India and Ghana are leading in peer-to-peer (P2P) trade volumes in global crypto emerging markets.
According to a report by UsefulTulips, the top six countries with the highest weekly records of P2P Bitcoin trades are from emerging markets. They are India, Ghana, the Philippines, Argentina, Mexico and Egypt.
Over $3.4 million in BTC transactions came from India within one week. Before last month, India’s all-time-high (ATH) was $2.95 million, back in December 2017. In June, it surpassed the ATH and has been within the $3 million range.
In Africa, the sub-Saharan region has been seeing a significant increase in P2P activities recently. Earlier this month, Nigeria posted volumes amounting to $9.9 million.
Ghana has been consistently posting new records for the past 17 weeks, except for two weeks. At some point, for two consecutive weeks, the country traded over $1 million in BTC while Egypt recorded $700,000.
Ray Yousef, Paxful CEO, commented that Nigeria, Ghana and Kenya make up the top three spots in Africa based on a year-to-date analysis.
In South America, Argentina is at the top. In June, the country posted $585,000 in trades, a new ATH at the time. In July, its lowest record so far is $830,000.
Mexico recorded $692,000 last week, the first P2P record in almost three months.
The Philippines also recorded a new ATH last week by surpassing $1 million.
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