Trading at P2P platform Paxful has made this week a tremendous leap in Bitcoins trading volume in the Philippines, and this happens despite the fall of BTC price to its 6-months minimum. The number of bitcoins passing hands springboarded from 291 837 Philippine pesos (PHP) last week to a massive 1 221 000 this week.
This week Malaysia also registers significant trading volume, comparing with the previous one. BTC exchanged at a value of 149 724 Malaysian ringgit (RM) compared to 157 615 RM on November 23.
Many traders all over the world might lose their faith in cryptocurrency market, however, the Philippines and Malaysia still demonstrate active curiosity in cryptocurrency sphere, as we can see. Both countries show enormous spikes in Paxful BTC trading volume since the Bitcoin price crash.
And conversely, in Japan, China and Europe demand for the first cryptocurrency purchases has sharply decreased. China shows a downtrend from 14 604 047 in Chinese yuan (CNY) to 12 624 014 from the previous week to the most recent figures.
As investment resource has learned, Europe demonstrates alike statistics with the significant downfall of demand to Bitcoin – from 1 230 770 euro to 1 040 874.
While China, Europe, and Japan are still unconvinced, early movers in Asia are taking all the advantages of Bitcoin’s reduced price. Is this a sign that the bottom is really in, or can we expect further decline over the rest of this year? Only time will tell.