Despite the local uncertainty associated with cryptocurrencies, Russia is strengthening its leadership position on the largest peer-to-peer exchange – LocalBitcoins. According to the analysis conducted by CryptoDiffer, the Russians for two months in a row, in April and May 2020, were selling the most Bitcoins on the platform.
Russia trades almost twice as much as the US and Venezuela
According to published data, in May this year, Russia was responsible for 19% of the total volume of BTC trading on the LocalBitcoins exchange. It left far behind the US and Venezuela, whose turnover was 11% and 10% respectively. According to the platform, the total trading volume at LocalBitcoins in May 2020 was 17,867 bitcoins.
The information presented by CryptoDiffer coincides with data from Coin Dance – the largest website publishing statistics on Bitcoin. According to Coin Dance, in May 2020 Russia’s weekly turnover on the LocalBitcoins exchange was about 800 BTC. During the same period, Venezuela and the United States traded around 400 BTC per week.
LocalBitcoins expands its operations to the Russian market
LocalBitcoins spokesman confirmed that Russia is one of the leading markets on the stock exchange. Referring to the internal report of LocalBitcoins, the representative stated that in May 2020 it was responsible for 17.9% of the total volume of trading on the stock exchange.
The Russian leadership position results from the company’s visible pressure to win the Russian market. In mid-April 2020, LocalBitcoins created a dedicated blog in Russian, debuting an article with Vladislav Alimpiev. LocalBitcoins also promotes its services by posting on tweeterthat the platform is one of the key cryptocurrency exchanges on the Russian market.
The total volume has fallen in recent years
Russia has become a trading leader on LocalBitcoin, but at the same time the overall trading activity of the stock exchange has decreased. According to Coin Dance data, BTC’s weekly trading volume dropped from around 10,000 BTC in May 2019 to around 4,500 BTC in May 2020.
Turnover at LocalBitcoins dropped significantly after the platform tightened anti-money laundering measures and suspended user accounts in many regions of the world.
The decline in global markets goes hand in hand with a significant decline in the Russian market. The weekly BTC turnover in Russia decreased from around 2,000 BTC in May 2019 to 800 BTC in May 2020.