The volume of Bitcoin transactions in the Philippines in April 2021 has increased by 14% compared to the previous month according to data available for peer-to-peer exchanges Paxful and LocalBitcoins. This is the largest recorded combined volume on both exchanges, with Paxful getting the lion’s share of the volume.
For the month of April, the combined volume of transactions for both Paxful and LocalBitcoins totaled $6,535,125 based on the data from usefultulips.org, which aggregates information from the Paxful and LocalBitcoins APIs. This is a 14% increase (or $814,826 more) when compared to March’s total volume of $5,720,299. Simply put, it was the single best month for P2P in the Philippines, whose previous record was just the month prior. Volume in the last two months are way higher than any previous volume recorded.
The chart below shows the volume since May for both marketplaces. Majority of the volume is still with Paxful while LocalBitcoins shows a relatively static growth since May 2020. Of the record $6,535,125, $5,932,976 or 90.79% of the volume is on Paxful.
Bitcoin made a new all-time high of above $64,000 on April 14, 2021, higher than any other day for the benchmark cryptocurrency at that time. The increase in volume correlates with other countries with high P2P volumes, including India. Indonesia, Sri Lanka, are tallying record P2P numbers as well.
Locally-licensed exchange BloomX, on April 29, said it has crossed 1,000 BTC sold on the Paxful marketplace, making them the first Filipino vendor to cross that market on the platform.
Crypto exchange volume as reported by The Block also posted a record increase in volume this April 2021 vs the previous months.
Daily Exchange volumes are printing record numbers as well.
April’s record volume may perhaps be fueled by the rally in the price of Ether, as well as Ethereum-related assets. The chart below shows the price performance of Bitcoin, Ethereum, and the DeFi Index:
According to the Bangko Sentral ng Pilipinas (BSP), it expects an increase in cryptocurrency transactions and volume in the Philippines due to their increasing prices and store of value properties. These traits have attracted users in the Philippines have attracted users in developing countries like the Philippines, BSP’s Melchor Plabasan said in an interview. Virtual asset service providers in the country have processed around $1.5 billion between January to September 2020.
This article is published on BitPinas: April 2021 Paxful and LocalBitcoins P2P Bitcoin Transaction Volume Report