Emerging digital currency markets have witnessed an increase in the volume of peer-to-peer trade that cast its shadow on the bitcoin price that witnessed a selling pressure most recently. For instance, Kazakhstan, Iran, and the Philippines have recorded a considerable upswing in the volume of trading in the leading digital currency in the domestic markets in recent weeks. After reaching $8,300, the virtual currency has lost about 15.6 percent while the last 7-day period witnessed a loss of 14.09 percent.
Highest Weekly Volume
In the Philippines, the fourth week of July witnessed second biggest volume of trading among bitcoin core and the Philippine Peso on Localbitcoins for the current year. The Philippines market has seen 39 bitcoin core trade during the week, and this was the biggest number of trade in respect of the leading cryptocurrency after the week ended February 24. At that point in time, 40 bitcoin trade changed hands in the domestic exchange. This also demonstrated the kind of importance that it gained in the emerging markets.
On a week-on-week basis, the fourth week of July trade represented a jump of 30 percent. In the preceding week of July 21, bitcoin core changed hands in 30 trade, according to news.bitcoin.com. Based on fiat currency volume measurement, the past week delivered the robust volume of the current year. Aside from that, it was also the fourth biggest weekly traded volume as far as the domestic market is concerned. That was because about 16.9 million PHP value of trading took place in the fourth week.
Similarly, the Localbitcoins market in Iran has also witnessed robust volume after the week that ended June 2. The fourth week of July recorded 25 bitcoin through the platform. This would mean that based on the domestic currency, the week has witnessed the second strong weekly trade volume after February. The fourth week of July recorded more than 19.6 million Iranian Rial worth of bitcoin that changed hands.
In the same way, Kazakhstan also joined the other two countries in recording the strongest volume as far as bitcoin core is concerned in the peer-to-peer trading. This was also the biggest seen in a month as nine bitcoin core digital coin changed hands during the fourth week of July. As far as measuring in terms of the local currency, the week has witnessed the robust volume of trade among bitcoin and Kazakhstani Tenge (KZT) after February. That was because more than 24 million worth of KZT trade took place.
Drop In Value
The first two weeks of July saw bitcoin price struggling to hold as its price dropped below $6,200 level on July 13. However, after that plunge, the digital coin staged a smart recovery to cross the psychological $8,000 mark and reached above $8,300 level before the sell-off took place.
Though the trading volume increased in emerging markets in the crypto sector, it is not as strong as seen in developed markets to impact the overall market sentiments. Some of the planned ETF with a crypto focus was got struck up with regulators, and the delay could have cast its shadow on its price.