Global Turnover on LocalBitcoins Surges to All-Time High of $16.6 Million; 3rd Consecutive Record

Global Bitcoin trading volumes on LocalBitcoins during the first week of November came in at $16,672,105 - an all-time high and a 3rd consecutive record.

While turnover spiked in most countries, new weekly all-time highs were printed in Europe, Pakistan, Russia, Saudi Arabia, United States and Venezuela.

Volume in Europe came in at 854,624 euros, just a bit higher than the previous record for the week ending on 2016-10-15, which came in at 831,846 euros.

The spike in LocalBitcoins volume in Pakistan is much more pronounced than the one in Europe, clocking in at 10,847,895 Pakistani rupees for the first week of November - about 30 percent higher than volumes recorded during the last week of October.

LocalBitcoins volumes printed a record for the first week of October in the Russian Federation, but the remaining three weeks did not produce a new all-time high, although turnover was still very high. However, the first week of November shows that a new all-time high was recorded in Russia at 264,274,574 Russian rubles.

Unlike the steadily growing weekly turnover figures in Russia, Europe and the United States, LocalBitcoins activity in Saudi Arabia has not been consistent at all. The chart provided by shows sporadic bursts in activity, followed by sharp drops. The volume figure shows an all-time high of 67,824 Saudi riyals worth of Bitcoin trades for the first week of November in Saudi Arabia, which is much higher than all readings during the month of October.

The biggest share of P2P trading on LocalBitcoins takes place in the United States. Last week’s data shows a new record of $8,516,653. This figure represents 51 percent of all volume on LocalBitcoins for that week!

LocalBitcoins volume data coming out of Venezuela shows that there is an increasing interest in the digital currency in the country. During first week of November, charts show that 4,269,676 Venezulean bolivars worth of Bitcoin trades took place on LocalBitcoins in Venezuela. This figure is 30+ percent higher than the previous all-time high at the end of October, which was 2,997,495 bolivars.

With the implosion of the Venezuelan currency on the black market - which currently trades at 1756 bolivars per dollar, according to - the figures on LocalBitcoins over the next several weeks may be much higher as Venezuelans seek out ways to escape hyperinflation.

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