Bitcoin Exchange Woes See Almost $50 Mln Pass Through LocalBitcoins

  

LocalBitcoins set a new all-time trading high of $45.7 mln
last week as Bitcoin almost hit $3,000.

Data compiled by Coin Dance confirms the week ending May 27 was the P2P marketplace’s busiest ever with $45,710,741 changing hands. Unlike previous records, the latest high was the result of a broad trend across all LocalBitcoins markets as traders rushed to cash in on Bitcoin’s steep climb. While not yet shown by the statistics, trading likely tailed off equally as steeply through Saturday as prices corrected below $2,000.

An additional factor accounting for steep rises in “banked” countries could well have been exchanging slowdowns, especially the problems faced by Coinbase, driving traders to less lucrative but considerably faster options such as marketplaces. Depending upon the country, LocalBitcoins traders will have faced rates of over $3,000 per coin or even higher. Last week, Cointelegraph reported that in South Korea, even official exchanges were quoting up to $4,500 for one Bitcoin. LocalBitcoins, meanwhile, also appeared to be suffering technical difficulties on Sunday, resolving them without giving specific details to users.

Chuck Reynolds
Contributor
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