South Korean LocalBitcoins Observes New Record Levels Of Bitcoin Trading Volumes

South Korea observes new levels of Bitcoin (BTC) trading volumes on peer-to-peer (P2P) exchange LocalBitcoins as per the charts on BTC statistics service Coin Dance.

The data shows that bitcoin’s weekly trading volumes rallied over the past two weeks, recording a new high of around 219 million South-Korean won ($185,000).

South Korea LocalBitcoins Weekly Trade Volumes in BTC as per Coin Dance

LocalBitcoins was founded in 2012 in Finland and offers over-the-counter trading of local currency for bitcoin, along with having a P2P trading platform. Their Finnish crypto trading platform is quite popular with Latin America, with Venezuela and Colombia accounting for over 85% of LocalBitcoins’s trading volumes by February 2019.

The data from the Crypto analytics website Coinhills shows that South-Korean currency is amongst the most popular national currencies trading against bitcoin. The Korean Won records daily trading volumes against bitcoin of around 20,000 BTC ($173 million), the third largest national currency traded versus BTC after the U.S. dollar and the Japanese yen.

Top 8 national currencies traded against bitcoin as per Coinhills

Quite contradictory to this scenario, Coinnest a major South Korean crypto exchange started closing its services in mid-April, owing to the extended 2018 bear market. However, despite the bear scenario, a survey suggested that the number of South Koreans buying cryptocurrency with fiat money substantially increased in 2018.

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