P2P Bitcoin trading volume in the Philippines has increased by 40% year-over-year. High inflation rates could be behind the trading.
Bitcoin trading in the Philippines has risen massively over the past year, as indicated by Paxful data. The P2P trading volume of the asset has jumped by roughly 40% between Q3 2021 and Q3 2022. Currently, the weekly Paxful volume of Bitcoin against the Philippine Peso stands at around 80 million pesos.
Volumes peaked in July 2022, reaching all-time highs that touched nearly 110 million pesos. Q3 2021 saw slightly lower volumes, averaging around 85 million.
Generally speaking, the volumes have been considerably higher and showcase a growing trend of Bitcoin interest in the country. For example, in July 2021, the average weekly volume amounted to roughly 70 million pesos. Twelve months later, that figure was approximately 100 million pesos.
The same story holds for the 1-year periods between August and September, with September 2022 also showing notable peaks in weekly trading volume. Compared to a few years ago, the figures are even more
GIPHY App Key not set. Please check settings