Bitcoin P2P Trading Volume in Africa Turns Largest in The World, Exceeding North America

Bitcoin P2P Trading Volume in Africa Turns Largest in The World, Exceeding North America

Less than an hour ago, a Redditor posted a diagram that shows a major rise in Bitcoin trading volume in the countries of the Sub-Saharan Africa, which has now proved to be higher than that in the country that is totally opposite in the quality of life standards – North America.

Besides, recent analytics data has demonstrated that the amount of Bitcoin held for half a year or a year has surged very substantially in the past several months, now surpassing 3 million Bitcoins.

South Africa boasts largest Bitcoin trading volume globally

A diagram shared on Reddit demonstrates that South African countries are now leading in the P2P trading volume of the top cryptocurrency by market cap in the world. Sub-Saharan Africa here exceeds North America – close to $17 million.

Asia Pacific region comes third on this diagram, Latin America shows the fourth largest volume. Next comes Eastern Europe, Western Europe and then Middle East and North African countries.

Australia and New Zealand are at the very bottom of the list.

Commenters have written that Africa’s leadership here is logical as countries in the Sub Saharan region have poor economy and low standards of living along with high inflation and the majority of the population having no access to banking services. Therefore, Bitcoin is compensating them for all that.

The author of the post did not provide the source of the diagram, though.

Investors who bought in early 2021 keep hodling Bitcoin

According to the data provided by popular analytics company Glassnode, the amount of Bitcoins stored in wallets during six and twelve months in the last four months has increased drastically and soared from 1.4 million to a whopping 3.2 million BTC.

That’s an equivalent of $158,039,680,000 at the current exchange rate of $49,370 per BTC.

The chart was shared by the Chinese journalist Colin Wu who covers everything to do with cryptocurrencies and blockchain and often obtains insider information from his and anonymous sources.

According to Glassnode, the number of bitcoins held for 6-12 months in the past four months has risen sharply, from 1.4 million to 3.2 million bitcoins.— Wu Blockchain (@WuBlockchain) August 24, 2021

Largest amount of BTC moved to and from exchanges since Black Thursday

Another analytics data vendor, Santiment, earlier today tweeted that their expert team had noticed that the amount of Bitcoins moved to and from centralized exchanges on Monday was as high as seventeen months ago.

Back then, the event known as Black Thursday took place on March 12 and Bitcoin plunged over 50 percent in just one day and all the crypto market along with it. The stock market also plummeted, and so did crude oil, dropping below the zero level.

Thus, 843,200 Bitcoin were sent to crypto exchanges and 825,000 BTC coins were withdrawn. The Santiment team tweeted that it is going to keep an eye on the address activity in the coming days.