Skip to main content

Egypt’s Growing P2P Volumes Being Driven by Crypto Traders Under the Age of 34

Egypt's Growing P2P Volumes Being Driven by Crypto Traders Under the Age of 34

A recent market report by Localbitcoins suggests that traders or holders under the age of 34 are driving crypto volumes in Egypt. This rise in Egyptian crypto transactions is evidenced by P2P data which shows the crypto asset’s weekly traded volumes averaging $205,000 in much of Q1 of 2021.

The Premium on BTC

In addition to seeing increased traded volumes, Egypt has also had to contend with a growing premium that is charged on top of the crypto asset’s spot price. For instance, on March 16 2021, BTC was trading at $64,000 in Egypt yet on the same day most international exchanges had the crypto asset’s value just under $57,000.

Meanwhile, a video report shared by the P2P platform tries to offer possible reasons why crypto trading has become more popular in Egypt. In the report, it is suggested that many of the Egyptian crypto traders “are looking for additional sources of income (either through) trading or hodling bitcoin.” Further, the report notes that with 67% of the adult population currently unbanked, cryptocurrencies inevitably become a practical alternative for those that are financially excluded.

Renewed Central Bank Hostility

In the meantime, this growth in Egypt’s traded volumes suggests that traders are not too concerned with reports of the Central Bank of Egypt (CBE)’s renewed hostility towards digital assets. In its latest warning, the CBE reiterates its previous stance against crypto assets such as BTC. The CBE said:

The Central Bank of Egypt asserts that trading within the Arab Republic of Egypt is only confined to the official currencies approved by the CBE. In this regard, the Central Bank of Egypt calls on all traders within the Egyptian market to use extreme caution and care and not to engage in any trading in these high-risk currencies.

However, despite this CBE “stern” warning, Egypt’s P2P data shows overall growth in that the country’s crypto traded volumes. It, therefore, appears that as interest in cryptocurrencies grows so will the growth of the actual traded volumes.

What do you think is behind Egypt’s crypto traded volume growth? Tell us what you think in the comments section below.



from Bitcoin News https://ift.tt/3guXlNL
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more