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New Records in LocalBitcoins Volumes in Several Countries - Volume in Norway Almost Doubles After Brexit
LocalBitcoins volumes are spiking again in several countries: China, Malaysia, New Zealand and Norway saw new records for the week ending 2016-06-25. While other countries like Australia and Hong Kong showed the highest volumes since the begging of 2016.
China's previous record was 5,065,611 for the week ending 2016-06-11, but the past week set a new all-time high of 5,296,533 Chinese Yuan worth of trades, according data compiled by Coin.dance!
Bitcoin trading volumes in Malaysia set a new high on 2016-06-11, but data for the week ending 2016-06-25 shows a 2nd consecutive all-time high at 602,886 Malaysian Ringgits.
It's also interesting to note that Google Trends shows a distinct increase in Bitcoin-related searches coming out of Malaysia for the past two months:
The LocalBitcoins weekly volumes chart shows three distinct spikes in New Zealand; the first one for the week ending 2013-11-30, coming in at $116,418 NZD; the second one is $127,905 NZD, which came in on 2016-01-09; and the newest & highest volume was recorded last week, totaling $130,950 NZD.
The biggest spike in LocalBitcoins volume came out of Norway, where 1,307,166 Norwegian Krone worth of trades took place for the week ending 2016-06-25; this is almost double the previous all-time high of 777,231 kr!
Google Trends data doesn't seem to show any spikes in Bitcoin-related searches coming out of the country, however, the Norwegian Krone took a big hit in the aftermath of the Brexit vote. According to Bloomberg, the Norwegian Krone is the biggest looser of Brexit, losing more than 2.5%:
Most of the major financial news networks have suggested that Bitcoin may be increasingly seen by investors as a safe-haven asset in times of global economic turmoil, but many have dismissed these theories as unfounded speculation. Norway's LocalBitcoins volume data may lend some credibility to this theory.
Image credit: CoincCommerce
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