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

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more