They say the best time to buy is when there’s blood on the streets. What’s harder to assess is just how much more haemorrhaging there is to come. Some Asian traders are pretty confident bitcoin has seen a new low though. According to Coindance, Bitcoin P2P trading in the Philippines and Malaysia is taking off.
Asian Bitcoin Traders Show Heightened Interest
Trading on peer-to-peer site Paxful saw a monumental leap this week in bitcoin trading volume in the Philippines, despite the leading asset tanking to a new 6-month low. The number of bitcoins passing hands springboarded from 291,837 Philippine pesos last week to a massive 1,221,000 this week.
Not only is that a whopping five times more than the previous week, but it also represents an all-time high for BTC trading on Paxful in this country.
Malaysia is also registering a significantly higher trading volume over the past week than the previous. Bitcoins exchanged at a value of 149,724 Malaysian ringgit (RM) compared to 157,615 RM on November 23. Bitcoin hodlers are accumulating here, representing another ATH high for Paxful in Malaysia.
Many BTC traders may have lost faith in the market, but apparently the Philippines and Malaysia are buying the dip right now. Both countries show huge spikes in Paxful BTC trading volume since the Bitcoin price crash.
China, Europe, Japan All Break Rising Uptrends
Conversely, Europe, China, and Japan have all broken away from their rising P2P trading uptrends. Analysis from the same source shows that in these three major regions, BTC demand has plummeted.
Japan has seen a near 30% drop in demand as BTC traded plunged from 12,106,232 in Japanese yen to 9,729,708.
China also saw a downtrend from some 14,604,047 in Chinese yuan to 12,624,014 from the previous week to the most recent figures.
At the same time, Europe told a similar story with another significant drop in demand from 1,230,770 euros to 1,040,874 euros of BTC traded.
Amid continued pressures driving down BTC price from BitMEX dumping to Chinese anti-cryptocurrency rhetoric, some traders appear confident that the bottom is in.
"The bottom is in" they said. 😂📉 https://t.co/Hc0xp8wvPn
— freemover (@freemover369) November 24, 2019
While China, Europe, and Japan remain unconvinced, early movers in Asia are taking full advantage 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.
Do you think Bitcoin price will continue to fall as we head towards the end of 2019? Add your thoughts below!
Images via Shutterstock, Coin.dance, Twitter @Freemover369