalBitcoin's volume resurgence holds steady despite Iran pullout
Source: Pixabay

LocalBitcoin, the peer to peer cryptocurrency exchange, has been in the news multiple times recently due to its regulatory involvement and region-specific rollbacks. The latest addition to LocalBitcoin’s growing repertoire of data was contributed to by Mati Greenspan, eToro’s Senior Market Analyst who spotted the increase in LocalBitcoin’s global volumes. His tweet read,

“Global volumes @LocalBitcoins
If you ignore the 2017 crypto summer bubble, the direction of the trend is quite clear.”

Source; Coin Dance

Source: Coin Dance

The chart from Coin Dance shows a clear uptrend in volume, even when disregarding the anomaly of 2017. LocalBitcoin’s rise can be attributed to its growing popularity in South American countries such as Venezuela. In the month of January alone, the Nicolas Maduro-led country recorded a trading volume of 6,347 BTC, followed by a volume of 10,315 BTC in February. LocalBitcoin use by Venezuela stood out because of the dire economic conditions in the country right now, which has caused the native Bolivar to dip and inflation reach an all-time high.

LocalBitcoin’s growing popularity comes in the wake of regulatory pressures from various countries. The Finland-based exchange first came under the scanner when the country’s Financial Supervisory Authority [FSA] decided that LocalBitcoin will see several additions to its customer verification process. This was followed by the latest cancellation of services by LocalBitcoin in Iran, with officials close to the company claiming that regulations were the main reason for the rollback. One of the company’s representative had stated,

“[….] Well, obviously right now, there are quite many regulations coming […] even though we’re a company acting under Finnish law, we have users from all over the world and sometimes for some regulatory reasons we might stop servicing in certain countries […]”





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Bitcoin

Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit

Namrata Shukla

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Source: Pixabay

Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.

The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.

Source: Trading view

Source: Trading view

The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,

“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”

Source: Twitter

Source: Twitter

The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.





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