Traders are purchasing the latest bitcoin dip in Malaysia and the Philippines since they are confident that bitcoin has seen a new low good enough to invest in as per the latest reports in the cryptocurrency news today.
Trading on peer-to-peer site Paxful reached a monumental decrease this week in bitcoin trading in the Philippines despite the leading asset tanking to the new 6-month low, the number of Bitcoins seems to be passing hands from the $291,837 Philippine pesos last week to a stunning 1,221,000 this week. Not only that this is a huge increase of more than five times more than the previous week, but it also represents an all-time high for BTC trading on the exchange in both countries.
The traders are also registering a higher trading volume in Malaysia over the past week than the previous. More than 149,724 Malaysian ringgit were exchanged and compared to 157,615 RM on November 23. Bitcoin holders are accumulated in the country representing another high for Paxful in the country. Many of the Bitcoin traders are losing faith in the market but it seems that both countries are buying the dip right now. Both countries saw increased trading volume on Paxful since the Bitcoin price crashed.
Conversely, China and Europe and also Japan all broke down from their rising P2P trading uptrends and the analysis from the same source shows that in these three major regions as the demand for the benchmark has dropped. Japan has seen more than a 30 percent drop in demand as Bitcoin traded plunged from 12,106,232 in Japanese yen to 9,729,708 as China also saw a downtrend from the 14,604,047 in Chinese yuan compared to the 12,624,014 from the previous week to the most recent figures.
In the meantime, Europe told a very similar story with an increasing drop in demand from 1,230,770 euros to 1,040,874 euros of Bitcoin traded. During the massive pressures driving down the Bitcoin price from the BitMEX dumping to the negative rhetoric of the Chinese, come traders seem to be very confident that the bottom is here and they are ok with it. While China, Europe, and Japan are still not convinced, the people in the Philippines and Malaysia are taking full advantage of the reduced price of the cryptocurrency.
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