Bitcoin trading volumes post new high in Philippines peso on Paxful
Despite some level of regulatory uncertainty around cryptocurrency in the Philippines, one platform has recorded a massive influx of Bitcoin (BTC) trading activity recently.
Bitcoin trading volumes in the Philippines have been on the rise over the past few months on the major peer-to-peer (P2P) crypto exchange Paxful.
According to data from the Bitcoin tracking website Coin Dance, Bitcoin trading volumes denominated in the Philippines peso (PHP) have been steadily growing on Paxful recently and eventually hit a new high in July.
Paxful’s Bitcoin trading volumes peaked at 111 million PHP ($1.9 million) during the week ending on July 9, 2022. That was the biggest amount of PHP ever traded against Bitcoin on Paxful.
The amount of actual Bitcoin traded on Paxful against PHP during that week was 92 BTC, slightly down from the previous week ending on July 2.
A notable influx in BTC trading started in early May, with Bitcoin trading volumes more than doubling over a period of months. As of early May, Paxful’s weekly BTC trading volumes in the Philippines amounted to just around 40 BTC.
Despite the recent upside in BTC trading volumes, the number of Bitcoins traded per week on Paxful in the Philippines is still yet to break the all-time high weekly volumes of 111 BTC posted in August 2020.
The rise of Bitcoin trading on Paxful in the Philippines started amid a massive bearish trend in the cryptocurrency markets, with Bitcoin losing about 50% of its value since early May. BTC trading volumes in PHP surged even higher on Paxful after Bitcoin tumbled below $19,000 in late June.
The significant growth of PHP/BTC trading on Paxful also came amid the weakening local currency coupled with rising inflation. The Philippine central bank will
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