Published On: Mon, Feb 27th, 2017

Another Week, Another Record: LocalBitcoins Explodes in China, Brazil

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China’s love affair with P2P trading platform LocalBitcoins shows no sign of flagging after yet another consecutive record week with traders exchanged over 50 million yuan.
LocalBitcoins: 700k Reals, 50 Million Yuan
Data from Coin Dance shows the seven days ending Saturday, February 25 was the busiest period ever for Localbitcoins in both China and Brazil.
In the week prior, China registered around 36 million yuan in transactions, which itself easily beat any previous weekly period multiple times over. A further 14 million comes (over 6,000 BTC) as major Chinese exchanges remain only semi-functional as they move to comply with requirements set out by the People’s Bank of China (PBoC).

Overall, LocalBitcoins handled more activity in the period to Saturday than ever before in its history, largely due to the surges in China and South America.
Specifically, the Brazilian market, which until recently had been showing a steady upward trend, suddenly exploded over the past seven days. Just under 700,000 reals passed through LocalBitcoins, beating a previous high in early January (498,000) and dwarfing the week prior (237,000).
China Community Buoyant
Despite the uncertain situation in China, meanwhile, BTCC exchange CEO Bobby Lee published his upbeat price predictions for the medium and …

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