Philippines and Malaysia traders are “buying the dip”, purchasing Bitcoin in large quantities
According to Coindance, in recent days, the volume of Bitcoin P2P transactions in the Philippines and Malaysia has dramatically increased. It seems that Asian investors are buying the dip and very confidence when the Bitcoin price is reasonable.
Asian traders are buying the dip
According to information from trading on the peer-to-peer site Paxful, the volume of bitcoin transactions in the Philippines has risen sharply this week. This is very positive news for Bitcoin because the cryptocurrency is in a passive position when the market is showing signs of going down.
The number of Bitcoin exchanged has increased from 291,837 Philippine pesos last week to 1.21,000 this week. This number is five times higher than the previous week and represents the all-time highest for BTC trading on Paxful in this country.
Apart from the Philippines, Malaysia also recorded a significantly higher transaction volume in the past week than the previous months. 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.
Perhaps at present, many traders have decided to abandon the market. However, that is how the market selects winners. And obviously, the Philippines and Malaysia are buying the dip right now. The volume of Bitcoin transactions in both countries has increased dramatically since the price of Bitcoin dropped to $ 6500.
Europe, China, Japan are leaving the game?
Elsewhere, countries in Europe, China and Japan do not follow this trend with the Philippines and Malaysia. The demand for Bitcoin transactions in these three areas is not a breakthrough.
As for Japan, the demand for Bitcoin transactions has decreased by nearly 30%, from 12,106,232 Yen to 9,729,7708.
Meanwhile, China also witnessed a downward trend from about 14,604,047 Yuan to 12,624,014 from last week to the most recent figures.
At the same time, the demand for Bitcoin in Europe also decreased significantly from 1,230,770 Euros to 1,040,874 Euros.
While many investors are concerned that Bitcoin prices will continue to fall, data from Google Trend shows that interest in Bitcoin has skyrocketed in recent weeks. This is quite understandable in the past; every time the cryptocurrency market has significant fluctuations, google search Bitcoin will have a sharp increase.
While China, Europe, and Japan are still unconvinced, investors in Asia are making the most of Bitcoin’s fall. Is this a sign that Bitcoin has created a real bottom? Or is this just a price trap, and does Bitcoin still dump soon? Let AZCoin News know your point!
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